IFS

Is it time to consider self-funding your health insurance?

2011-03-30T12:43:00.001-07:00

Register here for a free seminar on Self-Funded Medical Insurance.

Aon Hewitt projected that in 2011 that health insurance increases will be at their highest in five years. I hear it every month at renewal time, "Steve, I am tired of paying all of this money every month to a health insurance company. What other options do you have for me ?" Well for starters - let's take a look a at previous post of mine that details a bunch of strategies an employer should consider to help control their costs. One of these options was self funding.

I know, I can hear you already - " Our business is too small to self insure our health insurance." perhaps that is the case but a recent survey by the Kaiser Family Foundation shows that 16% of companies with less than 200 employees are self funded - this is up from 10% back in 2003. In fact the same survey indicates that 59% of covered workers are in a self funded plan. I think part of this increasing trend may have to do with employers looking to avoid some of the anticipated expenses associated with health care reform requirements in the Patient Protection and Affordable Care Act.

What exactly is self insurance ? Quite simply a self-insured or self-funded health insurance plan is when the employer pays for each claim as they are incurred instead of paying a fixed monthly premium to an insurance carrier every month.

Self-funding has the potential to reduce costs, avoid state mandated benefits, give employers more control, offer plan design flexibility, provide detailed claim information and even improve your cash flow. Sign you up you say ? Not so fast.

There are potential disadvantages too - the biggest being you, the employer, are assuming a much greater risk. A few large, unexpected medical claims show up and you better be sure your company has the financial resources to meet the cost of them. Or you better have some built in protection - see "reinsurance" below.

Perhaps you are a little intrigued by the concept but still aren't sure how it actually works. In general terms, self-funding contains three parts:

1) Employer pays medical and prescription claims - as mentioned above, you take on the risk - not the insurance company....up to a point (in most cases).

2) Reinsurance (or stop-loss) - most employers will pay a premium to a reinsurance company to pay for claims that go over a certain level. This level is set on a per person basis - for example $100,000 max payout per person - after that the employer is not responsible for anymore claims that year for that person and the reinsurer takes over. In addition, you can purchase reinsurance on an aggregate basis to establish a cap on the total dollars you are willing to pay out - such as $1 million dollars.

3) Third Party Administrator (TPA) - Who is going to administer all of this ? You pay a fee to a TPA to handle things like produce enrollment materials, adjudicating claims, paying doctors (with your money) and preparing reports.

According to report from the Employee Benefits Research Institute in 2007 there were "73 million American workers and dependents covered by a self insured health plan." Does that mean it is right for you ? If you have less than 50 employees then probably not (but you can talk to me about Health Reimbursement Arrangements instead). If you are a mid size employer then you may want to consider it. In fact, sign up to learn more at an upcoming seminar we are having here at IFS. Register here for this free seminar.

See you then!

Steve Blewitt, GBA Vice President of IFS Benefits Steve is licensed in Life and Health in many states. Steve is actively involved in the National Association of Health Underwriters, National Association of Insurance and Financial Advisors, Delaware Society of Human Resource Management, Associated Builders and Contractors of Delaware, Delaware Contractors Association, Delaware State Chamber of Commerce, and New Castle County Chamber of Commerce.

Share This with the Women In Your Life!

2011-03-15T10:34:00.000-07:00

Please share this with the women in your life! I am writing to share a pleasant experience for one of the most unpleasant radiographic tests a woman can endure. It is the dreaded mammography. If you are over 35 (in some instances) and definitely over 40 years of age, this test is necessary annually. Please remember, due to the new health care reform guidelines, routine preventive mammograms are covered at 100%, NOT subject to copayments or deductibles.

I have been hearing a great deal of positive feedback from women who had their tests at the Breast Center, located at the west entrance of the Helen Graham building at Christiana Care, so I decided to give it a try.

My appointment was scheduled for 9:30 a.m. I was asked to arrive 15 minutes early to complete the necessary paperwork. I was greeted by a woman sitting at an open table (not behind the frosted window that slides back and forth) where I gave my name. She stood up, greeted me, shook my hand and ushered me to a private cube where I sat one-on-one with an extremely personable woman. The process took less than 5 minutes and I was directed to have a seat in the reception room. At exactly 9:30 a.m., I was called back to the x-ray area. As you can imagine, I wasn’t in the reception area for very long, however, I did have time to notice the magazines were all up-to-date with plenty genres to select from, including sports illustrated if you were lucky enough to be accompanied by the man in your life.

By this time, I was in contact with quite a few employees at this facility and every single person mentioned me by name and then asked me to verify my date of birth. Either they were extremely efficient or litigious; nonetheless, it was quite impressive.

While I was waiting for the results of the films, I noticed the waiting area was tastefully decorated and had refreshments that included coffee, tea, hot chocolate and healthy snacks, i.e. granola bars strategically placed in baskets all around the room. It was a very welcoming and warm environment. At one point, an employee stopped in the waiting room and asked if everyone was doing okay and to please come forward if they thought the wait seemed extraordinarily long. I was flabbergasted by this grand gesture and noticed no one had a complaint.

After one hour and 10 minutes, I walked out of the building. I’ve had many mammograms over the years and have never been treated so nicely or with such efficiency. It was my choice so I waited for a doctor to read my results. However, if you choose to leave after the films are taken, your visit will definitely be shorter and one of the staff members will call you in a timely fashion.

Please see the contact information below and I urge you to make your appointment when it is timely.

Breast Center
Helen F. Graham Center
4701 Ogletown-Stanton Road
West Entrance, Suite 1400
Newark, DE 19713

Phone: 302-623-4200

Hours of Operation: M-TH 7 a.m. – 6 pm; Friday: 7 a.m. – 5 p.m.

Lori DiBattista, Senior Account Manager Lori is licensed in Life and Health in Delaware, Pennsylvania, Maryland, New Jersey, and Florida. Lori is actively involved in the National Association of Insurance and Financial Advisors and serves on United’s Advisory Council. Lori is also a long-time volunteer with the Special Olympics of Delaware and Making Strides Against Breast Cancer.

Better Price! Same Insurance.

2011-03-02T07:11:00.000-08:00

Have you shopped your homeowners or automobile insurance recently? If not, I suggest you do so.

A couple weeks ago, my mouth dropped as I opened my renewal policy and bill for my combined homeowners and automobile insurance. Needless to say, it had increased considerably without having any accidents or speeding tickets last year.
I spoke with my colleague, Kelly Green, here at IFS to strategize on another solution. She shopped with other carriers, but was unable to get a better rate. Then the A-HA moment came…she realized the waiver for the defensive driving course my son and I took together had expired and recommended we take a refresher course. I immediately went on the Delaware Safety Council’s website and found a course. The chief of police from the Town of Elsmere was the instructor; and the course was, believe it or not, informative and quite engaging!

Feel free to contact me and I will share contact information for the above mentioned vendors.

I just learned, today, my rates went down by 10% - obviously I am extremely happy. Who knows…maybe that cute pair of sandals is in my future??

Lori DiBattista, Senior Account Manager Lori is licensed in Life and Health in Delaware, Pennsylvania, Maryland, New Jersey, and Florida. Lori is actively involved in the National Association of Insurance and Financial Advisors and serves on United’s Advisory Council. Lori is also a long-time volunteer with the Special Olympics of Delaware and Making Strides Against Breast Cancer.

A Personal Success Story

2011-02-18T07:31:00.000-08:00

It is with great pleasure that I share a personal success story as it relates to health insurance for my dependent son. He is currently a sophomore attending University of Delaware. Last year, at this time, I was anxiously anticipating the renewal rates for my company’s health insurance. Like most, due to our busy lifestyles, I tend to address situations as they arise; but last year I was a bit more proactive. I decided to shop individual plans for my son knowing that a young, single male is the lowest risk when it comes to underwriters and their pricing of a new plan. At IFS, one of the plan offerings as a full time employee is a high deductible health plan. My company is very generous in their contributions toward premium and deductible costs; however, I still had significant dollars to contribute on my own. My thought: what do I have to lose by shopping around?

My son was approved for an individual PPO plan through Aetna with a monthly premium of $102. As you can imagine, I was ecstatic because my personal health care expenses were drastically reduced without sacrificing benefits. Furthermore, I received news today that his premium is remaining the same for the next plan year. Yes, you read that correctly – NO INCREASE!! One last personal note: my son is considering transferring to an out-of-state school; and I’m very happy to report with this particular Aetna PPO plan, it is portable and coverage issues will not be a problem. Win-Win for all.

Lastly, as consumers, we shop for new cars, clothes, shoes, etc…I urge you to please take time and review your current situation. The IFS Benefits team is always ready to assist; therefore, if it makes sense for you to explore you current health care status, please give us a call – what do you have to lose?

Yours in good health,
Lori DiBattista

Lori DiBattista, Senior Account Manager Lori is licensed in Life and Health in Delaware, Pennsylvania, Maryland, New Jersey, and Florida. Lori is actively involved in the National Association of Insurance and Financial Advisors and serves on United’s Advisory Council. Lori is also a long-time volunteer with the Special Olympics of Delaware and Making Strides Against Breast Cancer.

Wellness As a Means to the Ends

2011-02-03T10:29:00.001-08:00

If you want a raise, then participate in your company Wellness program.

I am sure by now many HR professionals and even employees have heard about corporate wellness programs. In fact, the term "wellness" sometimes means something different to everyone. Our health insurance industry has been promoting wellness for years as a way to change unhealthy behaviors and save on claim dollars down the road.

For some organizations, this may simply mean putting in a fitness center at work or organizing a daily walk for the staff. More sophisticated programs involve handing out pedometers, having guest speakers for lunch and learns and completing Health Risk Assessments. Some companies go as far as hiring a company to do Biometric Screenings - like Blood pressure and cholesterol checks; others may alter your health insurance payroll deduction based on participation in the program or give extra monies to your H S A account.

Now a company called Lincoln Industries is taking wellness a step further - they are incorporating it into employee's annual reviews. Imagine if part of your annual bonus or merit increase were based on following a healthy lifestyle. Come to think of it, maybe that is not such a bad idea. According to Health care statistics at www.preventdisease.com 2006 study estimated that - "70% to 90% of health care costs are due to unhealthy choices and preventable risks"

Steve Blewitt, GBA Vice President of IFS Benefits Steve is licensed in Life and Health in many states. Steve is actively involved in the National Association of Health Underwriters, National Association of Insurance and Financial Advisors, Delaware Society of Human Resource Management, Associated Builders and Contractors of Delaware, Delaware Contractors Association, Delaware State Chamber of Commerce, and New Castle County Chamber of Commerce.

Go Red for Women

2011-02-02T12:47:00.001-08:00

The American Heart Association created 'Go Red for Women' to dispel the myths and raise awareness of heart disease as the number one killer in women.

Friday is National Wear Red Day and I urge everyone to wear something red.

Ladies - pull your red suits, dresses, skirts, and jackets out of your closet. This sends a powerful message to other women to take care of their heart health. Remember, we cannot take care of others, if we don't take care of ourselves.

Men - you may consider a red tie or sweater and support the women in your lives to send the same message.

To learn more about the Go Red for Women program, please visit:

www.goredforwomen.org
or
www.americanheart.org.

Lori DiBattista, Senior Account Manager Lori is licensed in Life and Health in Delaware, Pennsylvania, Maryland, New Jersey, and Florida. Lori is actively involved in the National Association of Insurance and Financial Advisors and serves on United’s Advisory Council. Lori is also a long-time volunteer with the Special Olympics of Delaware and Making Strides Against Breast Cancer.

High Deductible Help

2010-12-14T11:50:00.001-08:00

Health Care costs are increasing, the economy is not turning around quick enough - what are employers doing about health insurance ? Some are reducing benefits by putting in higher co-pays or large deductibles (some are doing both!). If there is substantial cost savings by doing this, a company may give back some of the savings by "funding" all or part of the large deductible in an H S A (health savings account) or an HRA (health reimbursement arrangement). Another option is to offer a voluntary set of benefits to employees designed to offset these larger potential expenses. Recently I was interviewed on this exact topic. Read more here.

Steve Blewitt, GBA Vice President of IFS Benefits Steve is licensed in Life and Health in many states. Steve is actively involved in the National Association of Health Underwriters, National Association of Insurance and Financial Advisors, Delaware Society of Human Resource Management, Associated Builders and Contractors of Delaware, Delaware Contractors Association, Delaware State Chamber of Commerce, and New Castle County Chamber of Commerce.

Joe the Plumber Doesn’t Need to Wait Any Longer

2010-11-05T08:43:00.000-07:00

Steve Blewitt has had an article published in National Healthcare Reform Magazine. The article sights some methods of controlling health insurance costs now.

Click here for the article.

Employers and Brokers Find Tips at a National Conference

2010-10-20T13:59:00.000-07:00

About a week ago I attended a national conference that was geared towards brokers and consultants as well as HR professionals. Although the speakers and topics were different for each group there were some relevant points in this ever evolving world of health insurance that we live in.

*A survey by the National Business Group on Health on how employers will deal with health insurance increases: 63% plan to increase payroll deductions, 46% plan to downgrade benefits - 61% will offer a Consumer Driven Health Plan like an HSA or HRA in 2011.

*Many larger employers are looking into Dependent Eligibility Audits. This procedure identifies dependents that should no longer be covered on the plan (a divorced spouse, a cousin, an aged out child or custody arrangement) and their coverage is terminated - saving the employer money.

*Under health care reform penalties now exist when employers discriminate with benefits for highly compensated employees. Giving these employees a separate richer benefit or paying more towards premiums could result in fines of $100 per day per individual discriminated against. In fact the public is invited to comment on this up until November 4th. use this e-mail address Notice.Comments@irscounsel.treas.gov. Include “Notice 2010-63” in the subject line.

*Experts suggested that employers increase waiting periods to at least 90 days for new hires, disclose the full cost of insurance premiums to employees, implement a Section 125 FSA plan and consider self funding health insurance with a third party administrator.

*Small employers should explore the small business tax credit that is a part of health care reform. In general the credit is available to small employers, less than 25 employees and pay at least half the cost of single coverage for their employees in 2010. Because the eligibility rules are based in part on the number of FTEs, not the number of employees, businesses that use part-time help may qualify even if they employ more than 25 individuals.

*Health care reform allows children to stay on their parents plan up to age 26. This does NOT mean they are still considered dependents for tax reasons. perhaps they are 25 and married and live on their own - yet they are still on mom and dad's health plan. If so be careful if you participate in an H S A or FSA - you most likely cannot use these tax free funds on these "children" (are they really still children??) since they are no longer considered a "dependent".

Hopefully some of these strategies may benefit you and your business.

Steve Blewitt, GBA Vice President of IFS Benefits Steve is licensed in Life and Health in many states. Steve is actively involved in the National Association of Health Underwriters, National Association of Insurance and Financial Advisors, Delaware Society of Human Resource Management, Associated Builders and Contractors of Delaware, Delaware Contractors Association, Delaware State Chamber of Commerce, and New Castle County Chamber of Commerce.

W-2 Health Costs Reporting is Optional

2010-10-20T08:20:00.000-07:00

The IRS announced last week that it will defer the new requirement under Health Care Reform set to take place in 2011 that employers must report on W-2s the cost of health care coverage. The Treasury Dept and the IRS feel it is necessary to provide employers the time needed to make changes to payroll systems and internal procedures. Guidance from the IRS will be forthcoming. For 2001 the reporting of costs on w-2s is optional and a draft of that form exists for those employers wishing to do so. It can be found here: http://www.irs.gov/pub/irs-utl/draft_w-2.pdf

Steve Blewitt, GBA Vice President of IFS Benefits Steve is licensed in Life and Health in many states. Steve is actively involved in the National Association of Health Underwriters, National Association of Insurance and Financial Advisors, Delaware Society of Human Resource Management, Associated Builders and Contractors of Delaware, Delaware Contractors Association, Delaware State Chamber of Commerce, and New Castle County Chamber of Commerce.

September Newsletters Ready to Read!

2010-09-21T08:04:00.000-07:00

Click the following links for new issues of our online newsletters.

"If you like your health plan you can keep your health plan " ......Not exactly ....

2010-08-12T11:04:00.001-07:00

At a town hall meeting in New Hampshire exactly one year a go, President Obama repeated a line he used many times. His statement is not exactly true. At a recent broker seminar held by Aetna in Delaware, the company announced some terrific changes coming in October. Among the changes, if you are a Delaware employer currently with Aetna you will have to change to one of their new plan offerings upon your renewal.

In an attempt to cut administrative costs, be more flexible and adapt to client needs Aetna is streamlining their products by reducing the number of plans available. These plans will be health care reform compliant and hopefully improve pricing.

All plans incorporate 5 key components of health care reform:
1) Remove Lifetime Maximums on all plans
2) Remove Annual limits where required
3) Preventive care 100% covered
4) Dependents covered to age 26
5) No pre-existing conditions for children under 19

Delaware employers can pick from 14 plan designs from Aetna.

How will the marketplace react to such changes ? Check back in a year and we will have a better idea. My thought is most employers will appreciate the simplicity - especially if it means better pricing. Aetna is making similar changes in Pennsylvania and my guess is they will in other states too. I doubt Aetna will be alone either. BlueCross BlueShield of Delaware and Coventry Healthcare of Delaware both have scheduled broker seminars for the month of August. I bet they have some changes coming too!

Steve Blewitt, GBA Vice President of IFS Benefits Steve is licensed in Life and Health in many states. Steve is actively involved in the National Association of Health Underwriters, National Association of Insurance and Financial Advisors, Delaware Society of Human Resource Management, Associated Builders and Contractors of Delaware, Delaware Contractors Association, Delaware State Chamber of Commerce, and New Castle County Chamber of Commerce.

New August E-Newsletters!

2010-08-10T08:40:00.000-07:00

Click the following links for new issues of our online newsletters.

COBRA Federal Subsidy update

2010-07-02T07:52:00.001-07:00

Although Congress has extended the COBRA subsidy four times as part of the amended ARRA they have failed to extend it a fifth time beyond May 31st, 2010. Therefore May 31st, 2010 is the last date someone can be terminated from employment and may be eligible for the federal subsidy. Anyone terminated after this date is currently NOT eligible for the financial assistance previously available.

We will continue to monitor this situation and provide updates if an when anything changes.

Steve Blewitt, GBA Vice President of IFS Benefits Steve is licensed in Life and Health in many states. Steve is actively involved in the National Association of Health Underwriters, National Association of Insurance and Financial Advisors, Delaware Society of Human Resource Management, Associated Builders and Contractors of Delaware, Delaware Contractors Association, Delaware State Chamber of Commerce, and New Castle County Chamber of Commerce.

Flood Insurance Back Online

2010-07-01T07:24:00.000-07:00

Last night the Senate passed a temporary measure extending the federal flood program until September 30. The measure has been sent to President Obama for his signature.

Read the full story here.

Flood Insurance Program Set to Expire Again 6/1

2010-05-28T11:44:00.000-07:00

The Nation Flood Insurance Program is set to expire May 31st at midnight. This will be the forth time this year the Congress has allowed the bill to expire- creating yet another interruption in the availability of new flood policies on the very start of Hurricane season.

Read details here.

The First IFS Outstanding Student Game is Tonight!

2010-05-24T06:22:00.000-07:00

We are excited about the first IFS Outstanding Student game with the Blue Rocks this evening! Come out and see the kids get their awards and cheer on the Blue Rocks at Frawley Stadium. The game starts at 6:35pm.

More details about the program can be found here:
http://web.minorleaguebaseball.com/team3/page.jsp?ymd=20090129&content_id=502855&vkey=team3_t426&fext=.jsp&sid=t426

IFS Outstanding Student Program with the Blue Rocks

2010-05-18T06:20:00.000-07:00

For the 7th year IFS is proud to sponsor the IFS Outstand Student Program. The Outstanding Student rewards-based program has been running strong since its inception during the Wilmington Blue Rocks 2003 season. Area teachers nominate outstanding students for a night at Frawley Stadium which includes a reserved seat ticket to a game along with on-field individual recognition, introduction on our RocksVision video board and sound system, official certificate of achievement, and a free hot dog and soda. During one particular Outstanding Student night, the Blue Rocks hosted over 1,000 area children from area schools during a home game. Make sure your outstanding students are not left out! Schools may sign up for the 2010 Outstanding Student Program starting in February.

Teachers are able to get the enrollment form here.

The games will be held 5/24, 5/25, 6/7, 6/8, and 6/9.

May is Disability Insurance Awareness Month

2010-05-07T08:43:00.000-07:00

It is not the most fun thing to think about but it is a fact: disabilities do occur and can affect all of us. Here are some sobering statistics:

Three in 10 workers entering the work force today will become disabled before retiring.
Social Security Administration, Fact Sheet January 31, 2007

One in 7 workers can expect to be disabled for five years or more before retirement.
"Commissioners Disability Table, 1998," Health Insurance Association of America, the New York Times, February 2000

Disability causes nearly 50% of all mortgage foreclosures, 2% are caused by death.
Health Affairs, the Policy Journal of the Health Sphere, 2 February 2005

Close to 90% of disabling accidents and illnesses are not work related.
National Safety Council, Injury Facts 2008 Ed.

The good news is that Disability Insurance is available both on an individual basis and a group basis for companies. Moreover, these coverages are extremely affordable. Call us today and ask to speak to a Benefits Specialist about disability insurance at 302.239.2355

Its Volunteer Appreciation Week

2010-04-19T12:12:00.000-07:00

IFS salutes everyone who volunteers their time to help our communities. Below is a short list of activities our IFS team is involved in:

Diane Rose, Account Manager/ Support Specialist - President of Leeds Elementary PTO in Elkton, Maryland

Mike Fallon, Account Executive – Volunteer Fireman at Christiana Fire Company, Cub Scout Den Leader for Pack 283

Kevin Thomas, Jr., Account Executive – Adopt A Highway Volunteer, All the Difference Inc. Volunteer, Sunday Breakfast Mission Volunteer and Volunteer on the ABC Cares Committee

Lori DiBattista, Account Executive - Long time volunteer for Special Olympics, Make-A-Wish Foundation and Making Strides Against Breast Cancer. Certified as a Heart Truth Champion through the National Institute of Health and Christiana Care Health System. Parent volunteer for the Men's University of Delaware Track & Field team.

Bob Briggs, Account Executive - VIPS (Volunteer In Police Service) for the New Castle City PD. Member of the Delaware State Fire Police. 17 year active member of the Goodwill Volunteer Fire Company.

Kevin Campbell, AVP Marketing & Technology – 3rd year coach for Capitol Little League; managing the Minor B Pirates.

Steve Blewitt, VP IFS Benefits – Coaches Brandywine Little League Baseball for the past 5 years and also has volunteered for IHM activities and Brandywine YMCA youth sports programs.

Steve Burnett, Executive VP - Assistant varsity softball coach at AI DuPont High School and Volunteer on the ABC Cares Committee.

Rick LaPenta, President & CEO - Co-Chair Goodwill of Delaware fundraising committee.

We commends everyone who volunteers their time to help those in need and make your community a better place to live.

Job Aid and Flood Insurance Extension

2010-04-16T10:58:00.000-07:00

After the senate had allowed the National Flood Insurance Program and the COBRA subsidies to lapse since March 31; the President signed into law an extension of the two programs today.

President Obama signed the bill the Senate and House both approved yesterday. The COBRA subsidy portion of the bill extends the 15 month, 65% federal premium subsidy to May 31 for employees who were laid off. The last extension had expired on March 31. There is pending legislation in the House that would extend the subsidy to employees laid off through the end of 2010.

Click here for the full story.

Bill to Restore Flood Insurance & Jobless Benefits Stalls Again

2010-04-14T12:09:00.000-07:00

Votes came just short of passage of the bill which would restore the Flood Insurance Program and extended COBRA benefits.

Click here to read the full story.

Brandywine Little League Opening Day

2010-04-13T12:40:00.001-07:00

With over 550 families in Brandywine Little League this year, opening day was a huge success! With sunny skies and a brisk wind baseball was under way. Fortunately for the players, many local businesses, including IFS, sponsor one of the teams. Support like this has made it possible to offer Little league Baseball in North Wilmington for more than 40 years. The IFS team was looking to open the season strong and that they did. The team made lots of plays in the field and generated plenty of excitement with many hits at the plate. IFS's own, Steve Blewitt volunteers his time coaching the squad, as he has done every year since 2004.

Patient Protection and Affordable Care Act Tax Credit

2010-04-12T12:38:00.000-07:00

Under the Patient Protection and Affordable Care Act, small businesses who provide health insurance may qualify for a credit toward their cost of health insurance.

Click here for a summary of the Act.

Click here for the 3-step worksheet to help you determine if you qualify for the tax credit.

More States Join Lawsuit Against the New Healthcare Law

2010-04-08T10:50:00.001-07:00

Eighteen states in total have filed suit to stop the health care bill from being implemented. The charge by the states filing the suit is that this law is an unprecedented and unconstitutional expansion of the power of the federal government.

Read the full Reuters article here.

Mandatory Sprinklers Spark Debate in PA

2010-04-06T13:01:00.001-07:00

The Philadelphia Inquirer posted an article announcing legislation requiring fire sprinklers for new homes built in Pennsylvania after January 2011 has sparked a debate. Lines are drawn between those who believe the sprinkler contractors have "pushed through" legislation which some contest doesn't save property or lives and those who believe residential sprinkler systems do just that.

Some home builders believe these regulations will adversely impact new home sales because of increased costs.

View the full article here.

Mike Fallon, CPIA
Account Executive, IFS.
Mike’s specializations include working with restaurant owners, fire sprinkler contractors, and fire companies. During his sixteen years in the insurance industry, Mike has focused on offering his clients the best choices to protect their business and minimize their risk.

Contractors Required to Be Lead-Certified Effective April 22

2010-03-31T12:25:00.001-07:00

Contractors required to be lead-certified effective April 22, 2010 or risk tens of thousands in fines from the EPA.

The Lead-Based Paint Renovation, Repair and Painting Program is a federally regulated program affecting contractors, property managers and others who disturb painted surfaces. This program applies directly to residential houses, apartments, and child-occupied facilities such as schools and day-care centers built before 1978. Read more about the program here.

Click here for EPA accredited training facilities.

Specific pollution insurance is available to respond to accidental contamination of an environment. For information on pollution insurance, contact Mike Fallon via phone at 302.239.2355 or by email.

Coverages available:

Lead
Asbestos
Mold
EFIS
Transportation Pollution
Non-Owned Disposal Site
Limits from $500,000 - $10,000,000

Same day premium indications available.

Mike Fallon, CPIA
Account Executive, IFS.
Mike’s specializations include working with restaurant owners, fire sprinkler contractors, and fire companies. During his sixteen years in the insurance industry, Mike has focused on offering his clients the best choices to protect their business and minimize their risk.

Extending COBRA Subsidy a Third Time?

2010-03-31T07:06:00.001-07:00

Today is March 31st and this is not an early April Fool’s joke! Congress has gone on a two-week recess and did not approve extending the American Recovery and Reinvestment Act of 2009 (ARRA) COBRA Subsidy. Therefore, employees laid off after March 31st will not be eligible for the 65% government subsidy for COBRA premiums.

However, most experts agree that Congress will likely extend the COBRA subsidy. They have already extended this twice before. If it is extended, it will in all likelihood be retroactive to April 1st.

Unfortunately we will have to wait until at least April 12th when Congress is back in session for an official answer.

How Will Healthcare Reform Affect You and Your Business?

2010-03-29T14:17:00.001-07:00

IFS has prepared a timeline for what can be expected under the current version of the Health Care bill that was signed into law March 23, 2010. For a breakdown on what to expect click here.

Federal Flood Insurance Program Closed for Weeks

2010-03-29T13:49:00.000-07:00

Congress adjourned until April 12th without passing a provision extending the Nation Flood Insurance Program.

Click here for details.

Is the Flood Insurance Program Going Down Again?

2010-03-25T09:58:00.000-07:00

There may be another vote by the Senate tonight or tomorrow but if the plan is not extended the program could lapse again.

The Insurance Journal article on the issue here.

Health Care Reform: How It May Impact You and a Detailed Comparison

2010-03-24T09:40:00.001-07:00

With the House of Representatives passing the health reform bill and the President signing it into law many clients and employees are trying to determine how it will impact them. While many details are still being sorted through this is what we know if you have health insurance through work.

You will be able to keep your current plan, or in 2014 have the ability to purchase insurance through soon to be created state insurance exchanges.

Within 6 months plans will stop setting lifetime limits on coverage and allow children to stay on their parents plan until age 26. Insurance companies will be required to cover children with pre-existing conditions, but will be able to deny adults without prior insurance with pre-existing conditions until 2014.

Insurance companies will be forced to pay a 40% excise tax on high value group plans, but not until 2014.

In 2013 Flex spending accounts will have a reduced maximum of $2500 a year and over-the-counter medicines will be disqualified.

In 2018 those families making over $250,000 will pay more in Medicare payroll taxes and unearned income will be subject to a 3.8% tax.

In the state run exchanges you can buy subsidized coverage if you the employee pay more than 9.5% of your income to get insurance or if your employer's plan covers less than 60% of costs.

If you qualify for a subsidy and buy a plan that covers abortion you will pay a separate premium.

If your income for a family of four is less than $88,000 and your cost for insurance is between 8 and 9.8% of your income, you can get a voucher from your employer to buy insurance on the exchange.

Finally, most Americans would be required to buy health insurance.

For a comprehensive detailed review of all the provisions in the passed Senate Bill and the changes proposed int he Reconciliation Bill please go to the Kaiser Family Foundation website: http://www.kff.org/healthreform/upload/housesenatebill_final.pdf

A synopsis of a few major changes are outlined by Reuters here: http://www.insurancejournal.com/news/national/2010/03/19/108294.htm

Steve Blewitt, GBA Vice President of IFS Benefits Steve is licensed in Life and Health in many states. Steve is actively involved in the National Association of Health Underwriters, National Association of Insurance and Financial Advisors, Delaware Society of Human Resource Management, Associated Builders and Contractors of Delaware, Delaware Contractors Association, Delaware State Chamber of Commerce, and New Castle County Chamber of Commerce.

New Issue Construction Insurance Newsletter

2010-03-17T14:05:00.000-07:00

View the new issue of our Construction Newsletter here.

New Personal Insurance Newsletter

2010-03-17T13:57:00.000-07:00

View our March Personal Insurance Newsletter here.

Walk It Off Update

2010-03-16T07:23:00.000-07:00

Our IFS Walk It Off team logged 230 miles in the first week.

The reported miles seem a little light. We suspect some members of our team are not recording their distance...

Federal Flood Insurance Program is Back

2010-03-15T12:28:00.000-07:00

Legislation was signed extending the Flood Program. The Program was allowed to lapse for several days. There are many unresolved issues which need to be addressed with the Program.

See what the debate is about.

National Flood Safety Awareness Week

2010-03-15T12:18:00.000-07:00

National Flood Safety Awareness Week is March 15th - 19th

Floods are not just associated with tropical storms or hurricanes. Floods can occur when snowmelt caused by warmer temperatures couple with rain. Floods are also not only events that happen on properties adjacent to creeks, streams or rivers. There is allot of good flood information at the FEMA flood site.

Of course, flood insurance is a good way to avoid some of the financial risks associated with flood. We would be happy to help you understand what your options are with flood coverage. Call us at 302.239.2355 and find out.

Temporary Extension Act of 2010 Extends the ARRA COBRA Subsidy

2010-03-10T12:47:00.000-08:00

For those clients that are required to offer COBRA you may have not yet heard, Congress has agreed to extend the 65% COBRA subsidy to employees who are involuntarily terminated through March 31, 2010. In addition, the below notice highlights other changes including new penalties for non-compliance and a second election period for certain individuals.

Click on the link below for details from our preferred COBRA administrator Ameriflex.

For those clients currently administering COBRA yourself you may want to call IFS about using Ameriflex instead. Our clients receive a discounted rate from Ameriflex and we take no commission on this product - saving you money !

http://trustifs.com/breaking/ben_breaking_news_03092010.html

Contractors Required to Be Lead-Certified Effective April 22

2010-03-09T10:26:00.000-08:00

Contractors required to be lead-certified effective April 22, 2010 or risk tens of thousands in fines from the EPA.

The Lead-Based Paint Renovation, Repair and Painting Program is a federally regulated program affecting contractors, property managers and others who disturb painted surfaces. This program applies directly to residential houses, apartments, and child-occupied facilities such as schools and day-care centers built before 1978. Read more about the program here.

Click here for EPA accredited training facilities.

Specific pollution insurance is available to respond to accidental contamination of an environment. For information on pollution insurance, contact Steve Burnett via phone at 302.239.2355 or by email.

Coverages available:

Lead
Asbestos
Mold
EFIS
Transportation Pollution
Non-Owned Disposal Site
Limits from $500,000 - $10,000,000

Same day premium indications available.

Steve Burnett, CIC, ARM
Executive Vice President, IFS. Steve is actively involved in the Associated Builders and Contractors of Delaware, the Delaware Contractors Association, and the Commercial Industrial Realty Council of Delaware.

Walk It Off Kickoff Lunchtime Walk

2010-03-03T06:57:00.000-08:00

Aetna enrolls IFS into their Premier Producer Service program.

2010-03-02T12:59:00.001-08:00

Effective immediately, IFS Benefits employees have a new tool to service their Aetna clients with - the Premier Producer Service program. This highly exclusive service model gives IFS direct access to highly trained employees from Aetna. Key employees in various Aetna departments such as billing, enrollment, renewal and new business sales have been assigned to IFS. Dedicated phone, fax and e-mail helps identify the inquiries as a priority. "Our current Aetna clients will be thrilled to know that we have access to key contacts there." says Stephen Blewitt, GBA - Vice President of Insurance and Financial Services, LTD of Delaware (IFS).

IFS is the only insurance agency in Delaware who was awarded with this program. Blewitt is not surprised, "Our employees believe we are different from our competitors and this recognition validates that." In fact, with the growth in the employee benefit's division, IFS is one of the largest independently owned insurance agencies in Delaware.

Aetna re-entered the small group insurance market in Delaware in February 2009. They provide health benefits to more than 175,000 members in Delaware. Programs like this will give current and prospective IFS customers a comfort level that the inevitable issue that may arise will be addressed promptly.

National Flood Insurance Program Expired

2010-03-01T14:05:00.000-08:00

The U.S. Senate failed to extend the National Flood Insurance Program past its February 28th deadline according to the Delaware Association of Agents & Brokers (DAIAB). Failure to extend this program prevents issuance of new flood policies, increasing coverage or renewing existing policies.

It is anticipated by DAIAB that the Senate will reinstate the program retroactively as early as next week.

Walk It Off Starts Today

2010-03-01T08:45:00.000-08:00

Walk it off Delaware starts today. Walk it off is a health challenge aimed at getting us out and walking toward a healthier future. Participants are supposed to log 10 miles worth of hoofing a week.

IFS has 23 people who have taken up the challenge. If you are interested in participating visit this website: http://www.delawareonline.com/walk

Joe the Plumber Doesn’t Need to Wait Any Longer

2010-02-23T06:50:00.000-08:00

As President Obama and many other “experts” prepare for the televised bipartisan summit on health care reform scheduled for February 25th, many small business owners are looking for relief with their health insurance premiums. Don’t expect a clear answer next Thursday. Don’t misunderstand me, health care reform is coming – but what it will look like and when it will happen is anybody’s guess.

In fact, a new poll released last week by Rasmussen Reports (Click here to view) , shows that 61% of voters want Congress to throw out the existing bills and start all over again! 54% say to wait on this topic until after the congressional elections in November. Even if the bills were passed today – true reforms don’t kick in until 2013. That certainly isn’t going to help Joe the Plumber’s small business who just got walloped with a 20% insurance increase effective March 1st!!

So what does a business owner do? Certainly not wait for the government to come to the rescue. Call your insurance broker or find a new one with creative ideas to help your business control these insurance costs. The group health insurance marketplace is coming out with new and creative ideas all the time. Joe the Plumber doesn’t have time to learn all about these programs, but his broker does – or he better otherwise Joe will find a broker who does understand them.

New prescription plan riders, creative hospital co-pays and dual option plan designs are simple approaches that many businesses have yet to implement. The Consumer Driven Healthcare plans have been around since 2004. Have you taken advantage of the lower premiums and tax savings that come with Health Savings Accounts (HSAs)? How about reducing your premium in exchange for sharing the cost of a deductible with employees by implementing a Health Reimbursement Arrangement (HRA)? Go further and explore self funding your prescription plan or medical plan.

You say you have done all of these things and more, and still looking for relief? Although they make up a smaller portion of your employee benefit costs, have your broker work on the rest of your benefits, dental, life, disability, vision…..the list goes on.

So don’t wait around – take action now. Or call me and I’ll be your new broker and do the work for you.

Steve Blewitt, GBA Vice President of IFS Benefits Steve is licensed in Life and Health in many states. Steve is actively involved in the National Association of Health Underwriters, National Association of Insurance and Financial Advisors, Delaware Society of Human Resource Management, Associated Builders and Contractors of Delaware, Delaware Contractors Association, Delaware State Chamber of Commerce, and New Castle County Chamber of Commerce.

New Professional Insurance ENewsletter Posted

2010-02-15T13:55:00.000-08:00

Click here to view newsletter

New Work Comp ENewsletter Posted

2010-02-15T13:54:00.000-08:00

Click here to view newsletter

New Business 2 Business ENewsletter Posted

2010-02-15T13:50:00.000-08:00

View Newsletter

Open for business again

2010-02-11T09:35:00.000-08:00

We are open for business. Our office opened at 12:00pm today. :)

Our Office Is Closed Due to Inclement Weather

2010-02-10T07:05:00.000-08:00

Our office is closed today, although, we are calling in to check our messages. Many of us on staff are telecommuting and have full access to all of the systems we need to serve you without being in the office.

Sprinkler Contractors Program Update

2010-02-04T08:08:00.001-08:00

Insurance & Financial Services is proud to
announce improvements in their National
program of Insurance for
Sprinkler Contractors.

Program Highlights and Features include:

Commercial General Liability
• Occurrence form E&O at policy limits
• Blanket Additional Insured CG2010 (11/85)
• Primary, non-contributory insurance CG2001
• Property Damage Extension-CCC $50,000 each occurrence/$100,000 Aggregate
• Deductibles as low as $1,000
• Lost Key coverage
• Per Project Aggregate
• “Per occurrence” deductible (not per claim)
• Waiver of Subrogation

For more information, contact Mike Fallon at 800 598-0420 or email
Mike.Fallon@ifs-de.com

Please complete the form below and fax this sheet to 302.239.5722 or
mail it back in the postage paid envelope included and we will contact you.

JJID, Inc. Receives Leadership In Safety Award

2010-01-15T12:42:00.000-08:00

On December 7, 2009 JJID, Inc. of Bear, Delaware was awarded the
prestigious Leadership in Safety Award by both its business
insurance carrier, CNA, and insurance agent, Insurance & Financial
Services, Ltd. JJID, Inc. is a regional heavy and highway contractor
providing construction services for the private and public sector and
including highway, bridge, utility, wastewater, mechanical and
streetscape projects.

To date, JJID, Inc. is the only contractor serviced by CNA’s branch
office in Reading, Pennsylvania, to receive the award which
recognizes CNA customers who are committed to providing a safe
workplace. The award recognized JJID for an outstanding level of
attention to the safety of its employees and the public.

JJID, Inc. CEO Joseph Julian remarked during the presentation that
the safety award is clearly recognition of the efforts of his
management team and employees and of the partnership between
JJID, Inc. CNA and Insurance and Financial Service, Ltd.