Why would a small group want to offer health insurance to its employees anyways? There is no mandate to offer coverage and employees can go to the marketplace and get subsidies.
Well, not every employee can get subsidies, especially if you pay them a decent wage. A lot of small businesses have owners who are already paying the full price of their insurance and many of their employees are doing the same. The problem is the business cannot write off any individual insurance policy premiums and they are subject to employees getting their own benefits that are tied to the individual enrollment periods.
The other important news is that individual health insurance rates are going to be seeing as much as 30% rate increases! Those employers who currently have a Gold or Platinum plan on their own are going to be getting a big shocker when they see their renewal in a few months and wonder what happened to their awesome Cadillac plan.
Good news is small group plans are not changing. rates are actually going down and the Gold and Platinum plans are widely available. To top it off groups get even more choices when it comes to plan choice.
If you have a small business with at least 2 employees, it might be a good time to start looking at group health benefits again. If not for your employees, but for yourself.
Wednesday, July 6, 2016
Thursday, June 9, 2016
Reality Vs Perception
Have you ever though to yourself, "That person has it all, money, power, sex" or anything like that? You wonder how they got to be so successful. Some these people tell you how you too can be successful just like them. Notice though how they are also charging you money to learn how to be successful just like them? That's because they are really no different than you are.
We are all human and we tend to make similar choices. The difference each of us has is opportunities. None of us are bon with the same parents or situations and we each have different friends and crowds we hang out with. This in turn generates different opportunities throughout our lifetime. Even the successful had to start out somewhere. They weren't an instant success. You will also be amazed to find out that the reason they are charging you money is because in order to perpetuate their success they need your money to stay successful in order to preach to people how to become successful.
I have found that people who make modest lives and in their own right are successful are more than happy to share with others at no cost. They give freely of their time and resources. This doesn't always mean they give everything away, but they are willing to enrich not only their lives, but others' lives as well.
Maybe I am just a dreamer, but I think a world where we give more are we the most successful and happy. The more we give the more we also receive form others.
We are all human and we tend to make similar choices. The difference each of us has is opportunities. None of us are bon with the same parents or situations and we each have different friends and crowds we hang out with. This in turn generates different opportunities throughout our lifetime. Even the successful had to start out somewhere. They weren't an instant success. You will also be amazed to find out that the reason they are charging you money is because in order to perpetuate their success they need your money to stay successful in order to preach to people how to become successful.
I have found that people who make modest lives and in their own right are successful are more than happy to share with others at no cost. They give freely of their time and resources. This doesn't always mean they give everything away, but they are willing to enrich not only their lives, but others' lives as well.
Maybe I am just a dreamer, but I think a world where we give more are we the most successful and happy. The more we give the more we also receive form others.
Thursday, May 26, 2016
Love Healthcare reform
Wednesday, May 4, 2016
Flying solo on benefits
My head is in the clouds today and it made me think about my first solo flight in an airplane. I think this has a great analogy of how most of my clients feel when they leave their employer with all of the great benefits or they leave their home country and they are now responsible to take care of their own benefits.
When learning how to fly you spend a good portion of your time in ground school learning the basic maneuvers and rules you need to follow and then you get a few hours in the air with your instructor showing you the ropes. Once the instructor feels you have mastered the basic skills, he lets you go up and take the controls by yourself. It can be extremely scary with just a few hours of experience. The amazing thing about the experience is how much you remember the teachings from your instructor as well as the radio to signal to other traffic. It all ties together and you make it safely.
Unlike flying an airplane, people aren't really taught much with regards to what to do with their own benefits. All most people know is they need health insurance. The government tells everyone to go to a website, but the instructions are shotty at best and the overwhelming amount of choices can leave one's head spinning. That's where your benefits broker comes in to be a help as you get off the ground running. They have been there before and know how to instruct you and get you the right plan. They won't be the ones using the insurance, but they are there to help coach you on how to use it, even well after the sale.
Did you even ask about other benefits? One of the most common forgotten items is retirement. I honestly don't think most people want to work until the day they die and I am sure they don't want to solely be living off of social security. The way around this is to start saving early. every little bit counts. There are hundreds if not thousands of books out there about becoming rich by just saving $25-$100 a month. Have a 401k form an old company? Roll it over to a program that you can continue participating in (watch out for fees though.) Have a financial advisor you work with? Great! Make sure your benefits person knows this, because retirement plans do affect some of the health ins benefits with regards to financial assistance and make sure your advisor and benefits broker are truly working in your best interest and not just trying to sell you the hottest new product. They will typically ask more questions of you and actually get to know your situation.
besides retirement, you can also extend all of this to even more benefits. Imagine a world o possibilities. Disability insurance (for when you crash the plane and can't work), life insurance (for when you crash the plan and don't come back, your family needs the financial support), vision and dental insurance.
So the point of my whole blog is to get you connected with your benefits flight instructor (ahem, *me*) and get prepared to soar to new heights in your business.
Nevada benefits 9505 Hillwood Dr Ste #100 Las Vegas, NV 89134 (702)258-1995
When learning how to fly you spend a good portion of your time in ground school learning the basic maneuvers and rules you need to follow and then you get a few hours in the air with your instructor showing you the ropes. Once the instructor feels you have mastered the basic skills, he lets you go up and take the controls by yourself. It can be extremely scary with just a few hours of experience. The amazing thing about the experience is how much you remember the teachings from your instructor as well as the radio to signal to other traffic. It all ties together and you make it safely.
Unlike flying an airplane, people aren't really taught much with regards to what to do with their own benefits. All most people know is they need health insurance. The government tells everyone to go to a website, but the instructions are shotty at best and the overwhelming amount of choices can leave one's head spinning. That's where your benefits broker comes in to be a help as you get off the ground running. They have been there before and know how to instruct you and get you the right plan. They won't be the ones using the insurance, but they are there to help coach you on how to use it, even well after the sale.
Did you even ask about other benefits? One of the most common forgotten items is retirement. I honestly don't think most people want to work until the day they die and I am sure they don't want to solely be living off of social security. The way around this is to start saving early. every little bit counts. There are hundreds if not thousands of books out there about becoming rich by just saving $25-$100 a month. Have a 401k form an old company? Roll it over to a program that you can continue participating in (watch out for fees though.) Have a financial advisor you work with? Great! Make sure your benefits person knows this, because retirement plans do affect some of the health ins benefits with regards to financial assistance and make sure your advisor and benefits broker are truly working in your best interest and not just trying to sell you the hottest new product. They will typically ask more questions of you and actually get to know your situation.
besides retirement, you can also extend all of this to even more benefits. Imagine a world o possibilities. Disability insurance (for when you crash the plane and can't work), life insurance (for when you crash the plan and don't come back, your family needs the financial support), vision and dental insurance.
So the point of my whole blog is to get you connected with your benefits flight instructor (ahem, *me*) and get prepared to soar to new heights in your business.
Nevada benefits 9505 Hillwood Dr Ste #100 Las Vegas, NV 89134 (702)258-1995
Monday, April 18, 2016
Fiduciary schmiduciary rule
I think every newsletter or article I get about the financial industry is all about the new Fiduciary rule that advisors will be affected by. Frankly, it is just another way for the government to impose new tactics in protecting long time agents and agencies make even more money and be protected from competition. They want agents to be more liable for the advice they give and make sure they aren't just selling unnecessary investments. The concept is great! Who doesn't want to be sold a crappy investment and if they are sold one they want to make sure the seller is held to the right standard. This just makes advisors charge higher fees in order to offset their insurance costs and pushes more advisors out of the market.
The past few years have seen an increase in Robo-advisors who use technology to help people invest their money. These advisors operate on extremely low fees and allow consumers some much needed flexibility. Under the new rule, these advisors might be put into question and their low fees might be a thing of the past.
A good advisor shouldn't have to worry about these changes. If they truly do act in the best interest of their clients, are competent, and do a good job, they will continue to offer value to their clients and be able to make money. The trouble most advisors have though is getting clients. With more and more competition to the low cost alternatives, it just makes it even more difficult to gain that clientèle and be that long term advisor that people are willing to pay the higher fees to.
The past few years have seen an increase in Robo-advisors who use technology to help people invest their money. These advisors operate on extremely low fees and allow consumers some much needed flexibility. Under the new rule, these advisors might be put into question and their low fees might be a thing of the past.
A good advisor shouldn't have to worry about these changes. If they truly do act in the best interest of their clients, are competent, and do a good job, they will continue to offer value to their clients and be able to make money. The trouble most advisors have though is getting clients. With more and more competition to the low cost alternatives, it just makes it even more difficult to gain that clientèle and be that long term advisor that people are willing to pay the higher fees to.
Friday, April 1, 2016
American Dream U and Nevada benefits
Nevada Benefits, partnered with American Dream U, has
reopened a state of the art, 24 hour access, fully equipped workspaces,
whiteboard walled conference room, fully furnished offices, business lounges
and video communications center!! It's been designed not to be
"nickle and dimmed" along the way!!
Can't bet the location in Summerlin right off the Summerlin
Parkway and Town Center Drive (1 block from 24 hour fitness and Starbucks!).
Contact Phil Randazzo for more information at phil@nevadabenefits.com or call
702.258.1995
Friday, March 25, 2016
The irrational fear of deductibles and large numbers
Does a $5,000 deductible make you freak out and make you wonder "why the heck am I paying a monthly insurance premium when I have to pay the first $5k of my medical bills?!" Well, you're not the only one. The trouble we have though is asking ourselves, is this assumption really rational?
I think it all boils down to the fact that we like it when other people pay for things. It is much easier to pay an insurance company $100/mo more just to save ourselves $50 on a doctor visit, because when we went to see the doctor we didn't get a bill. We do this all of the time with all sorts of products. Vehicles, Television programming, insurance, furniture, etc. We finance those purchases and break them into monthly costs because we get what we want now and then just pay a little bit later on. Had we been a little more savvy we would have saved our money up, paid cash for the purchase and saved ourselves the extra interest payments and negotiated a better deal.
In order to get over our irrational fears we need to take a step back and think about what insurance really is. It is a safety net meant to help protect us from large financial losses. Insurance companies don't want you to be in a better position after you have submitted claims to them, they just want to make sure you aren't in the worse position. If we were all better off submitting insurance claims we would be looking for ways to profit from them constantly. (some people try, but then they go to jail)
If insurance is there to protect us against large losses, then it makes sense to have a deductible and your monthly payment you pay will determine how much of a deductible you will have. If you can't afford paying $5,000 in medical expenses, maybe consider paying more for your insurance. The trouble is that if you can't afford the higher insurance premiums, then having a higher deductible isn't a bad idea. How often will you meet that deductible? Do you incur medical expenses every year? If so, how much do you really incur? A regular doctor visit might cost you $100. A prescription drug maybe $20 for most people. Insuring yourself against those smaller expenses might not make sense as you pay an additional $100/mo for a policy that gives you a $50 copay to see a doctor as opposed to you paying the entire $100 for that same visit.
I think it all boils down to the fact that we like it when other people pay for things. It is much easier to pay an insurance company $100/mo more just to save ourselves $50 on a doctor visit, because when we went to see the doctor we didn't get a bill. We do this all of the time with all sorts of products. Vehicles, Television programming, insurance, furniture, etc. We finance those purchases and break them into monthly costs because we get what we want now and then just pay a little bit later on. Had we been a little more savvy we would have saved our money up, paid cash for the purchase and saved ourselves the extra interest payments and negotiated a better deal.
In order to get over our irrational fears we need to take a step back and think about what insurance really is. It is a safety net meant to help protect us from large financial losses. Insurance companies don't want you to be in a better position after you have submitted claims to them, they just want to make sure you aren't in the worse position. If we were all better off submitting insurance claims we would be looking for ways to profit from them constantly. (some people try, but then they go to jail)
If insurance is there to protect us against large losses, then it makes sense to have a deductible and your monthly payment you pay will determine how much of a deductible you will have. If you can't afford paying $5,000 in medical expenses, maybe consider paying more for your insurance. The trouble is that if you can't afford the higher insurance premiums, then having a higher deductible isn't a bad idea. How often will you meet that deductible? Do you incur medical expenses every year? If so, how much do you really incur? A regular doctor visit might cost you $100. A prescription drug maybe $20 for most people. Insuring yourself against those smaller expenses might not make sense as you pay an additional $100/mo for a policy that gives you a $50 copay to see a doctor as opposed to you paying the entire $100 for that same visit.
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