I get calls constantly from people who have been misguided by the media. They think that the new healthcare reform has magicall changed health insurance and now that Obama won his second term that 'ObamaCare' is in full swing. Guess what?- it isn't. We have only seen the small stuff hit so far.
Pre-existing conditions: Thos of you who are un-insurable or have been declined coverage, there is still some hope right now, but not all doors are open just yet. You have the federal PCIP or high-risk pool available. If you've been without insurance for 6 months and been declined, you can get onto that program offered at PCIP.gov. Those who are still insured but want to save some money, can go ahead and apply for coverage with the carriers. All of the companies have the right to decline and rate you, but there have been some major changes. Humana, Anthem Blue Cross/Blue Shield, and Assurant have all started to lax their underwriting. If they previously declined you or maybe rated you high, you may now be eligible under their new guidelines.
Although it may start sooner, January 1, 2014 all carriers will be required to accept pre-existing conditions. My guess is that we will start to see dramatic rate increases by the carriers as that time approaches as they will be gearing up for more risk than ever. Come January, every citizen will be taxed if they don't have health insurance. Aetna has already announced that they will no longer give 12 month rate guarantees for new clients.
The Nevada State exchange is suppose to be the place everyone can shop for insurance and be able to keep rates within an affordable budget. Rates will be subsidized according to income. Although different income levels vary the percentage, for most they won't be paying more than 9.5% of their earnings towards the premiums. We only have one problem- No carrier in Nevada has decided they want to even participate in the exchange.
So if you are on the fence about health insurance, get off now and think about getting a plan while underwriting is loose and rates are fairly reasonable now. Best case- you pay less come January then everyone else or worse case you had health insurance this whole year and got to change it out Jan 1.
Monday, February 4, 2013
Thursday, December 27, 2012
Upcoming UNLV Classes
UNLV Classes Taught by Nevada Benefits' Phil Randazzo
Never stop learning!
Phil Randazzo, founder of Nevada Benefits, teaches classes from time to time for the University of Nevada Las Vegas' Continuing Education Program.
Upcoming Classes:
Retirement Planning Today
Learn time-tested strategies that will help you make informed financial decisions. Whether your objective is to build a nest egg, protect your assets or preserve your lifestyle throughout retirement, this course will help you plan your future with confidence.
Learn about the many ways to save for retirement as well as the advantages and disadvantages of each. Discover how to save money on taxes, manage investment risks and protect your assets from potential long-term health-care expenses. Whether you plan to retire 20 years from now or have just recently retired this course will show you how to develop a personalized plan to achieve your retirement goals.
Dates/Times and Locations:
Session I: 131PF1117B
Tuesdays, February 26 through March 6, 2013, 6:30 PM - 9:30 PM
Palo Verde High School333 Pavilion Court Dr.
Las Vegas NV 89144
Tuesdays, February 26 through March 6, 2013, 6:30 PM - 9:30 PM
Palo Verde High School333 Pavilion Court Dr.
Las Vegas NV 89144
Session II: 131PF1117C
Thursdays, March 21-28, 2013, 6:30-9:30 PM
UNLV Paradise Campus, Room TBD 851 E Tropicana Ave.
Las Vegas, NV, 89119
Thursdays, March 21-28, 2013, 6:30-9:30 PM
UNLV Paradise Campus, Room TBD 851 E Tropicana Ave.
Las Vegas, NV, 89119
Session III: C121PF1117ATuesdays, March 26 - April 2, 2013, 6:30 PM - 9:30 PMPalo Verde High School333 South Pavilion Center Drive
Las Vegas, NV 89144-4001
Las Vegas, NV 89144-4001
Retirement Planning Today
Plan for an active, worry-free retirement by exploring common lifestyle and financial questions faced by retirees. Guided by an experienced financial planner and a retirement tax expert, you will learn how to calculate IRS-required minimum distributions from your retirement plans and examine how investment returns are taxed. Coursework also investigates options for health care, long-term care, incapacity, and end-of-life decisions.
Dates/Times and Locations:
Session I: 131PF1116AThursdays, March 7-14, 2013 , 9:00 AM to 11:00 AM
College of Southern Nevada, Room TBD
333 Pavilion Center Drive
Las Vegas, NV 89144
College of Southern Nevada, Room TBD
333 Pavilion Center Drive
Las Vegas, NV 89144
Session II: 131PF1116BTuesdays, March 12-19, 2013 , 1:00 PM to 3:00 PM
College of Southern Nevada, Room TBD
333 Pavilion Center Drive
Las Vegas, NV 89144
College of Southern Nevada, Room TBD
333 Pavilion Center Drive
Las Vegas, NV 89144
You may register for a class online, call the school at 702.895.3394, call us at 702.258.1995 or email us today!
Wednesday, December 5, 2012
Wednesday, October 31, 2012
Financial fitness
In your company right now, over half of your workers are having troubles paying their current bills on time or at all. 25% are in financial doodoo (just can't pay them at all) and 80% of those are spending your time dealing it. 90% of your employees are dissatisfied with their financial situation. The department of defense supposedly loses about $1 billion in lost money dealing with employee money problems.
What can we do to change this?
Paying people more money doesn't translate to living better financially. Most people just get themselves into more financial trouble as their income rises.
Offering more employee benefits such as 401k, better insurance, etc doesn't necessarily give them any better financial backing. These things are nice and do give some financial padding, but fail to enact any real change.
Financial education and resources are the answer. By showing a vested interest in the financial well being of your employees creates more loyalty, enables autonomy, and allows for more personal choice. It doesn't force a change, but it does create awareness.
How much would spend on each employee for wellness programs? $40, $100, $200, $1,000, $10,000 a year?
What can we do to change this?
Paying people more money doesn't translate to living better financially. Most people just get themselves into more financial trouble as their income rises.
Offering more employee benefits such as 401k, better insurance, etc doesn't necessarily give them any better financial backing. These things are nice and do give some financial padding, but fail to enact any real change.
Financial education and resources are the answer. By showing a vested interest in the financial well being of your employees creates more loyalty, enables autonomy, and allows for more personal choice. It doesn't force a change, but it does create awareness.
How much would spend on each employee for wellness programs? $40, $100, $200, $1,000, $10,000 a year?
Thursday, October 4, 2012
Women's Health and Cancer Rights Act
On October 21, 1998 a new federal law, the Women's Health and Cancer Rights Act, became effective. The law requires health plan that provide coverage for mastectomies to also cover reconstructive surgery and prostheses following mastectomies.
The law mandates that an insured receiving benefits for a medically necessary mastectomy who elects breast reconstruction after the mastectomy, will also receive coverage for:
Reconstruction of the breast on which the mastectomy has been performed
Surgery and reconstruction of the other breast to produce a symmetrical apperance
Prostheses
Treatment of physical complaints of all stages of mastectomy, including lymphedemas
Friday, September 14, 2012
UNLV Classes
Mr Randazzo teaches classes to inform you financial decisions. Learn about the many ways to save for retirement as well as the advantages and disadvantages of each. Check it out!
Dates/Times and Locations:
Session I:
Thursdays, September 27 and October 4, 2012, 6:30 PM - 9:30 PM
UNLV Paradise Campus, Room TBD 851 E Tropicana Ave.
Las Vegas, NV, 89119
Session II:
Tuesdays, October 2 and 9, 2012, 6:30-9:30 PM
UNLV Paradise Campus, Room TBD 851 E Tropicana Ave.
Las Vegas, NV, 89119
Session III: Thursdays, October 18 and 25, 2012, 6:30 PM - 9:30 PMPalo Verde High School333 South Pavilion Center Drive
Las Vegas, NV 89144-4001
Session IV: Tuesdays, October 23 and 30, 2012, 6:30 PM - 9:30 PM
Palo Verde High School
333 South Pavilion Center Drive
Las Vegas, NV 89144-4001
Rejuvenate Your Retirement (Retiree Program)
Wednesdays, October 24 and 31, 2012, 9:30AM - 11:30AM
Summerlin High Tech Center
College of Southern Nevada333 Pavilion Center Drive
Summerlin, NV 89134
Thursdays, November 1 and 8, 2012, 1:00PM - 3:00PM
Summerlin High Tech Center
College of Southern Nevada
333 Pavilion Center Drive
Summerlin, NV 89134
You may register for a class online, call the school 702-895-3394, or email phil@nevadabenefits.com
Dates/Times and Locations:
Session I:
Thursdays, September 27 and October 4, 2012, 6:30 PM - 9:30 PM
UNLV Paradise Campus, Room TBD 851 E Tropicana Ave.
Las Vegas, NV, 89119
Session II:
Tuesdays, October 2 and 9, 2012, 6:30-9:30 PM
UNLV Paradise Campus, Room TBD 851 E Tropicana Ave.
Las Vegas, NV, 89119
Session III: Thursdays, October 18 and 25, 2012, 6:30 PM - 9:30 PMPalo Verde High School333 South Pavilion Center Drive
Las Vegas, NV 89144-4001
Session IV: Tuesdays, October 23 and 30, 2012, 6:30 PM - 9:30 PM
Palo Verde High School
333 South Pavilion Center Drive
Las Vegas, NV 89144-4001
Rejuvenate Your Retirement (Retiree Program)
Wednesdays, October 24 and 31, 2012, 9:30AM - 11:30AM
Summerlin High Tech Center
College of Southern Nevada333 Pavilion Center Drive
Summerlin, NV 89134
Thursdays, November 1 and 8, 2012, 1:00PM - 3:00PM
Summerlin High Tech Center
College of Southern Nevada
333 Pavilion Center Drive
Summerlin, NV 89134
You may register for a class online, call the school 702-895-3394, or email phil@nevadabenefits.com
Tuesday, September 11, 2012
Group Insurance- Think about the employees
The most difficult thing to hear from clients calling in is that they just had a major medical catastrophe that has left them unable to work. They are calling in because COBRA is way too expensive and they have no clue what to do. I have nothing to do for them except say they must stay with their COBRA and be thankful they have the insurance. The problem I have is that this financial tragedy could have been avoided! The same problem occurs when a person leaves employment and is sick with a terminal illness.
Option 1:
If you are an employee or an employer, always choose the high deductible plan. This may seem difficult to grasp the high deductible, but the premium costs can be manageable. You can get help with the high deductibles by purchasing an accident policy such as Aflac, Colonial, Humana, Anthem Balance, etc. For employers- don't pay 100% of the premium cost! It is awesome that you want to help your employees out and you are concerned that if they are given the choice to pay on their own, they wouldn't get the insurance at all. Maybe give them an incentive that you will increase their pay or something to help them shop for their own coverage, or contribute to an FSA (flex spending account) or HSA (Health Savings Account). This will give them money in the bank and an ability to be prepared for possible medical bills. The reason you don't want to pay too much is because it creates the perfect COBRA storm when that employee leaves employment and is stuck paying 100% of the premium, which they can't.
Employers should also invest in a long term disability policy for their employees. The plans are incredibly cheap as a group. Purchase a plan with at least 5 years of coverage, covering 60% of their salary. By paying less to their health insurance you increased their salaries, and were able to use a small portion to fund the disability insurance. Now when a catastrophe strikes, they not only get the doctors paid, but they too get paid!
Option 2:
Get your own insurance plan while you are healthy. Look into a personal insurance plan with a high deductible. This plan can easily be the last insurance plan you will ever buy. The nice thing about individual plans is they stay with you as long as you pay the premium. If the costs get too high as you age, you can always shop for a new plan (assuming you are still healthy) or even increase the deductible. If a catastrophe strikes, you aren't struck with an unexpected cost COBRA.
Set up a savings account. Take the extra money you would have spent on a plan and put it into your retirement accounts, a Health Savings Account, or a permanent life insurance policy.
Purchase an accident plan as well such as Anthem Balance, Humana, Aflac, or Colonial. Get a long term disability insurance policy of your very own. If you get a disability plan at work, take it and buy a supplemental one for yourself. Individual disability policies are more expensive, but the price is locked in until you reach 65. Get a minimum of 5 years of coverage.
Option 3:
Be insurance poor.
Get the most expensive plan at work. Don't save your money. Purchase all of the supplemental plans you can. When you get disabled, lose your job, or get in a bad situation, you will have to rely upon the government and the insurance companies your entire life.
Option 1:
If you are an employee or an employer, always choose the high deductible plan. This may seem difficult to grasp the high deductible, but the premium costs can be manageable. You can get help with the high deductibles by purchasing an accident policy such as Aflac, Colonial, Humana, Anthem Balance, etc. For employers- don't pay 100% of the premium cost! It is awesome that you want to help your employees out and you are concerned that if they are given the choice to pay on their own, they wouldn't get the insurance at all. Maybe give them an incentive that you will increase their pay or something to help them shop for their own coverage, or contribute to an FSA (flex spending account) or HSA (Health Savings Account). This will give them money in the bank and an ability to be prepared for possible medical bills. The reason you don't want to pay too much is because it creates the perfect COBRA storm when that employee leaves employment and is stuck paying 100% of the premium, which they can't.
Employers should also invest in a long term disability policy for their employees. The plans are incredibly cheap as a group. Purchase a plan with at least 5 years of coverage, covering 60% of their salary. By paying less to their health insurance you increased their salaries, and were able to use a small portion to fund the disability insurance. Now when a catastrophe strikes, they not only get the doctors paid, but they too get paid!
Option 2:
Get your own insurance plan while you are healthy. Look into a personal insurance plan with a high deductible. This plan can easily be the last insurance plan you will ever buy. The nice thing about individual plans is they stay with you as long as you pay the premium. If the costs get too high as you age, you can always shop for a new plan (assuming you are still healthy) or even increase the deductible. If a catastrophe strikes, you aren't struck with an unexpected cost COBRA.
Set up a savings account. Take the extra money you would have spent on a plan and put it into your retirement accounts, a Health Savings Account, or a permanent life insurance policy.
Purchase an accident plan as well such as Anthem Balance, Humana, Aflac, or Colonial. Get a long term disability insurance policy of your very own. If you get a disability plan at work, take it and buy a supplemental one for yourself. Individual disability policies are more expensive, but the price is locked in until you reach 65. Get a minimum of 5 years of coverage.
Option 3:
Be insurance poor.
Get the most expensive plan at work. Don't save your money. Purchase all of the supplemental plans you can. When you get disabled, lose your job, or get in a bad situation, you will have to rely upon the government and the insurance companies your entire life.
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