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
Friday, September 14, 2012
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.
Friday, August 31, 2012
Healthcare and health
We get a lot of calls here in the office about what people's options are when it comes to getting health insurance. A lot of people that go looking for insurance are starting to look because they have a health condition or event that finally makes them realize that it might be nice to have insurance rather then pay out of pocket for enormous health bills. Unfortunately insurance doesn't work that way. Insurance carriers bet on the fact that you won't get sick and use their money. You, on the other hand are betting the opposite. The insurance carrier then charges an amount of money in order to take on that risk and allow them to cover their losses if they lose their side of the bet. Well, what kind of bet maker would want to bet you aren't going to get sick if you already were sick?
The laws have been on the side of the insured, rewarding those who make the bet against the insurance before they get sick. By purchasing a plan that covers your medical expenses prior to a sickness, the insurance company has no choice but to keep paying out their losses as long as you pay to keep the policy in force. The only problem is the cost to wager the bet gets more expensive as you get older and the cost of care goes up as well. A lot of people have their insurance subsidized by their employer. This is great that employers care a lot about their employees, but a disaster when employees leave and are stuck paying the full bill through COBRA when they lost their income from before. You always have the option to buy a new individual plan, but remember that you are starting a new wager, so the insurance company is going to want to play a game where they think they can win, so if you are sick, you are going to have to stick with your COBRA or look into a program called HIPAA when that option goes away.
One good idea to avoid these possible dilemma would be to purchase your own insurance and ask your employer to give you pay raise to help pay the costs instead of making them pay for a group plan. It may be the last insurance plan you get to buy, so make a good choice.
The new health care law has allowed for people to cancel their insurance and when an illness arises you can be accepted no matter what on a plan with a high deductible as long as you were not insured for 6 months. This seems great! No need to pay insurance and then get insured when the need arises. The danger in doing this is paying extremely high premiums for coverage and still be stuck with a high deductible. If you are healthy and young when you buy a policy it will stay lower and you can have better deductibles and when the going gets tough you will have access to the best doctors and care as opposed to living off the governments' dime.
This loophole will be cleared up in 2014 when the new tax comes into effect for those who chose not to elect coverage.
The laws have been on the side of the insured, rewarding those who make the bet against the insurance before they get sick. By purchasing a plan that covers your medical expenses prior to a sickness, the insurance company has no choice but to keep paying out their losses as long as you pay to keep the policy in force. The only problem is the cost to wager the bet gets more expensive as you get older and the cost of care goes up as well. A lot of people have their insurance subsidized by their employer. This is great that employers care a lot about their employees, but a disaster when employees leave and are stuck paying the full bill through COBRA when they lost their income from before. You always have the option to buy a new individual plan, but remember that you are starting a new wager, so the insurance company is going to want to play a game where they think they can win, so if you are sick, you are going to have to stick with your COBRA or look into a program called HIPAA when that option goes away.
One good idea to avoid these possible dilemma would be to purchase your own insurance and ask your employer to give you pay raise to help pay the costs instead of making them pay for a group plan. It may be the last insurance plan you get to buy, so make a good choice.
The new health care law has allowed for people to cancel their insurance and when an illness arises you can be accepted no matter what on a plan with a high deductible as long as you were not insured for 6 months. This seems great! No need to pay insurance and then get insured when the need arises. The danger in doing this is paying extremely high premiums for coverage and still be stuck with a high deductible. If you are healthy and young when you buy a policy it will stay lower and you can have better deductibles and when the going gets tough you will have access to the best doctors and care as opposed to living off the governments' dime.
This loophole will be cleared up in 2014 when the new tax comes into effect for those who chose not to elect coverage.
Friday, August 24, 2012
Lipitor
In an effort to cut cost Sierra health and Health plan of Nevada is no longer covering the brand name Lipitor. Only the generic drug called Atorvastatin. You can still get Lipitor, your out of pocket cost would be the diffrence of the brand name drug and the generic, plus the brand name co-pay.
Fuller Waiting Rooms
With more people insured waiting rooms are full but the doctors population is plumiting. More and more doctors cannot afford to be in practice anymore. Their expenses are not reducing however health carriers are paying them less. How are they suppose to run their practice? I believe we are going to see less intrest of people going down this career path which is gonna cause a shortage of physicians and fuller waiting rooms.
Wednesday, August 22, 2012
Coventry Takevover!!!!
The recent merger with Aetna and Coventry One brings up the
question of "Should one consider switching their Coventry policy to a
different carrier now or wait for the merger to occur"? It's risky because
Aetna's plans have their own policy, procedures, and regulations that they are
going to have Coventry abide by. Additionally, most likely members
with Coventry are going to receive a rate increase because Aetna's current
individual rates are higher than Coventry's individual rates. We feel if a
person is healthy it would be our recommendation to switch to a new carrier now
and not wait to see what the new merger will bring in the future.
T n T
Monday, August 13, 2012
Dental Plans
I believe there is a misconception about dental insurance.
It turns out to be like a forced savings account. You pay into dental premiums
and all you get are preventive dental services. There are waiting periods for
services such as fillings or root canals. I believe that it would make more
sense to purchase one of the plans that have negotiated rates with dental
providers where you can get dental services done immediately upon
purchasing the dental product. The best part about these products is that they
are generally half the cost of other dental plans.
Trish & Tabitha
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