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Wednesday, November 30, 2011

Traveling for Health: The Potential for Medical Tourism

Reportlinker.com is offering a new market research report that looks at the factors driving the growth of the medical tourism industry and identifies the countries that stand to gain the most. It includes a Medical tourism index, which identifies the 20 countries seem to be set to take the lead in the medical tourism industry. For more information, visit www.reportlinker.com.

Business Owners Don’t Agree With Mandates

Eighty-eight percent of business owners don’t think that it’s right for the Federal Government to force a state resident to buy health insurance, according to The Small Business Authority. In addition, only 9% believe they will have to purchase health insurance from the government while 53% believe the cost of healthcare is going to increase in the next two years. Barry Sloane, Chairman, president and CEO of The Small Business Authority said, “There is wide spread theory that the PPACA will clearly reduce choice for private carriers and allow remaining carriers to continue to raise premiums subject to government regulation.” For more information, visit www.hesba.com.

Retail Medical Clinics See Growing Popularity

The use of medical clinics in pharmacies and other retail settings increased 10-fold from 2007 to 2009, according to a RAND study. The study was published in the American Journal of Managed Care. The RAND team used data from a commercially insured population of 13.3 million. The strongest predictor of retail clinic use is proximity. Also, females are more likely to visit clinics. Retail clinic patients tend to be 18 to 44. (Those over 65 were excluded from the study.) Also, those from zip codes with median incomes of more than $59,000 are more likely to use retail clinics while those with a chronic health complaint are less likely to use them.

Care initiated at retail clinics is 30% to 40% less expensive than similar care in physician offices and 80% less expensive than similar care in an emergency room. J. Scott Ashwood, the study’s lead author said that the increase in the uses of retail clinics could lower healthcare costs if patients use the clinics as a substitution for other sources of care, but not if patents are visiting retail clinics when they would have otherwise stayed home. For more information, visit http://www.rand.org/newsletters.html

Blue Shield To Provide Rebates

Credits ranging from 18% to 54% of one month’s premium will appear on December bills as Blue Shield of California fulfills its pledge to limit its net income to 2% of revenue. Blue Shield is giving back the amount collected above 2% to customers and the community. Starting this week, letters will be mailed to subscribers and group customers who are eligible to get a credit. Their December bill will reflect the credit based on their dues/premiums from August 2011. The company will give premium credits back to individual and fully insured group customers based on a percentage of one month’s dues/premium from August 2011:

■Individual and family plan customers will get a credit of 54% of one month’s dues/premium.
Fully insured groups will get a credit of 54% of one month’s dues/premium.
■Groups with shared risk agreements will get a credit of 18% of one month’s dues/premium.
■Customers with fully insured continuous coverage from August 1 through at least December 1, 2011 will get a credit in the bill for their December 2011 dues/premiums (other than government programs whose contracts do not permit such credits) .

The average individual customer will be credited approximately $135 and an average family of four will be credited approximately $420. The range is roughly $40 to $270 for individuals and $220 to $700 for a family of four.

For all fully insured mid/large group customers (51 employees and above), the average credit to the group will be $195 to $230 per member. Employers who pay part of the premium must decide whether and how to apportion it. For small groups (two to 50 employees), the averages are $220 for one employee and approximately $605 for a family of four.

Tuesday, November 29, 2011

AMS Favorite Links

Medical Assistance, Evaluation for Companies and Individuals

Business Development, Marketing and Financial

Personal Interest Areas and Government Programs

Saturday, November 26, 2011

Newsletters

Stay up to date with our easy to view and read newsletters; ideas you can put ot use.

Employee Benefit Newsletter
The latest benefit information for Business Owners, HR Managers, CFO's. We cover changing markets and legislation, along with what others are doing today and looking into the future of benefits.

Business Edge Newsletter
Keeping the business owner up to date on financial news, benefits and resources to help manage your business.

Financial Monitor Newsletter
Stay abreast of current financial topics for Individuals and Families.

21st Century Retirement Planning Newsletter
Up to date, informative and packed with ideas you will want to know about now in planning for retirement.

Life and Health Insurance Advisor
The latest information compiled all in one place on health, life style, and other important ideas which you can use today.

Senior Newsletter
Information for the changing needs of seniors and their families.

Voluntary Benefits
Unlock the power of Voluntary Benefits with ideas and information in our bi monthly newsletter.

Sunday, November 20, 2011

Business Services from AMSINSURE.com Benefit Consultants




AMS has developed specialized programs for small business which offer affordable choices in sponsored and voluntary benefits.

Payroll & HR Solutions Links:
Payroll Service Center: superior small business payroll outsourcing company, delivers tailored payroll solutions at 30 to 40% savings to small business arranged by AMS.

HR Support Center: one-stop resource for employee management and workplace compliance information, a no cost value added service of AMS.

Pension Plans
Principal Financial, Transamerica, and 401 K online: National known as state of the art full service turnkey programs with competitive costs.

HSA & HRA PLANS
HSA explained: answers to your questions on how to set up, what can I save, what benefits are funds available for.

Plan and Rate Quotes: Anthem, UHC, Health Net, Aetna, Kaiser

Cobra Administration
Cobra on Q: a self administered plan provided at no cost for the first year. You receive full support and online services.

Conexus: national provider of cobra, section 125 POP and Cafeteria programs.

Voluntary and Discount Plans
Americard: Voluntary low cost discount programs to supplement you employee benefit package. Three levels of to choose from payroll deducted.

Cal Rx Discount Card: a no cost program for those who want to supplement or have no medical coverage. Receive up to 30 % off on Generic and Brand.

Thursday, November 10, 2011

The Three Biggest Long-Term Care Insurance Myths (and why you shouldn’t believe them)

According to the Centers for Medicare and Medicaid, about half of nursing home residents pay for their care out of pocket. A recent survey found a private nursing home room cost a median of $77,745 per year in 2011, up from $60,225 in 2005. Can you afford this? Read on for details.

Small Business can learn from the Big Business; whats important to an employee

The Googleplex, Google’s corporate headquarters in Mountain View California, is legendary for its perks. Employees have access to unlimited free meals, haircuts, dry cleaning, massages, and even onsite medical care.

Yet earlier this year, when Google interviewed its employees about what they valued most at work, none of these extravagant benefits made the top of the list. Neither did salary.
Instead, employees cited access to “even-keeled bosses who made time for one-on-one meetings, who helped people puzzle through problems by asking questions, not dictating answers, and who took an interest in employees’ lives and careers.”

Wednesday, November 09, 2011

Employee Satisfaction Drives Voluntary Benefits


Seventy-five percent of employers say that their top reason for offering voluntary benefits is to expand the benefit options for employees, according to a study by Prudential. Voluntary benefits are optional programs that are 100% paid for by employees. Eighty-five percent of employers offer one or more voluntary benefits including life insurance (63%), disability insurance (56%), and dental insurance (52%), critical illness insurance (35%), and long-term care insurance (33%).

Fifty-one percent of workers cited convenience as the driving factor in purchasing voluntary benefits at the workplace. Fifty-two percent feel that voluntary benefits increase the value of their company’s offerings. Employers judge the success of voluntary benefits by employee satisfaction (47%) and the participation rate (34%). For more information, visit www.prudential.com/benefitsmatter to learn more.

US Treasury Report - Health Care Tax Credits for Clients Go Unclaimed

The Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act were signed into law in March 2010. Among the credits contained in this legislation was the Small Business Health Care Tax Credit. The credit was designed to encourage small employers to offer health care insurance. It is available only to small employers who pay at least one-half the cost of health insurance coverage for their employees.


The Congressional Budget Office estimated the credit would cost $37 billion over 10 years and that taxpayers would claim up to $2 billion of Credit for Tax Year 2010. However, in a recent report by the US Treaury Inspector General, as of mid-May 2011, just more than 228,000 taxpayers had claimed the credit for a total amount of more than $278 million. An audit to determine whether the IRS adequately implemented and processed the credit found that while their efforts were mostly successful, some improvements are needed since the number of claims for health care tax credits has been much lower than anticipated.

“The Small Business Health Care Tax Credit is an important credit for both small business employers and their employees,” said TIGTA Inspector General J. Russell George in a statement. The IRS sent postcards to businesses that might potentially qualify for the credit to make sure they were aware of it, the IRS did not have ready access to data that would allow it to determine which of these businesses actually offered health insurance to their employees or otherwise qualified for the credit. He believes the report’s recommendations, once adopted, should improve the IRS’s ability to verify claims for this credit.”

Are you the owner of a small firm who is providing health insurance for your employees and paying at least 50% of the premium? Then you may qualify for the “Small Business Health Care Tax Credit”. We suggest you contact your accounting firm to make sure you are receiving the proper credit.

Effective 2010

Small business tax credit: Businesses with fewer than 25 employees and average wages of less than $50,000 could qualify for a tax credit of up to 35 percent of the cost of employees’ premiums

Contact us to learn more about the great small business benefit.

info@amsinsure.com
http://www.amsinsure.com
800-334-7875

Tuesday, November 08, 2011

Recruiting: Staying One Step Ahead of the Competition


Whether you run a small, family-owned business or a large corporation, attracting and retaining key employees is challenging. In today's economy, businesses often must compete for skilled and talented employees in the same way they compete for a customer's business. So, how can your business set itself apart and attract talented individuals?

Core Benefits
In addition to a competitive salary, most potential employees have a certain level of expectation concerning benefits. When evaluating prospective employers, they may first look at what core benefits are being offered by each. The following benefits may be among their primary considerations:

Qualified Retirement Plan. With the shift away from defined benefit plans toward defined contribution plans, personal retirement savings are more important than ever, and the 401(k) plan has become a sought-after vehicle for retirement savings. Today, prospective employees often expect, at a minimum, that a plan will be available to them. Plans such as the 401(k) can also be enhanced with employer-matching contributions.
Health Insurance. With escalating health care costs, health insurance is one of the most important employee benefits. Although group health insurance is a fairly common benefit, the details and costs associated with each plan vary, and prospective employees will seek the plan that meets their needs most affordably.

Vacation and Personal Time. As employees seek better work-life balance, the amount of vacation and personal time offered by an employer is often an important consideration. In fact, many individuals value the amount of vacation and personal time available to them, even if they fail to use it all on an annual basis.

Flexibility. Changes in employee demographics have resulted in the need for greater flexibility, and technological advances continue to change the way employees work. Therefore, it is important for businesses to recognize these trends and modify policies for flexible work schedules, as appropriate.

Work Environment. The atmosphere of a place of employment can also be a key factor in employee satisfaction. Prospective employees may consider stress levels, interdepartmental communications, and the appropriation of duties.

Selective Benefits
In some cases, Internal Revenue Service (IRS) anti-discrimination rules limit the benefits received by highly compensated employees. For executive-level employees, there are additional benefits that can be offered. The availability of these selective benefits can distinguish one employer from another.

Executive Bonus Plan. An employer may offer a key employee a compensation bonus to be used by the employee to pay the premium on a life insurance policy. If the employee owns the policy, the bonus amount can be a deductible business expense for the employer. The employee must claim the annual bonus on their tax return as ordinary income. Any death benefit paid to the employee's estate or beneficiary is generally income-tax free.

Disability Insurance. For highly compensated employees, a group disability plan may provide only a limited amount of coverage should they sustain an illness or injury that prevents them from working. To supplement this coverage, an employer may offer additional, individual disability insurance.

Voluntary Benefit Plan. Through a voluntary benefit plan, an employer can offer a menu of benefit options (e.g., dental insurance, disability insurance, etc.) in addition to existing core benefits. Employees choose the benefits that meet their respective needs and pay for them through payroll deductions, as defined by the specific plan. Because voluntary benefit plans are offered in a group setting, costs are generally more affordable than if an employee were to purchase similar benefits individually.

Today's business owners are realizing that a competitive salary is no longer the only factor sought by highly skilled employees. Just as you shop for key employees, they shop for the employer that offers the best combination of salary and benefits for their specific needs. Therefore, employers should consider creating a benefits package that keeps them one step ahead of the competition.

Borrowing Responsibly and Managing Debt

All business owners prefer to operate in the black. But, taking on debt is sometimes necessary as a company expands or when business slows due to economic volatility. Managing your debt carefully can minimize the cost of carrying debt and make it easier to move back into the black when the market improves.

Before taking out a new loan, make a list of your company's assets that can serve as collateral, including real estate, buildings, and equipment. Then calculate how much financing your business needs, outlining precisely how you plan to spend the money. At the same time, review your current operations, looking for ways to cut unnecessary costs or increase revenues. You may, for example, be able to renegotiate payment plans with suppliers to allow more time to pay off the amounts owed. Similarly, if your company is planning to purchase equipment, consider whether leasing can reduce the amount you need to borrow. Review your invoicing procedures, ensuring that your system for collecting payments is effective.

After you have explored all options for increasing revenue and reducing expenditures, revise your business plan to reflect your current needs. Potential lenders often want to see evidence that your company is run efficiently and that market conditions justify additional outlays. Even if business is down due to the economy, you may, for example, be able to demonstrate that your company is out-performing competitors and is in a position to rebound quickly.

If you wish to borrow money, start by approaching your current bank. While an extension of a line of credit may be sufficient to meet the short-term need for additional cash flow, consider options for locking in a manageable interest rate for any long-term debt. If the amount of money your bank is prepared to lend your company is insufficient, investigate the alternatives. Because lending practices vary, consider applying for loans from a variety of banks, including large institutions, smaller community banks, and credit unions.

For smaller loans, consider approaching a nonprofit lender that provides micro-loans through a program of the Small Business Administration (SBA). These lenders typically extend lines of credit of up to $35,000 and may require applicants to provide evidence that they have been denied a bank loan. Online peer-to-peer lending may also provide a smaller loan. Individuals or businesses wishing to borrow funds on a peer-to-peer website post a listing
for a loan, including information about the amount needed and the rate they believe they can afford. Potential lenders then bid to fund the loan, offering varying amounts and rates.
If you are unable to obtain financing through these channels, investigate other SBA loan programs. Distributed through commercial lenders, loans can be guaranteed by the SBA with favorable terms to qualified borrowers. The 7(a) program makes loans up to $2 million for a variety of purposes, including larger capital purchases or short-term working capital needs. While the loan itself is made by the bank, the SBA limits the interest rates and fees the lender can charge. The SBA's 504 loan program provides growing businesses with long-term, fixed-rate loans of up to $2 million for the purchase of major fixed assets, such as land and buildings. However, the SBA may require personal guarantees from borrowers owning 20% or more of the business.

With the economy in flux, your company may be in a very different position than the last time you sought financing. If an analysis of your current situation reveals a high debt-to-equity ratio, taking out additional loans or credit could expose you to too much risk. To avoid becoming too leveraged, consider looking for new investors. Depending on your needs, your capital requirements may be met through small investments from friends, relatives, business associates, angel investors, or employees. These deals should always be governed by a legal contract defining the terms of the arrangement, including the return on investment for stakeholders and the extent to which investors will be involved in running the business.

Many businesses require financing for short- and long-term needs. Borrowing responsibly and managing debt effectively can help your company minimize the cost of debt, as it is needed.

How Do Your Life Benefits Measure Up?


In December 2010, the U.S. Bureau of Labor Statistics released “Program Perspectives,” a report on life and disability insurance benefits. Using information gathered in the National Compensation Survey, the report provides an overview of what employers offer in terms of life and disability benefits and participation rates. In this article, we’ll focus on what the report says about life insurance benefits today in the U.S. Read on for details.

Cutting Group Health Costs

Saturday, November 05, 2011

HR Tip

It is an employer's responsibility to track employees' hours and pay accordingly. Employees can be required to turn in timesheets, and pay cannot be withheld as penalty for not turning in timesheets.

AMS offers a value added HR program for clients.

Thursday, November 03, 2011

2012 Medicare Premiums, Deductibles and Coinsurance

A new Capital Checkup that discusses 2012 Medicare premiums, deductibles and coinsurance is available on the Sibson website.

As noted in the Capital Checkup, the standard monthly Part B premium and deductible will both decrease by just over 13 percent. This is a dramatic change from between 2010 and 2011 when they both increased by slightly more than 4 percent and is an even more striking change from between 2009 and 2010 when the increase was 14 percent. However, the 2012 premium will represent an increase for about three-quarters of Medicare beneficiaries who paid the same $96.40 premium in 2011 that they paid in 2010 because of a "hold-harmless provision" in the law. Increases in 2012 Social Security benefits are expected to cover the additional cost for most. The Part A numbers will increase by just over 2 percent.

The Capital Checkup also notes the higher Part B premiums and income-related monthly adjustment for enrollees in Part D prescription drug plans for 2012 that apply for high-income Medicare-eligible individuals.