February: “Insure Your Love” Month

Valentine’s Day is celebrated by 62% of adults in America – but how many of those people know that February is also “Insure Your Love” month?! “Alright Dana, way to go, take a fun holiday and bring life insurance into the conversation.” Sorry, just doing my job…

In the insurance business one of our main responsibilities is to protect things – assets like buildings, homes, cars, boats, and most importantly, people.  The first four items can all be replaced with time and money, but replacing you is impossible.  The only thing we can do is protect your future income so your loved ones do not suffer.

insure your love stats

It’s important to ask yourself, “Are my loved ones protected? What would happen if one of the income earners were to die unexpectedly?”

Continue reading “February: “Insure Your Love” Month”

The Evolution of Group Health Plans | 108 Years of Compelling Reforms [Infographic]

Many legislators, business owners, and employees have waved the white flag in regards to understanding and solving problems surrounding the accessibility and cost of group health insurance. For the last decade, it seems that the issue of employer-offered health benefits has been discussed, argued over, and budgeted for to the exclusion of all else.

One of the top questions asked when discussing group health insurance is,  “What’s going to happen next with the Affordable Care Act?”

Unfortunately, that is a complex question that contains too many variables for anyone to be able to easily answer.

However, to view the issues we are experiencing as new or isolated and directly resulting from our current political climate would be shortsighted. It may be beneficial to review the evolution of health insurance plans in order to gain some perspective on how quickly (or slowly) things can change.

 

Heath Insurance Plan Timeline

In 1910, Montgomery Ward & Co. entered into one of the earliest group insurance contracts. This triggered the establishment of physician service and industrial health plans. Although definitely not a standard in our society, they were available.

By 1920, 16 states attempted to develop laws aimed at requiring health insurance programs. Think about that for a moment – 100 years ago, the first government-mandated health plans were introduced. However, all 16 efforts failed.

Fast forward to 1943 when the War Labor Board ruled to freeze wages. The wage freeze did not apply to fringe benefits, however, which prompted the business culture seen in today’s society of using benefits to recruit and retain top talent. If an employer was prohibited from paying more in wages during a severe labor shortage, offering health insurance was a great opportunity to sweeten the pot for prospective employees. Employer-provided health insurance started to become a standard benefit for employees. It became a considerable part of employment planning and decision-making. And consequently, it developed into an expectation and eventually, a nation-wide mandate.

Over the next 60 years, the structure of how health insurance was administered remained largely unchanged; Employers contract with insurance companies to manage their risk and provide a network of medical providers at a cost below retail. Likewise, the government has kept up a steady stream of regulations to contribute to the rising cost of care and administration of health insurance.

 

Continue reading “The Evolution of Group Health Plans | 108 Years of Compelling Reforms [Infographic]”

Cost Control Strategy: “Don’t step over a dollar to pick up a dime”

Cost Control Strategy

Think about your last renewal – how much time was spent on interviewing new agents, market selection, filling out applications/meeting with numerous insurance company Loss Control Representatives, and dealing with the “quoting process”? Now, think about how much time was actually spent sitting down to create an action plan to help you truly control your exposures and reduce your insurance spend over the next 5-10 years, rather than just the upcoming year.  Continue reading “Cost Control Strategy: “Don’t step over a dollar to pick up a dime””