Meg Seybold

Peace of mind this holiday season

By Martin Hurst, Insurance Service Representative

The agents here at WisMed Assure do not focus solely on revenue, our agents go that extra mile to address individual and specific concerns and provide coverage within each customer’s budgetary needs. By putting clients’ needs first, our agents demonstrate their commitment to providing excellent service and building trust with physicians. Their expertise and attention to detail enables them to guide physicians through the complex world of insurance, explaining terms, conditions and benefits clearly and transparently. Ultimately, our agents strive to empower physicians with the knowledge and coverage necessary to protect their health and peace of mind.

As I navigate my first year here at WisMed Assure, the agency has prioritized providing me with direct training with our agents. Tom Strangstalien is one of the agents I have had the opportunity to sit down with to discuss Life and Disability policies. Recently, Tom and I reviewed disability quotes for a physician. Tom carefully considered the physician’s lifestyle, occupational practice and potential risks to tailor the policy to their unique needs.

Additionally, he broke down the various policy options, highlighting the specific benefits and limitations of each. He focused on the importance of comprehensive coverage that would provide adequate support if the physician ever faced a disability, without worry of the financial burden. After reviewing the quotes for this physician, he noted that the physician was concerned the monthly premium was exceeding their budget. This was to be expected as their initial meeting was to create the “ideal policy” without worrying about the premium cost. With this concern in mind Tom navigated to the riders page with the cost for each listed next to the rider and asked what I would keep or remove from the policy to reduce the overall cost. We went back and forth on keeping or removing certain riders, we looked at 90- or 180-day elimination periods, possibly decreasing the time covered in relation to retirement age of 65 or 67, to see the impact this would have on premiums. At the end of our meeting, we were able to give this physician several options that had the potential of saving them $4,000 in monthly premiums. This is an example of what each agent does here daily and is the reason I am grateful to work alongside so many unique and caring individuals.

As you’ll see in this edition of the Antidote, the WisMed Assure and WisMed Financial team is focused on building and maintaining relationships with clients, and always keeping the best interest of the client at the center of all we do. These real client stories help illustrate the WisMed difference. Contact us at 608.442.3810 or insurance@wismedassure.org.

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisions. Full disclaimer and contact information.

Finding insurance and financial advisors I trust

By Tim Bartholow, MD

I have several connections to our Wisconsin Medical Society, and I’d like to share some good and bad experiences with on the street financial advising and insurance advising, and how WisMed Financial and WisMed Assure cut through market confusion.

Like many physicians, I’ve worked around insurance for many years and have served as Chief Medical Officer and quality advisor for several health insurance companies. You’d think that I would know a sturdy amount about insurance and personal finances. Don’t get me wrong, I live modestly, save aggressively and have been very fortunate, but for three decades, I didn’t have advice that allowed me to be assured  that I had the right insurance and personal finance solutions.

When I was in residency, I was approached by an agent from a reputable insurance company who signed me up for long- and short-term disability coverage at a price that I could afford. As I saw colleagues have accidents, become unable to practice or displaced from their employment, I learned how important it is to have a policy not tied to an employer. I bought a significant life insurance policy from that same agent, which I continued for 30 years. At about 15 years in, the agent approached me about buying whole life, which she made to sound like great security for my family despite its high cost. I mentioned this to an investment advisor who didn’t try to sell me something else, but made it clear I was about to make a mistake.

So now what? Which investment advisor was giving me the best advice? Which insurance agent was working for me, not themselves or the company quota they were required to meet? I just wanted independent advisors who would authentically fulfill their full fiduciary duty to me and my family.

So, for the next decade and a half, I squirreled away savings with various investment advisors – some large houses, some smaller practices. Several of these advisors offered to take care of all of my savings, but I couldn’t put my full faith in any one of them. I wasn’t sure that their motives were to keep my costs of investing low. And on the insurance side, I didn’t know if I needed the expensive policies that that I had carried for 30 years, the small one I had purchased from a door-to-door salesman or my work’s plan, which if I left, I wouldn’t be able to continue. It was simply confusing.

Then, at our Wisconsin Medical Society, I met Tom Strangstalien of WisMed Assure and Mark Ziety of WisMed Financial. On the insurance side, Tom helped me understand my choices and needs for long-term care and life insurance. He steered me away from some products and towards others and we landed on a solution that is appropriate for me and my family. Mark walked me through how my investments in many accounts were costing me fees that eroded their savings potential. While I’ve had advisors assess my risk tolerance, I’ve not experienced financial advising nor insurance agents that studied my concerns and goals so comprehensively and helped me to understand which choices made best sense for me to do next. I’m not a wealthy person, but Mark saved me approximately $9,000 in annual fees. I wish I had known that a decade ago!

I asked to provide this testimonial, WisMed Assure did not approach me. Whether you’re a medical student or close to retiring, I want our physicians to make great financial choices so they can worry about their patients, not about their risks and retirement. My quick advice is this: find someone you authentically trust for your financial advising and find someone away from your employment (if you’re not a governing partner/practice owner) to advise you about insurance for you and your family. And if, like me, you’re having trouble placing your full faith in what you’re being advised to do, WisMed Assure and WisMed Financial are more than capable of providing you with a second opinion or reaction to what you’re being told. They are there to serve you, and because their efforts support our Medical Society, there is no confusion about whose interests come first. I am probably biased by my several connections to the Wisconsin Medical Society and my pride in MetaStar, WISHIN, WHIO and WPS, all of which the Wisconsin Medical Society helped start. So do what works for you, but personally, I’ve never been so reassured and confident that I am doing the right thing for me and my family.

Contact the WisMed Assure team at 608.442.3810 or insurance@wismedassure.org and contact WisMed Financial at 608.442.3750 or info@wismedfinancial.org.

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisions. Full disclaimer and contact information.

Hybrid Policies Shine in Addressing Long-term Care Concerns

Tom Strangstalien

By Tom Strangstalien, Insurance Advisor

It’s not a secret that the rapidly increasing cost of long-term care is driving dramatic increases in long-term care (LTC) insurance premiums. You may also have been victim or witness to a dramatic increase in long-term care insurance premiums on a policy purchased years ago.

In the 1990s and early 2000s, people realized the potentially huge benefit of buying long-term care insurance. Along with advances in medicine and the benefits of nutrition and exercise, life expectancy increased. Coming with that was the demand for long-term care services, assisted living facilities and home health care. Popularity in long-term care insurance grew exponentially and consumers bought policies with lifetime premiums, ten pay premiums or even single premiums at an affordable price.

Actuaries calculate statistics with acute precision to guide insurance companies to make their profits. However, this is one of very few instances where they missed the mark. Typically, with life and health insurance, a significant number of people will not hold the policy for their lifetime, and the policy will lapse. This lapse rate was miscalculated, as people who purchased these policies held on to them. Furthermore, inflation for this sector of health care was severely under calculated. Simple supply and demand economics manifested cost increases well beyond the costs of other consumer goods and services. Exacerbating the situation was the decrease in interest rates, as long-term bonds are purchased to provide the future benefits.

Now, consumers are experiencing the results of this perfect storm. We are seeing shockingly increased premiums, lowered benefits or even offers by insurance companies to buy-out or provide a dramatically lower paid-up benefit. Thankfully, actuaries have learned the impact of past transgressions and traditional long-term care policies are now priced properly. But what does this mean to you? A very expensive insurance protection, along with the risk that it may never be used, so what should you do?

What happens if you pay for LTC insurance but never actually need it?

Despite long-term care insurance being so costly, I remain steadfast that long-term care protection is paramount to your financial plan! The facts speak for themselves; longtermcare.gov and the AARP agree, 70 percent of people 65 and older will require long-term care and meeting that need will continue to become more expensive.

Genworth’s Cost of Care Survey shows national annual median costs increased across the board for assisted living facilities (6.1%), home care (4.3-4.4%) and skilled nursing facilities (3.2-3.5%). The median monthly cost of an assisted living facility is $4,051, a home health aide costs $4,385 and a private room in a skilled nursing facility $8,517 a month. Genworth estimates these costs will almost double over the next 20 years.

There’s a new option for long-term care planning: hybrid life insurance long-term care policies. Actuaries have been properly pricing life insurance policies for decades. They now know the amount that will be paid out in benefits and when that benefit will be paid. In these hybrid policies, the life insurance benefit can be paid out early if needed for long-term care. If benefits are not used for long-term care, the life insurance amount is paid upon death to the policyholder’s beneficiaries. This addresses the concern of never using the policy. Benefits will not be taxable if paid out for long-term care and the life insurance benefit is paid out income tax free. In the majority of cases, this type of plan outperforms self-funding.

Hybrid policies have a lot going for them:

  • They offer flexible premium payment options. You can make one lump-sum payment, pay over ten or twenty years, or pay premiums over time.
  • It is often easier to qualify for coverage as the insurer knows what will be paid out in benefits.
  • A hybrid policy can also pay for home health care, assisted living, adult day care and even respite care for a loved one.
  • Permanent life insurance policies build cash value that can be cashed out in the future if you feel there’s no longer a need for long-term care protection or independent wealth negates the benefit.

You have options…lots of options to choose from

Hybrid life and long-term care policies come in several shapes and sizes.

  • Linked benefit policies are true hybrids that link a life insurance policy to a long-term care policy. With these, the typical long-term care benefit amount is close to or equals the life insurance amount. The greater the life insurance amount, the greater the LTC benefits.
  • You can also get a long-term care rider on a life insurance policy which only allows you to add LTC coverage at the time you buy the life insurance policy – you can’t add it later.
  • There are chronic illness or critical illness riders that let you accelerate the death benefit to pay for care if you have a qualifying chronic lifetime illness.

If you currently own some form of LTC insurance and want to compare which coverage may fit best into your current financial plan, we are here to comprehensively explore all the options and make sure your plan is suitable and won’t blow up at a time when you may need it most.

If you do not yet have any form of LTC insurance, the longer you wait, the more expensive it will become. I highly recommend exploring a hybrid life insurance / long-term care policy and getting it early. The younger and healthier the better! Avoid crisis mode or future exorbitant premiums.

As your financial partner, your WisMed Assure team is here to take care of your personal financial security so that you can take the best possible care of yourself, your family and your patients.

Contact me today to protect your tomorrow.

tom.strangstalien@wismedassure.org

608.442.3730

Winter 2022 Issue

Why Residents Need Disability Protection

Multi-ethnic group of young adults studying in library

By Tom Strangstalien, Insurance Advisor

As a resident or fellow, your biggest asset is quickly becoming your ability to earn an income. Until you become independently wealthy and can sustain a loss of earning power without consequence, it is imperative to have disability protection.

Read more…

Lower Health Insurance Costs with Strategy and Unique Offerings

Doctor and Patient in Hospital Office filling Health Insurance Contract. Near lying Medical Pills, Capsules, Stethoscope and other Medical Staff. Healthcare Concept

By Chris Noffke, GBDS, Vice President of Employee Benefits

In 1946 the Wisconsin Medical Society established WPS to help physicians and residents pay for the costs of health care. Seventy years later I had the chance to help create another opportunity for health care providers, the Wisconsin Medical Society Welfare Benefit Trust (WMSWBT) or the Association Health Plan (AHP). This year I was able to negotiate with our carrier partner, WPS, to lower our rates for all new groups. This has shown significant cost reductions for groups by decreasing their premium rates (up to 40% for some areas).

Read More…

Your 2022 Tax Strategy

person scratching head in confusion of new tax laws

By Mark Ziety, CFP®, AIF®, Senior Advisor, WisMed Financial

Tax laws feel like stepping into quicksand lately, don’t they? Trying to understand if, when and how the tax laws will change can make you feel like the floor will fall out from under you at any moment. (Particularly at tax time.)

This is especially true if you’re a high earner or have accumulated a significant nest egg.

Read More…

WisMed Assure Changing of the Guard

By Shawna Bertalot, CIC, ACI, WisMed Assure President

If you’ve ever witnessed a changing of the guard at Arlington Cemetery or in front of Big Ben, you know it’s a serious event and poignant image of respect and protection. We have had a changing of the guard at WisMed Assure this past year with four of our more than 25 year veteran agents retiring – that’s more than 100 collective years in the service of protecting physicians and health care organizations from economic and reputational harm. 

Read more…

Cyber Liability Trends Continue in 2022

Digital Binary Code on Dark Red Background. Data Breach

By Jim Davis, WisMed Assure Vice President Medical Professional

Uncle Sam is part of your family, even if you are single. From time to As companies shifted to more virtual work, cybercriminals took advantage of every slight vulnerability. So, let’s review some cyber security basics, specifically focusing on why health care professionals and organizations are the most vulnerable to cyberattacks, what their greatest vulnerabilities are and what risk mitigation you must have in place to even qualify for insurance these days.

Read More…

Hybrid Policies Shine in Addressing Long-term Care Concerns

image of extended family and long-term care team

By Tom Strangstalien, Insurance Advisor

It’s not a secret that the rapidly increasing cost of long-term care is driving dramatic increases in long-term care (LTC) insurance premiums. You may also be a victim or witness to a dramatic increase in long-term care insurance premiums on a policy purchased years ago.

Read more…

WisMed Assure Changing of the Guard

By Shawna Bertalot, CIC, ACI, WisMed Assure President

If you’ve ever witnessed a changing of the guard at Arlington Cemetery or in front of Big Ben, you know it’s a serious event and poignant image of respect and protection. We have had a changing of the guard at WisMed Assure this past year with four of our more than 25 year veteran agents retiring – that’s more than 100 collective years in the service of protecting physicians and health care organizations from economic and reputational harm. They all shared pride in their WisMed team and mission to serve those who care for our health and we thank for their work and dedication.

I am so pleased to introduce the highly experienced and dedicated new guard that has joined WisMed Assure.

Janet Marszalek
Janet Marszalek, RPLU, Senior Account Manager

Janet Marzsalek, Laura Weber and Jim Davis each bring more than 25 years of experience in medical professional liability underwriting, service and sales. I am confident that there is no team in Wisconsin with more expertise handling the liability and business insurance needs of physicians, clinics, hospitals and health care facilities.

Jerry Tiffany
Jerry Tiffany, Insurance Advisor

Tom Strangstalien is leading Team Income Defense with a focus on individual income protection insurance including Disability, Life and Long-term Care insurance. Tom has recruited Jerry Tiffany to join the team. Jerry brings additional expertise and relationships in the Medicare Supplement, Medicare Advantage and Prescription Drug program space.

Tara Julien, Customer Service Agent

Tara Julien is our newest member to the Employee Benefits Team. Tara brings years of group insurance experience with a national health insurance carrier and has worked with clients in both the consumer goods and health care industries.

You can learn more about all of our dedicated, mission-driven team members here.

Wisconsin Medical Society Members, you can be proud that your association created this agency in 1978, and WisMed Assure continues our dual mission of both providing exclusive benefits to members and revenue to support the mission of the Wisconsin Medical Society. We care for your financial health by reducing the confusion, fear and hassle of evaluating and buying insurance so you can focus on patient care.

Winter 2021 Issue

2021: New Year New Goals

If you hate setting annual goals, relax, you’re not alone!

By Shawna Bertalot, CIC, ACI – WisMed Assure President


In an article titled “10 Top New Year’s Resolutions for Success and Happiness”, INC. Media added this subtitle: “Studies show that about 60 percent of us make New Year’s resolutions each year—sadly, only about 8 percent of us achieve them.”

If your employer requires you to set annual goals, but it feels tedious, overwhelming, and not very meaningful to you, relax, you’re not alone!

Because we’re on a mission to protect and accelerate your success, we asked our team to share their secrets for successfully achieving the goals they set. And, we’ve kept it simple by selecting the Top Three:

Read more…

Group 1a Vaccinations

The Wisconsin Medical Society knows how important it is for group 1a physicians and staff to have access to COVID-19 vaccinations and has prioritized working with local public health departments and multiple state agencies to get access for independent physicians who are not employed by or affiliated with a large health care system. The Society is working to ensure all Wisconsin physicians and their teams can access the vaccine.

The Society proactively contacted local health agencies and received a variety of information, with different county and municipal health departments falling into a wide spectrum of preparedness to help match physicians and their group 1a staffs with registered COVID-19 vaccinators. We created a Society webpage for this important information and will update it as we receive updates.

Contact information for all county public health counties can be found here – click your county on the Wisconsin map to find contact information.

Society Achieves Extension of IPFCF Premium Holiday

Wisconsin Medical Society CEO Bud Chumbley, MD, MBA, has successfully advocated for an extension of the Injured Patients and Families Compensation (IPFCF) premium holiday through mid-2022.

This will be the second straight year physicians, CRNAs, and hospitals enrolled in the IPFCF will realize significant savings. The action was taken at the December 16th meeting of the IPFCF Board of Governors, including Dr. Chumbley.

Read more…

Long-Term Care As part of Retirement Planning

By Kathy Mueller, CLU, ChFC, FIC, LUTCF – WisMed Assure Insurance Advisor

We all know the importance of figuring out how much we will need to live on in retirement and being able to save enough money to generate what we need.

Many people think Medicare pays for long term care… bad news; it doesn’t. While a few wealthier people can pay for long term care out of pocket, but most of us will not be able to do so.  

What is the solution? Click here to read more…

You Can Give Employees More at NO COST with Voluntary Benefits

By Chris Noffke, GBDS – VP of Employee Benefits

The good news is you can offer voluntary benefits at no cost or you can choose to pay for a portion of the premiums (e.g.: 10, 25, or even 50%). You can also make a flat dollar contribution and your employees can determine which benefits to apply it towards.

And, the timing may be advantageous as employees are experiencing a heightened state of concern because of COVID-19. A growing number are asking for additional benefits like life, disability, and dental insurance, along with wellness options.

If you are interested in looking into these options, the first thing to do is survey your employees.

Read more…

Taking Care of your Finances

New Year’s resolutions plus tax season; the perfect time to take care of your finances

By Mark Ziety, CFP®, AIF® – Senior Advisor, WisMed Financial  

If you are resolved to take the best possible care of your personal finances, there’s no better time than right now.

Here are some simple steps you can take to get started…

The Long-Term Care Time Bomb

By Tom Strangstalien – WisMed Assure Insurance Advisor

We all probably know someone whose estate has been wiped out by the exorbitant cost of long term care. During my years of serving the financial services industry, I have witnessed many of these unfortunate events, many times at the “crisis management” stage. To arrive at this stage, it is quite apparent the family’s long-term care plan was to do nothing to address the potential catastrophic financial issue. 

When creating your life’s financial goals and plan, don’t overlook this piece of the puzzle; it can potentially devastate everything you have worked for your entire life. Today, there are several innovative solutions you can use to build a bomb-proof bunker for your financial world.

Read more

The Long-Term Care Time Bomb

By Tom Strangstalien – WisMed Assure Insurance Advisor

We all probably know someone whose estate has been wiped out by the exorbitant cost of long term care. During my years of serving the financial services industry, I have witnessed many of these unfortunate events, many times at the “crisis management” stage. To arrive at this stage, it is quite apparent the family’s long-term care plan was to do nothing to address the potential catastrophic financial issue. 

When creating your life’s financial goals and plan, don’t overlook this piece of the puzzle; it can potentially devastate everything you have worked for your entire life. Today, there are several innovative solutions you can use to build a bomb-proof bunker for your financial world.

According to Genworth’s Cost of Care Survey, 69% of people turning age 65, approximately 7 out of 10, will need some form of long term care during their lifetime. This includes nursing home care, assisted living, home health care, or a combination thereof. In the State of Wisconsin, as illustrated by the Administration for Community Living, the cost of semi-private care in a nursing home is $8334 per month and private care is $9346 per month. (You can see these figures at longtermcare.acl.gov)

You are looking at potentially $100,000 per year! The average length of stay for men in a facility is 2.2 years, while women average 3.7 years. And, 20% of those who are age 65 or older, stay longer than five years. At the least, this can severely erode a family’s estate and, at worst, it can completely blow it up.

Times have changed… for the better!

In years past, the only solutions to protect one’s estate from this life event was to self-insure, purchase long term care insurance protection, or to roll the dice and gamble. It can be very intelligent to purchase long term care insurance, particularly when younger, to bomb proof your future financial well-being. The argument contrary to this type of planning has always been that you could end up spending the premium dollars over your lifetime and never need the policy protection (use it or lose it). Today, there are several additional options available, negating the risk of spending substantial dollars, and never using them.

Exponentially gaining in popularity are “Hybrid LTC Policies”; combining the benefits of a life insurance policy and long-term care protection. Simply stated, some or all of the life insurance benefit can be paid out for qualifying long term care costs. If the policy is not used, generally speaking, the life insurance value is paid out as a tax-free benefit to the beneficiaries upon death. Regardless, this planning offers protection to the estate, and keeps the dollars in the estate in a tax efficient manner.

Another alternative to the traditional long-term care insurance policy is “Asset-Based LTC”.  This planning involves setting dollars aside in an annuity contract. The contract provides two “buckets” of money; one on deposit accumulating growth, and the other providing protection for long term care. Only one bucket of money can be used. Should you desire or need to use the assets for income, the funds will be available per the structure of the contract. However, if a form of long term care is needed, the long-term care bucket will provide a respectfully larger pool of funds that can be tapped. For the money you set aside as the “last” money to be used in your life, this can offer an attractive way to leverage your assets.

The last strategy I will outline is purchasing a fixed or indexed annuity contract with an optional LTC rider. Thanks to the media, annuities have been incurring a bad reputation. However, in my experience many of the cases involving annuities are simply a case of someone using the wrong tool in the proverbial tool box. Each financial tool has its purpose and its place. By using an annuity with a long-term care rider to provide a stream of income, you will receive consistent guaranteed payments over a period of time. Should you qualify for long term care, these payments will be increased; many times doubled to cover the increased costs to the family budget. In addition, this type of planning involves minimal medical underwriting.

In my opinion as an advisor with many years of experience, your long-term care plan should never be not to plan. Even if you do nothing and roll the dice, you have the comfort that you did indeed explore the options available to address the risk. As your Financial Partner for Life, we are here to help you navigate through all of the protection options available to you. We are here to help you make the very best choices to bomb-proof your financial shelter. You will sleep at night, knowing you have a fortified plan, and will not fall victim to “crisis management”.

tom.strangstalien@wismedassure.org

608.442.3730

Taking Care of your Finances

New Year’s resolutions plus tax season; the perfect time to take care of your finances

By Mark Ziety, CFP®, AIF® – Senior Advisor, WisMed Financial  

If you are resolved to take the best possible care of your personal finances, there’s no better time than right now.

Here are some simple steps you can take to get started.

  1. Get organized Whether you create a formal net worth statement or jot down a summary for yourself, now is the time to figure out what you own and what you owe. Not only will this give you a starting point, it also helps with tax preparation since you will have a list of accounts to quickly identify if you are missing a tax form.
  2. Focus Based on where you are and where you want to go, determine where to focus in 2021.  Are you striving to pay off debt? Do you need to beef up your emergency fund, retirement accounts, or kids’ college savings? Have you been putting off purchasing insurance or drafting your will? By focusing on one item at a time, you won’t be overwhelmed and you’ll see progress faster than trying to do everything at once.
  3. Never go it alone Check in with your advisors; an annual checkup is worthwhile and may be required in some cases. For instance, annually recertifying your income with your student loan servicer is required for income driven repayment plans. It is a good idea to meet with your financial planner and insurance advisor especially if you had a change in income, family size, or finances.
  4. Make tax adjustments If you have a big refund or big tax bill, adjust your withholding. If you will be in a higher tax bracket in 2021, make pretax 401(k)/403(b) contributions otherwise make Roth 401(k)/403(b) contributions.

Remember, WisMed Financial is part of the Wisconsin Medical Society. We are here to help members save and invest for their future, eliminate debt, manage taxes, obtain and update legal documents, utilize charitable strategies, and other personal financial matters. 

For more information, please contact me at

Mark.Ziety@WisMedFinancial.org

608-442-3750.

You can give employees MORE at NO COST with voluntary benefits

If you’re wondering if it’s possible to give more to your employees at no cost… the answer is yes!

By Chris Noffke, GBDS – Vice President of Employee Benefits

The good news is you can offer voluntary benefits at no cost or you can choose to pay for a portion of the premiums (e.g.: 10, 25, or even 50%). You can also make a flat dollar contribution and your employees can determine which benefits to apply it towards.

And, the timing may be advantageous as employees are experiencing a heightened state of concern because of COVID-19. A growing number are asking for additional benefits like life, disability, and dental insurance, along with wellness options.

If you are interested in looking into these options, the first thing to do is survey your employees. WisMed Assure is here to help. We have survey templates that make it easier to determine the best possible selection of voluntary benefits to offer. Once we find out what benefits your employees want, and how many are interested, we then go to work finding the best insurance for the lowest price. 

While many carriers offer voluntary benefits, the key is finding one that provides all the different types of voluntary benefits you wish to offer. Finding the right carrier, with the right mix of benefits, makes it simpler to administer and cost effective as most carriers provide a discount for multiple plans. 

Once we finalize carrier and plans, the only thing left to do is make these premium deductions in your payroll. There are a few different ways to set this up, but in most cases, we recommend a pre-tax strategy to lower the taxable income for your employees and your company.

Voluntary benefits are not difficult to setup and manage when you work with an insurance partner you can trust and who is willing to serve your employees. That’s where we come in.

Please contact me if you wish to explore these opportunities for giving your employees more at no cost.

chris.noffke@wismedassure.org

608.442.3734

Society achieves extension of IPFCF premium holiday

Wisconsin Medical Society CEO Bud Chumbley, MD, MBA, has successfully advocated for an extension of the Injured Patients and Families Compensation (IPFCF) premium holiday through mid-2022.

This will be the second straight year physicians, CRNAs, and hospitals enrolled in the IPFCF will realize significant savings. The action was taken at the December 16th meeting of the IPFCF Board of Governors, including Dr. Chumbley.

“Because the IPFCF is run prudently and is in a stable financial position, we are fortunate the fund can provide some fiscal relief for physicians exactly when they need it most,” Dr. Chumbley said. “The pandemic has taken a dramatic toll on smaller clinics even as physicians have stepped up to take care of patients and this announcement certainly comes at a perfect time.”

The previous IPFCF holiday was announced on June 17, 2020.

Full-time physicians will save between $382 and $2,521 depending on specialty, with residents saving $229, and part-time or retired physicians saving $95. The premium holiday will be in effect from July 1, 2021 through June 30, 2022.

Please contact Society Chief Policy and Advocacy Officer, Mark Grapentine, JD, for additional information.

mark.grapentine@wismed.org

608-442-3795