Look out! Open Enrollment Is Upon Us!

News

Look out! Open Enrollment Is Upon Us!

Never fear… WisMed is here

By Chris Noffke, GBDS – VP of Employee Benefits

November is coming and so too are your updated employee health plan costs… if the carriers are up to speed!

Regardless, it is time to start thinking about and planning for open enrollment. In addition to being prepared so that employees have the time, information, and support they need to select a plan that best fits their needs, here are some important changes you need to know;

  • 2021 affordability percentage is 9.83%, up from 9.78% (This applies to groups of 50 or more employees)
  • Out of Pocket Maximums for 2021: $8,550 for self-only coverage and $17,100 for Family
  • HDHP and HSA Limits for 2021 (see chart)

Compliance, compliance, compliance… talk about fun!

In all seriousness, here is a reminder of when to submit your ACA Disclosures and Notices:

  • Special Enrollment Notice: Initial Eligibility and each Open Enrollment and also must be in SPD (Summary Plan Description).
  • SBCs (Summary of Benefits and Coverage): Required 30 days prior to new plan. Must be provided during each annual enrollment. If an employee must enroll to continue coverage, the SBC must be provided when open enrollment materials are distributed.
  • CHIP Notice: Annually, before beginning of plan year. Recommend to include with Open Enrollment materials and upon initial eligibility.
  • Medicare Part D Creditability: Must be sent before October 15, regardless of your plan year.
  • Women’s Health and Cancer Rights Act (WHCRA): Annually & upon initial enrollment / Usually sent at Open Enrollment.

Market Updates

General opinion on this year’s premium increase range widely between 4 and 10 percent for group benefits.

As to trends in plan design in response to COVID, a survey conducted by Mercer in June found that 37 percent of employers do not anticipate adjusting benefits for 2021. It also found that 48 percent are taking a wait and see approach.

While waiting to see what plans will actually cost, I believe we need to be mindful of what’s almost certain to occur in 2021. Many plans have made gains this year because employees are deferring elective care, but, as COVID releases its grip, it will almost certainly result in a much higher than normal plan usage in 2021.

Some of you may have an opportunity to lower costs if you are willing to change insurance companies. But, look at any “gift horse” very carefully, you could be facing an even larger increase than normal next year if you switch to a company that is trying to grab marketing share.  If you are uncertain what to do, but find yourself in a situation where status quo means accepting a significant increase, we should talk.

And, if you would like to discuss how you can prepare now for what’s ahead, contact me.

Open Enrollment Safety

We will still be hosting town hall meetings but will be doing so with COVID-19 safety in mind. 

Please contact me to discuss arrangements for virtual enrollment meetings for your employees.

Chris Noffke

608.442.3734 direct

Chris.Noffke@wismedassure.org

WisMed Increases Your MPL Choices

More options available even while insurers brace for uncertainty

By Shawna Bertalot, CIC, ACI, President WisMed Assure

A recently published report by A.M. Best says medical professional liability (MPL) insurance providers continue to experience decreased profitability. The rating firm is maintaining its negative rating for the segment and reports a growing amount of uncertainty due to potential increases in claims coupled with premium refunds, both stemming from the COVID crisis.

Even before COVID-19 swept through the country, the market was hardening – which means premiums were on the rise and terms and conditions were become more stringent. (See September 2019 Antidote Article “History Repeats Itself”)

While insurance companies continue to assess what their products cover and the cost of coverage, governments are introducing new laws that can directly and indirectly impact risk and insurance. It is a constantly evolving situation which we are closely monitoring.

To better serve the medical profession, our team has sought out alternative carriers and products to ensure you have the greatest amount of choice possible. Some of the new options we provide are directly related to the changes care givers have had to make due to the coronavirus.  (E.g.: Retired physicians returning to work have new options. Physicians who have increased their telemedicine activity have new options.)

Exploring Options:  What to Look For

When choosing an MPL insurance policy, or when replacing or updating your existing policy, it is easy to put too much focus on premium costs. That is certainly understandable, but it is not the only criteria you should be basing your decision on.  The most important thing to focus on is choosing the broadest coverage with a financially strong insurance carrier dedicated to the MPL market and excellent track record in claims handling.

Your Best Bet

To get what you need, and feel confident about the decisions you make, your best bet is to work with an experienced insurance advisor. The WisMed Assure advisory team has many decades of experience and a commitment to be your financial partner for life. We know your world because we only serve physicians and medical professionals. Plus, we are in it for the long haul as our profits contribute to The Wisconsin Medical Society’s ability to fulfill its mission: To improve the health of the people of Wisconsin by supporting and strengthening physicians’ ability to practice high-quality patient care in a changing environment.

If you have questions, want to learn more, or concerns to address, contact WisMed Assure today.

shawna.bertalot@wismedassure.org

608.442.3738

Shawna Bertalot is the president of the WisMed Assure agency. With her strong leadership skills and knowledge of the industry, our skilled team of agents are motivated and well prepared to find solutions for our clients.

Summer 2020 Issue

Injured Patients and Families Compensation Fund Announces Premium Holiday

On Wednesday, June 17, 2020, the Injured Patients and Families Compensation Fund (fund) approved waiving the upcoming fiscal year’s premiums for physicians, CRNAs and hospitals enrolled in the fund.

The Society has been working hard to find ways to assist its membership during these unprecedented times. The premium holiday was originally requested by the Society and endorsed by the fund’s Actuarial and Underwriting and Finance/Investment/Audit committees before it was approved by the Board. The premium holiday will be in effect from July 1, 2020 through June 30, 2021. Read More

MPL Market + COVID-19 = What Next?

The COVID-19 crisis will add pressure to an already “stressed out” underwriting environment.

Carriers are now responding to demands of COVID-19 with premium relief and underwriting flexibility (e.g. waiving requests for supplemental information on telemedicine or cross-state boarder practice). This lowers their premium base and handicaps underwriting.“In this environment, I’ve never been more acutely aware of our mission at the Wisconsin Medical Society and WisMed Assure and I am proud of how we and our community of physicians have responded,” says Shawna Bertalot, WisMed Assure President.  Read More

Shawna Bertalot is the president of the WisMed Assure agency. With her strong leadership skills and knowledge of the industry, our skilled team of agents are motivated and well prepared to find solutions for our clients. 

Navigating Testing in a COVID Environment

By Chris Noffke, GBDS – VP of Employee Benefits

Navigating insurance benefits is complex and confusing for consumers and business owners alike. People seeking benefits are expected to understand insurance terms like deductibles, coinsurance, out of pocket limits, annual out of pocket limits (yes this can have a different maximum risk amount) and many others.

On top of that, you now have to understand the ins and outs of preventative care coverages and COVID related no-cost, shared-cost coverages.  Read More

Announcement

Chris Noffke: Vice President, Employee Benefits

I am pleased to announce the promotion of Chris Noffke from Director of Group Benefits to Vice President, Employee Benefits. Chris has been with WisMed Assure for four years and has worked as an insurance advisor for more than 15 years.

In his role as vice president, Chris will focus on advancing WisMed Assure’s ability to deliver superior employee benefit solutions and service to an ever-growing number of healthcare providers.

Chris has already played a key role in the creation of several important initiatives and programs including the association health plan, a pooled disability program, and the improvement of the pricing and value of our dental program. He is currently working on the development of a national medical cooperative and a national association health plan.

Prior to joining WisMed Assure, Chris held positions at WPS, EPIC Life, Group Health Cooperative of South-Central Wisconsin and Ameritas Group, as well as operating his own insurance agency. He has completed the National Association of Health Underwriters Voluntary/Worksite Certification and holds a Group Benefit Disability Specialist (GBDS) designation and is studying to become a Certified Self-Funding Specialist (CSFS).

Chris has a Bachelor of Arts degree from the University of Nebraska.

On behalf of the entire WisMed Assure team, I congratulate Chris on reaching this important milestone and look forward to supporting his continued success.

Shawna Bertalot, CIC, ACI, President

We’re growing!
Insurance Advisor joins the WisMed team

At WisMed Assure, we are always looking for and developing new and better ways to serve the Wisconsin medical community. This includes developing our team of dedicated professionals through education, training, and, when needed, hiring proven expertise.

We are delighted to announce Tom Strangstalien has joined our team to bolster our financial services capabilities. Tom specializes in individual financial protection including life, disability and long-term care insurance.

Tom has over 25 years of experience in the financial-protection business. He believes clients should be treated in the same way he and his family would like to be treated and that building relationships is crucial to delivering the best possible service and value.

Tom attended Viterbo University, majoring in Business Administration and Finance, graduating with honors, Magna Cum Laude. Throughout his career, Tom has earned numerous awards and recognition, including top of the table at several insurance companies, and becoming a member of the Million Dollar Round Table.

When Tom is not busy protecting the financial wellbeing of his clients, he enjoys traveling and seeking out new experiences with his wife and their four children. On any given weekend, you can find Tom, fishing, hunting, or hiking and creating memories that will become tall fish tales, some even true.

We are excited to welcome Tom to the WisMed Assure team and look forward to working with him to assure our clients’ financial health and security.

Wisconsin Medical Society Declares Racism to be a Public Health Crisis

Racism is a constant threat to health, medical care and longevity in America. The Wisconsin Medical Society, driven by its mission to improve the health of the people of Wisconsin, declares racism to be a Public Health Crisis and calls for equity in health.

Racism threatens health. Racism worsens the social determinants of health, including housing, employment, education, community and neighborhood, food and medical care. Poor housing, including homelessness, results in illnesses such as diabetes and asthma. Unemployment increases heart disease risks and overall mortality; poor education increases death from diabetes; physical space loss for exercise increases childhood obesity; and food deserts significantly increase African-American obesity. The greatest health threat faced today in COVID-19 has further revealed these profound disparities demonstrated by the disproportionate mortality in communities of color.

The human toll is destructive and untenable. To move forward, we must take a stand against racism. In doing so, we stand in solidarity with organizations across the state and our country condemning racism, injustice, and health disparities.
The Society, along with many other healthcare organizations, is taking a strong stand and has identified seven key recommendations for change. You can learn more here.

Different Kinds of Debt: The Good, the Bad, and the Just-Don’t-Do-It!

By Rufus Sweeney

Amassing a considerable amount of debt during medical school is “situation normal” for practically every medical student. Even though debt is rarely seen as a good thing, you need to know the difference between good debt, bad debt, and debt to be avoided at all cost.

Choosing wisely now makes paying off your debt much easier. Read More

Different Kinds of Debt: The Good, the Bad, and the Just-Don’t-Do-It!

By Rufus Sweeney

Amassing a considerable amount of debt during medical school is “situation normal” for practically every medical student. Even though debt is rarely seen as a good thing, you need to know the difference between good debt, bad debt, and debt to be avoided at all cost.

Choosing wisely now makes paying off your debt much easier.

In the category of “Just-Don’t-Do-It”, all sorts of credit cards are available and in many cases, actively promoted to medical students with special offers that include an interest free period, cash back on purchases, and all too easy sign up terms. But once that interest free introductory offer ends, you’re on the hook for anywhere from 12 to 25 percent interest on any balance you carry from month to month.

When you use a credit card to finance your lifestyle choices or, worse case, pay for essentials without a plan for paying off your balance each month, you’re playing with financial fire.

The “bad” in comparison to credit card debt, doesn’t look all that bad, but still with interest rates ranging from six to 10%, unsubsidized student loans are an expensive choice.

The “good” are those loans with the lowest possible interest. For example, interest rates for institutional loans from medical schools range from four to five percent. If low interest was the only criteria for determining “good” debt, then a mortgage at three to five percent and car loans at four to five percent would also fall into this category. That said, check out my previous blogs and podcasts on the pros and cons of buying a home and the reasons why it is a good idea to live like a resident, even after you become an attending physician.

Paying the piper

No conversation about interest rates is complete without a word or two about repaying debt.

Generally speaking, there are two popular methods: the snowball method and the avalanche method.

Popular financial expert Dave Ramsey recommends the snowball method because he says, “… personal finance is 20% head knowledge and 80% behavior. You need some quick wins in order to stay pumped enough to get out of debt completely.”

Here’s how it works:

Step 1: List your debts from smallest to largest regardless of interest rate
Step 2: Make minimum payments on all your debts except the smallest
Step 3: Pay as much as possible on your smallest debt
Step 4: Repeat until each debt is paid in full

Here’s an example using four different debts:

  1. $500 medical bill—$50 payment
  2. $2,500 credit card debt—$63 payment
  3. $7,000 car loan—$135 payment
  4. $10,000 student loan—$96 payment

Using the snowball method, you would make minimum payments on everything except the medical bill. You would pay as much as possible each month on the medical bill until it is paid off.  You would then take the money you used for the minimum payment on the medical bill, plus as much extra as you can afford and use it to pay off your credit card debt. As soon as that debt is paid, you take all the money you previously used to pay the medical bill and credit card debt off and apply it to your car loan.

By the time you are ready to pay off your student loan, you’ve got a pretty big debt repayment snowball working for you.

The avalanche method takes a more practical approach… at least mathematically speaking.  You make minimum payments on all debt and use any remaining money to pay off the debt with the highest interest rate. Like I said, this method is a more practical approach because it allows you to save hundreds of dollars in interest payments and reduce the time it takes to pay off all your debt.

When it comes to choosing which method to use, remember what Dave Ramsey says… “personal finance is 20% head knowledge and 80% behavior”.

In my next blog, we will explore the different ways in which interest rates are calculated.

If you need help managing your debt, one of your best resources is your financial aid officer. And, I highly recommend visiting the White Coat Investor website. It’s a great source for guidance on how to acquire and manage the “good” forms of debt.

Navigating Testing in a COVID Environment

By Chris Noffke, GBDS – VP of Employee Benefits

Navigating insurance benefits is complex and confusing for consumers and business owners alike. Today’s insurance landscape requires people seeking benefits to understand insurance terms like deductibles, coinsurance, out of pocket limits, annual out of pocket limits (yes this can be different caps) and many others.

On top of that, you now have to understand the ins and outs of preventative care coverages and COVID related no-cost, shared-cost coverages.

Currently most insurers are covering the COVID tests, antibody testing, and treatment with no cost share. But be aware, these 100% covered costs will eventually become the patient’s responsibility. Some testing may continue to be covered at no cost to the patient but you may be billed if you go outside of your network or don’t have an approved reason for testing.

We can begin to understand why by looking at the cost of one of these tests. A local PPO (preferred provider organization) reported that they have seen the cost of COVID Antibody testing (Codes 86328 and 86769) range from $23 – $1,023.92, which is one of the major issues with understanding your cost shares.

So, while this test may be covered based on current legislation, when will it no longer be covered? As of right now, there is a lot of speculation that once the “state of emergency” ends, you may see no cost end too.

Currently, to get an antibody test done, it needs to be ordered by a healthcare professional in an office visit, urgent care room or emergency room. Although there are some guidelines for how out of network visits will be covered, patients are sure to see costs shifted to them.

What does the future hold?

When I think about our healthcare future and how COVID-19 will impact the cost of care, it causes a significant sense of concern. With so many people avoiding seeing a physician during social distancing, we should anticipate a surge of chronic illnesses with higher than average claims costs. Staying home means those with anxiety, depression and obesity may be spending even more of their time on couches and this means less physical activities and socialization.

A recent report by Milliman – the highly respected risk management consulting firm – states, “We expect an increase in costs after the Pandemic due to deferred care and pent-up demand… The estimate of services deferred to 2021 is beyond the scope of this paper, but those costs are likely to be very significant.” The report says that ‘very significant’ is an understatement, as it speculates there will be at least $75 billion and as much as $575 billion in deferred care.

And that’s for non-COVID care! Another analysis, commissioned by America’s Health Insurance Plans, estimates that total costs of COVID-19 for commercially insured individuals could range from $44.6 billion to $438 billion over the next two years.

Arriving at a clear conclusion is impossible given the volatility of our times. But, what we can do is work together to protect each other while aggressively looking for ways we can collaborate to protect our healthcare future.

For a comprehensive look at COVID-19 related insurance coverage, check out this Health Affairs article by Katie Keith and take a look at Wismed Assure’s Covid-19 Updates page for added tools and resources.

MPL Market + COVID-19 = What Next?

How the pandemic may impact an already hardening market

Consider the degree of uncertainty COVID-19 has introduced while reading this statement by Tom Baker, a University of Pennsylvania Law School professor.

Baker says, “understanding how insurers define cost is, key to understanding the insurance under-writing cycle… when insurers set their prices, most of the costs of the insurance coverage will be incurred only in the future. As a result, insurers constantly have to imagine the future to decide how to price their products today. This situation creates a remarkably high degree of uncertainty. This uncertainty about insurance costs is the fuel that drives the underwriting cycle.”

Baker’s statement was published in a three-part Antidote series on the hardening of Medical Professional Liability (MPL) insurance market months before the world was turned upside down by the pandemic we are still finding our way through.

At the time, no rate-making actuary could imagine a worldwide pandemic would cause such a massive disruption of healthcare delivery, consume the energy and resources of the healthcare system while simultaneously causing many physicians, clinics and hospitals to incur an unprecedented loss of patients and revenue. And it is not over yet.

Underwriting is “stressed out”

The COVID-19 crisis will add pressure to an already “stressed out” underwriting environment. On a macro level, MPL insurance carriers are experiencing higher loss ratios that force increased premiums and more judicious underwriting in an effort to lower claims costs. This is what is referred to as a “Hard Market.” Carriers are now responding to demands of COVID-19 with premium relief and underwriting flexibility (e.g. waiving requests for supplemental information on telemedicine or cross-state boarder practice). This lowers their premium base and handicaps underwriting. The story becomes much more complicated when you consider insurance carriers are collecting premiums now to pay claims that will be made in the future. 

Susan Forray, FACS, MAAA, Principal and Consulting Actuary with Milliman, published an article in May in which she examines the complexity of the COVID-19 impact, writing, “Actuaries are accustomed to pricing future costs based on past losses. But the COVID-19 pandemic has taught us the past is only one piece of data in making these estimates. Modeling the coronavirus pandemic itself is difficult, but modeling MPL costs affected by this pandemic is exacerbated by tort law changes, variations in effect among specialties, and an apparent reduction in current claims that may prove to be only a delay contributing to an increase in future claim frequency.”

What should you do now?

Continue to look for stability and security by renewing your coverage with a financially strong insurer; a long-term player committed to the MPL insurance marketplace. This is where an experienced broker can play a key role in helping you understand the quality of the insurers willing to do business with you and help you navigate your options.

“In this environment, I’ve never been more acutely aware of our mission at the Wisconsin Medical Society and WisMed Assure and I am proud of how we and our community of physicians have responded,” says Shawna Bertalot, WisMed Assure President.  

Please contact Shawna Bertalot to discuss this article or your insurance needs and concerns.

Shawna Bertalot, CIC, ACI, President WisMed Assure
shawna.bertalot@wismedassure.org
608.442.3738

Injured Patients and Families Compensation Fund announces premium holiday

On Wednesday, June 17, 2020, the Injured Patients and Families Compensation Fund (fund) approved waiving the upcoming fiscal year’s premiums for physicians, CRNAs and hospitals enrolled in the fund.

The Society has been working hard to find ways to assist its membership during these unprecedented times. The premium holiday was originally requested by the Society and endorsed by the fund’s Actuarial and Underwriting and Finance/Investment/Audit committees before it was approved by the Board. The premium holiday will be in effect from July 1, 2020 through June 30, 2021.

“COVID-19 has posed unprecedented health and economic challenges to our state, and the health care industry is no exception,” said Bud Chumbley, MD, MBA, a Fund Board member and the CEO of the Wisconsin Medical Society. “The premium holiday approved yesterday by the board will provide some financial relief to many of the Wisconsin medical professionals and providers who have been affected by the pandemic and who face ongoing challenges.”

This action will help those covered by the Fund who have experienced a significant decline in revenues due to the COVID-19 pandemic, particularly physicians in solo and small group practices.

The Fund is an essential element in maintaining medical liability insurance premiums at a manageable rate for those covered by the Fund. The favorable medical liability environment in Wisconsin helps recruit physicians to Wisconsin and retain physicians in Wisconsin.

Full-time physicians will save between $382 and $2,521, depending on their specialty, with Residents saving $229 and part-time or retired physicians saving $95.

As of June 30, 2019, there were a total of 17,261 fund participants composed of 147 hospitals with 19 affiliated nursing homes, 15,003 physicians, 855 nurse anesthetists, 20 hospital-owned or controlled entities, 73 ambulatory surgery centers, 1 cooperative, 14 partnerships, and 1,129 corporations actively participating in the Fund. As of June 30, 2019, Fund participants consisted of 87 percent physicians, 6 percent corporations, and the remaining 7 percent included all other participants.

Additional details can be found in the Society’s update or the Fund’s press release.  

To Buy or Not to Buy: A Personal Challenge

Despite its appeal, buying a home in residency is usually a bad idea

By Christopher Rufus Sweeney

In residency, buying a home is most often not a wise financial decision. That said, the emotional appeal of owning a home is powerful and difficult to resist.

In my previous blog – Live Like a Resident – we looked at how living frugally for five to 10 years after residency is the fast track to financial freedom. Speaking of powerful, the emotional appeal of buying your dream car, taking high-end vacations, bringing your wardrobe up to a higher standard, regularly treating yourself to fancy restaurant meals (because after all, you deserve it!), can be all but irresistible.

Just like owning a home.

But, if you detach emotion from your reasoning, and rely solely on logic in your financial decision-making, you are likely to decide against buying a home in residency. Here’s why:

  • Closing costs associated with buying are on average 2-5% of the value of the home, which pushes the break-even point out quite another year or two
  • Residents often don’t have enough saved for a down payment. If you can only afford a down payment of less than 20%, you will need Private Mortgage Insurance (PMI), or a certain percentage to insure the loan
  • You could lose money if home values decline
  • There are extra expenses beyond mortgage payments
  • You are responsible for repairs, remodeling
  • No tax advantages because residents typically can’t afford an expensive enough home to exceed the standard deduction

On the other hand, renting a home has these advantages for a resident:

  • Far fewer upfront costs and paperwork
  • You have freedom to be more mobile
  • You are not responsible for maintenance, repairs
  • You can build your credit rating (if your landlord reports rent payments to the credit bureaus)
  • No property tax bills
  • And, there’s no need to worry about falling home values

Under certain circumstances, owning a home can make sense. For instance, if you have minimal student loans, are facing a long residency, and the housing market where you want to own is favorable, then it may make financial sense to own. If your residency is five or more years, the financial logic is sound as it is enough time for your home to appreciate beyond your costs.

If you are uncertain of where you will be attending after residency, you may think you can always rent your home if you move out of town. This is typically a bad idea. First, if you may end up in a different city, you will quickly learn that remote land lording is hard. If you do end up in the same city, you’ll be managing the place unless you hire someone to do it. Regardless, you’re still on the hook for any repairs you make to the home which can eat away at the amount of income you make.

If you do buy a home during residency, it’s usually a good move to sell when you’re ready to move on (hopefully for more than you bought it for).

A word of caution before you buy: Online services like Zillow provide a history of what the house has sold for previously. If you notice it’s cheaper than it was a few years ago, this could be a good sign… or a bad sign. The place could be cheaper because it has serious problems. Which is why you must always get the home inspected by a professional before purchasing.

It’s up to you. Whether or not you can apply Spock-like logic to your home buying versus renting decision, or find some sort of logic/emotion compromise, you need to always ask:

  • What can you really afford?
  • How long do you plan to stay in the home?
  • Do you want stability or flexibility?
  • Can you afford to be responsible for home repairs/maintenance?
  • What impact will this decision have on your long-term career, family and financial goals?

Here are some additional resources to help you make the best possible decision.

Next blog: Different Kinds of Debt: Knowing helps you choose the best repayment method.

Spring 2020 Issue

Facts You Need About Medicare Supplement Insurance

by Laura Kinart

The ins and outs of Medicare and supplement insurance can be confusing, and it is best for you to seek advice from an insurance expert who takes the time to fully understand your current situation and the future needs of you and your family.

Because WisMed Assure is the only insurance agency in Wisconsin working exclusively with physicians and the healthcare community (healthcare is our only business), we may be your best choice when it comes time to figure out what you need to do about Medicare and Medicare Supplement Insurance. Read More

Laura Kinart brings over 18 years of industry experience to WisMed Assure. She currently specializes as a property casualty Account Executive, working with the agency’s large physician groups, hospital and health systems clients. In the recent past, Laura spent a year working exclusively consulting clients on Medicare Supplement programs at WPS.

How to Get Ideal Long-Term Disability for Your Specialty Group

by Dave Serena

The simple truth is specialty physician groups need special treatment in order be fully protected from the financial hardships a disability can cause.

Finding the ideal LTD insurance for your specialty group usually begins with a conversation with an experienced insurance advisor who recognizes the unique vulnerability of your specialty.

Read More

Dave Serena has been an Insurance Advisor with Wisconsin Medical Society Insurance Services since 1995. Working exclusively with Physicians – he has more than 800 active clients – Mr. Serena provides guidance for income and asset protection. He is dedicated to working with Residents, Fellows, and practicing Physicians and their families. Mr. Serena is a member of the National Association of Life Underwriters and the National Association of Insurance and Financial Advisors. He is the recipient of the National Association of Life Underwriters’ prestigious National Quality Award.

Legislature votes on COVID-19 package

Yesterday the Legislature passed and Governor Evers signed a package (Act 185) aimed at dealing with the COVID-19 pandemic. The package contained a myriad of proposals, but focused primarily on health care, unemployment and schools.

Read more about it here.

IRS Releases 2019 Instructions for Form 8994: Employer Credit for Paid Family and Medical Leave
Read more.

How to Get Ideal Long-Term Disability for Your Specialty Group

Specialty groups need special attention

By David Serena

Group Disability Specialist

The simple truth is specialty physician groups need special treatment in order be fully protected from the financial hardships a disability can cause.

From among the many reason why, three stand out:

  1. Specialty group physicians are more vulnerable because an injury – say to a shoulder or a hand – can limit or preclude their ability to perform invasive procedures (especially true for surgeons, anesthesiologists, invasive radiologists);
  2. Too many Long-Term Disability(LTD) contracts do not take into account all possible specialty group income streams such as K-1 distributions, and;
  3. Too many LTD contracts do not protect physicians based on a very specific and accurate definition of their specialty.

Finding the ideal LTD insurance for your specialty group usually begins with a conversation with an experienced insurance advisor who recognizes the unique vulnerability of your specialty.

If your group is purchasing LTD for the first time, your advisor will provide a strong proposal with an “apples-to-apples” comparison highlighting any significant differences between policies and insurance companies.

If your group is already covered, it’s often very advantageous to work with an insurance advisor to compare your existing insurance to the latest policies available. Ideally, your advisor is proactive when it comes to informing you of the potentially positive or negative impact changes in the insurance industry can have on your coverage. At a bare minimum, your advisor should review your changing circumstances and explore new opportunities with you an annual basis.

The WisMed Advantage

At WisMed Assure, our only business and our sole focus is serving healthcare professionals. Our team has decades of experience and a deep understanding of your concerns, aspirations and opportunities. By leveraging the shared wisdom and collective buying power of the many physicians and healthcare professionals we serve, WisMed Assure is able to deliver preferred service, terms and, in many cases, better pricing. 

Here are some of the important features we provide that are of particular importance to physicians:

  • We protect the physicians’ own specialty by using the CPT-10 codes they have billed for during the last 12 months to identify their “own occupation”.  This is unusual. Many contracts have weaker language.
  • Our program typically pays claims for 6 months longer to Doctors over age 60. This is of value to senior Physicians who are the most likely to go on claim.
  • Because our sole focus is physicians, there is an unusually deep understanding of “income”, such as K-1 distributions for specialty groups owned wholly or partially by the physicians in the Group… income that goes away if they cannot practice.
  • Our plans do not have the subjective provisions often seen in other contracts, such as working to maximum capacity, part-time work requirements, or prudent person language. When these provisions are in other LTD products, it can allow a carrier to pre-maturely terminate a claim or reduce expected benefits. 
  • We can bring you a host of riders to choose from based on your unique circumstances and needs including:
  • Infectious diseases, including the COVID-19 virus.
  • Progressive illnesses. Some contracts don’t pay until there is a 20% income loss in one year, whereas ours pays as soon as there is a 20% income loss from the time of diagnosis. This is unusual.
  • Extended earnings for physicians coming back after an extended illness. This rider is important for those who bill and have to wait for receivables.
  • Pension contribution payments can also be covered.
  • Additionally, we offer ancillary coverage for things like travel assistance and identity theft protection.

While price isn’t everything, in most cases, specialty groups can expect an extra 5% discount for working with us.

One more thing, WisMed Assure not only works for you directly, we serve the healthcare community at large as all of our profit goes to support the Wisconsin Medical Society.

If you wish to discuss any of the features I’ve written about here, or if you want your disability insurance to be an ideal fit for your group’s unique needs and situation and concerns, contact me or click on the link below.

WisMed Assure

608.442.3810

insurance@wismedassure.org