Worker’s Compensation rate decreases

August 14, 2023August 18, 2023

By Brian Fowler, WisMed Assure Account Director

Starting October 1, 2023, for the eighth consecutive year, Worker’s Compensation rates in Wisconsin will drop. Worker’s Comp rates in Wisconsin are set by the state and are the same for every insurance carrier. Overall, we’re seeing a decrease of 8.4% across all employee classifications. Physician rates remain low and competitive, with no change to the rates this year. Rates have decreased for physicians within hospital systems and hospital employees other than professional employees.

WisMed Assure also works with dentists and non-physician owned medical professional offices, like chiropractors, therapists and others; many of which share this same classification (8832) (see the chart below).

The following chart shows the current and new rates for the listed class codes (rates are per $100 of payroll):

Code	Description	Current Rates	New Rates 10/1/2023	Change
8832	Physician & Clerical	0.28	0.28	0%
8833	Hospital Professional Employees	0.82	0.76	– 7%
9040	Hospital All Other Than Professional	4.24	3.61	– 14.9%

This year there is no change to minimum premiums for experience rating. We see approximately a $4,000 increase in annual remuneration to calculate premiums for sole proprietors and partners and roughly a $7,000 increase in the maximum annual remuneration used for executive officers.

Because Wisconsin sets the rates, premiums should be the same regardless of the insurance carrier, the differentiator in overall costs between carriers comes down to who is offering the most competitive dividend plan. When employees are injured, good claims services and getting employees healthy and back to work is the key benefit to any Worker’s Compensation program.

Another difference in how Worker’s Compensation is governed in Wisconsin is there is not a set fee schedule for medical services provided. The Wisconsin Medical Society has long advocated to keep Wisconsin from adopting a Worker’s Comp fee schedule.

Mark Grapentine, Wisconsin Medical Society Chief Policy and Advocacy Officer, serves as a medical liaison to the Worker’s Compensation Advisory Council, a group made up of representatives of management and employees and charged with recommending changes to the state’s Worker’s Compensation system on a two-year basis.

He noted the rates are “certainly good news for businesses” and that they are happening at a time when Wisconsin leads the nation in getting workers back on the job. Injured workers in the state are satisfied with how quickly they can get access to high-quality health care, he said.

“It’s really no wonder why so many folks in other states look very jealously at how Wisconsin’s work comp. system performs,” he wrote in an email to Wisconsin Health News.

If you have questions about Worker’s Compensation coverage rates and dividend programs for your practice, please contact Brian Fowler, WisMed Assure Account Director, at brian.fowler@wismedassure.org 608.442.3718.

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.

The power of planning: a physician’s journey to financial wellness

August 14, 2023August 18, 2023

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

With uncertainties and change a constant, financial planning stands as a beacon of security and peace of mind. Today, we bring you a remarkable story that sheds light on how a dedicated physician and her family reaped the rewards of a well-structured financial plan, proving that even the busiest of physicians can find stability and fulfillment through proper financial planning.

Meet Sarah Thompson, MD (alias, of course), known for her compassionate care and unwavering commitment to her patients. Outside the exam room, however, Dr. Thompson faced the same financial challenges that many of us do – managing student loans, planning for retirement and ensuring her family’s future stability.

The Initial Challenge

Upon completing her medical education, Dr. Thompson was burdened with significant student loan debt. Balancing her medical practice while managing these loans was no easy feat. She often found herself conflicted between her passion for healing and the pressure of financial obligations. As her family grew, so did her responsibilities, making her realize the need for a comprehensive financial plan.

The Turning Point: Seeking Professional Guidance

Dr. Thompson decided to take a proactive step and sought the guidance of a Certified Financial Planner™ Professional. This move marked a turning point in her journey towards financial wellness. The financial planner analyzed her situation, considering her income, expenses, outstanding loans and future goals. They collaboratively created a customized plan that addressed her specific needs, aligning her financial strategy with her life aspirations.

The Plan in Action

Debt Repayment Strategy: The financial planner helped Dr. Thompson switch to her ideal repayment plan for her student loans. She made consistent progress in reducing her debt without compromising her family’s daily needs.
Investment and Retirement Planning: With a steady income and a solid debt repayment plan in place, Dr. Thompson could now focus on long-term financial security. The financial planner introduced her to a diversified investment portfolio and guided her through retirement planning, ensuring she could enjoy her retirement years without financial stress. “In my experience, those who save smaller amounts consistently tend to save more over time than those who try to save everything at once,” Mark Ziety, CFP, founder of WisMed Financial notes in this CBS News article.
Family Protection: Recognizing the importance of safeguarding her family’s future, Dr. Thompson also secured:
- life insurance
- disability insurance
- estate documents
- college accounts
- an emergency fund

This provided a safety net in case of unforeseen circumstances and offered peace of mind to her and her loved ones.

Tax Strategy: The largest lifetime expense for physicians is often taxes, and Dr. Thompson was no exception. Through yearly tax strategy, her deductions were maximized and taxable income shifted to save hundreds of thousands of dollars of lifetime tax.

The Outcome: A Life Transformed

As the years went by, Dr. Thompson’s commitment to her financial plan began to yield remarkable results. She saw her debt steadily decrease, her investments grow and her family thrive with the knowledge that their future was secure. This transformation didn’t just impact her financial health – it positively influenced her overall well-being. The reduction of financial stress allowed her to focus more on her patients, her family and even take time for her own personal growth and hobbies.

Key Takeaway

Dr. Thompson’s story is typical for physicians and underscores the incredible potential that a well-crafted financial plan holds. Regardless of your profession or life circumstances, careful financial planning can pave the way to stability, allowing you to navigate challenges with confidence and pursue your dreams without compromise.

For personalized help eliminating debt, investing smart and securing retirement, please contact Mark Ziety, CFP®, AIF® 608.442.3750.

Mark Ziety, CFP®, AIF®

WisMed Financial, Inc. part of the Wisconsin Medical Society

Note: This article is for informational purposes only and should not be considered as financial or tax advice. Please consult with a qualified financial advisor or tax professional before making any financial decisions. Full disclosures.

When and why to schedule a life and disability insurance policy review with your agent

August 14, 2023August 18, 2023

By Lisa Koerner, Insurance Advisor

Many people think that once they have a life insurance or disability policy in place, they can file it away and forget about it. However, as your life changes, your needs often change as well. The policies that you took out when you were young, single and starting your career may not still cover your needs after you get married, buy a house, have children and start your dream job. As your life changes, it’s a good idea to review your policies.

One of the biggest changes that people often overlook throughout the years is updating the beneficiaries on their life insurance policies. When people are single, they often choose a parent or sibling as their beneficiary. It’s good to change your beneficiaries when you get married, get divorced or if your beneficiary passes away.

It’s also important to alert your insurance agent of contact information changes. If you move to a new home, city or state and don’t update your address you might miss important updates from your insurance company. I recently attempted to contact a client whose term life policy was coming to an end. The phone numbers we had on file were all unavailable, the email address was undeliverable and the letter I mailed to the address came back undeliverable.

The other thing to keep in mind is whether your Disability Policy is keeping up with your income. When you have a significant increase in income, it’s important to review your benefits to make sure you’re covered in the event of a serious injury or illness. If you only have enough disability insurance to cover half of your income, would you still be able to keep up with your bills and expenses if you’re not able to work for a long period of time?

Most people think that the only reason an insurance agent wants to talk to them is to sell them something, so they avoid scheduling a policy review. A good insurance agent will review with you where you are in your life and what your current needs are. When you’re younger, you may need to add coverage as you build your family and career. Meanwhile, you may need to reduce your insurance coverage as you move into retirement or change from term policies to permanent policies. As you approach retirement, it’s also a good time to start researching Medicare, long-term care and wealth transfer ideas. That’s what our Income Defense team at WisMed Assure is here to help you out with.

You may not feel that you need an insurance review every year, but don’t forget to review your policies when you have a significant change in your life.

Reach out to Lisa Koerner or the WisMed Assure team at insurance@wismedassure.org, complete this quick online form or call 608.442.3810 for help with your insurance needs.

Log in to the new IPFCF portal to ensure compliance

May 22, 2023May 22, 2023

By The WisMed Assure Service Team

The Injured Patients and Families Compensation Fund (IPFCF) has implemented a new policy and administration system. The new system allows participants to review correspondence from IPFCF and pay their bill online.

Currently all carriers have access to file certificates of insurance on behalf of their insureds. Participants will be onboarded in phases and should check the IPFCF website and watch for an email regarding the timeline for getting access to the new system.

The new provider portal can be accessed at ipfcfsecure.oci.wi.gov. The IPFCF encourages physicians to log in and provide their personal email address. Click here for IPFCF provider portal instructions. For assistance logging into the new system or other questions, please contact the IPFCF at 608.360.8001 or via email at OCIIPFCF@wisconsin.gov.

Group disability insurance can coordinate with individual policies

May 22, 2023May 22, 2023

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

Planning for the unexpected is the only way to protect yourself, your family, your business and your finances. Unfortunately, the death of a loved one or becoming disabled are often unexpected. If you no longer had an income, how would you and your family fare?

In 2023, the social security disability income payment is $914 monthly for individuals and $1,371 monthly for couples. Be aware that these benefits have a five month waiting period and processing times can be slow! Could your family manage for six months without income, or after the six months, would $1,371 even be enough? How long can you and your family live at these low income rates?

Many physicians are good at making sure to buy an individual disability policy before finishing residency. This is a fantastic time to get a $5,000 disability benefit because you’re the youngest and most likely the healthiest you may ever be. But, when your income surges to more than $10,000 a month you would still be missing more than 50% of your standard income if you became disabled. Group policies can coordinate and offer additional reassurance that your income is protected. Plus, there are ways to make these disability income dollars tax free!

We have a variety of products exclusive to WisMed Assure that other agents don’t know about. Plus, we have experience protecting physicians. You would be surprised how often I find policies sold to physician groups that don’t protect you as a specialist or insure you for your exact physician role.

Please contact me at chris.noffke@wismedassure.org or call 608.442.3734 if you would like to learn more.

Spring 2023 Issue

May 19, 2023May 23, 2023

Why purchase individual disability protection during residency

By Tom Strangstalien, Insurance Advisor

Group disability insurance can coordinate with individual policies

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

What’s in a financial plan?

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

A financial plan is like a roadmap that helps you navigate through the twists and turns of life, whether you’re saving up for a new car or preparing for retirement. Think of it as your secret weapon to achieving your financial goals and living your best life.

WisMed Assure can assist you with your Medicare decisions

By Mary Krueger, Medicare Specialist

Many Medicare eligible participants are familiar with Medicare, but the process is confusing to them so we’re here to assist you with those issues. Here are the answers to some common questions.

Log in to the new IPFCF portal to ensure compliance

By The WisMed Assure Service Team

WisMed Assure can assist you with your Medicare decisions

May 19, 2023May 22, 2023

By Mary Krueger, Medicare Specialist

Many Medicare eligible participants are familiar with Medicare, but the process is confusing to them so we’re here to assist you with those issues. Here are the answers to some common questions.

Do I need to sign up for both Part A and B or just Part A?

Whether you choose Part A, B or both depends on the plan you’re on, the benefits you’re looking for and if you have any spend down accounts that can be used. Checking all your options will save you money and find the coverage that suits your needs.

Is it really necessary to get a prescription drug program or can I skip it because I don’t use any prescriptions?

Great question! Even if you do not use any prescriptions, you are required to obtain credible coverage for prescription coverage. Without it, you will acquire a lifetime penalty.

I am already on a Medicare program. Is there any help you can give me?

Yes! We compare your coverages and costs. Perhaps you’ve moved and your new address has a favorable discount or you have increased needs for prescriptions; these issues and others are addressed either during your open enrollment period each fall or at your renewal. We do the shopping for you!

Click here to learn about income related monthly adjustment amount (IRMAA).

For help with your Medicare questions, contact Mary Krueger at 715.760.1350 or mary.krueger@wismedassure.org.

Why purchase individual disability protection during residency

May 19, 2023May 23, 2023

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 that you have disability protection. But why do this as a resident or fellow, before the dramatic income increase of becoming an attending physician? Can you wait, get on your employer’s group plan if applicable and purchase supplemental personal disability insurance when you can better afford it? There are several reasons why this may not be the best choice as you build your overall financial plan.

During your medical residency or fellowship, you are entitled to a base amount of coverage without being required to provide proof of financial qualification. Additionally, WisMed Assure works with several insurers that provide discounts to many of the residency programs. Furthermore, Wisconsin Medical Society Members are eligible for even more discounts. Throughout your career, these savings can add up to a monumental amount of money.

Disability insurance protection increases in cost as we age – it will be more expensive every year. By getting a policy early in your career, you lock in the price while it’s the most affordable. Additionally, you can purchase a future increase option at this time, allowing you to increase your protection as your future income increases, without the imposition of any more medical underwriting.

Group disability insurance coverage is a wonderful benefit, and I almost always advise physicians to enroll for the maximum group benefits that they’re eligible for, however it often has limitations. It may be capped at an amount that is insufficient to replace your total income if disabled. Portability is also a concern – if you change employers or career paths, the coverage will be lost. Almost always, group coverage contains offsets where any benefits attained from other sources will decrease the benefits paid out by group coverage. A solid personal disability policy, specially designed for physicians and medical professionals, addresses these inherent risks.

Where should you obtain this vitally important coverage at the most affordable price? Only purchase personal disability insurance coverage through an independent agent who can offer plans from multiple companies. Never allow yourself to be sold a policy by a representative who offers only one plan, and thereby has an innate conflict of interest. The plan should be designed for you, not just a standard policy.

WisMed Assure exists for your benefit and offers plans from the big five insurance companies, with plans specifically designed for physicians. Reach out to us and let us design a plan that fits your needs. James Dahle, MD, of The White Coat Investor states, “Early in residency, buy as large of a high-quality, specialty-specific, own occupation, individual disability insurance policy as an agent is willing to sell you.” Take care of this urgent financial chore today.

Reach out to me and my team at WisMed Assure at insurance@wismedassure.org, complete this quick online form or call 608.442.3810.

What’s in a financial plan?

May 19, 2023May 23, 2023

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

Now, let’s break it down into the three scenarios we all share: a long healthy life, getting sick along the way or passing away early. We need to be prepared for all of them, and that’s where financial planning comes in handy.

Cash Flow

You might call it a budget, but we like to call it the “4 Fs.” It’s like a secret formula to financial success! You just need to know your:

Fixed expenses (the boring stuff like housing and utilities)
Future expenses (like saving for retirement or your next vacation)
“F”ilanthropy expenses (how much you want to give back to your community)
Fun expenses (the things that make life worth living!)

Once you have these figures down, you can put your cash flow to work and watch your bank account grow.

Eliminating Debt

We all know it’s easy to fall into the trap of overspending. But a good financial plan will help you avoid that and pay off any debt you already have quickly.

Insurance

We might not like to think about it, but getting sick or passing away early is a possibility for all of us. That’s why having the right insurance and right amount is crucial. Health insurance, disability insurance and life insurance are all important components of a good financial plan.

Investing

A well-diversified portfolio with the right asset allocation and asset selection can help you achieve your financial goals. And don’t forget about asset location, putting the right investments in the right account, which can make a big difference in your after-tax returns. Bonus: check out the 7 proven ways to improve performance.

Retirement

Retirement is often the biggest topic that financial planning covers. How much do you need to save for retirement? When should you start withdrawing your money? Which account should you use first? And when should you start taking Social Security? These are all important questions that a good financial plan can help answer.

College

If you have children, college planning is often important. Saving for college is just the beginning – picking the right school that offers grants and scholarships can help cover the costs.

Tax

Taxes can be a huge expense for most people, which is why tax planning is a crucial part of a financial plan. By creating a strategy to manage your taxes, you can keep more money in your pocket.

Estate Plan

Finally, estate planning is something everyone should consider. Who will take care of your finances and health care if you become incapacitated? Who will take care of your children if something happens to you? A good financial plan should include a will, health care and financial power of attorney documents, beneficiary designations and possibly a trust.

Phew! That’s a lot to consider, but don’t worry – you don’t have to figure it all out on your own. A financial planner can help guide you through the process and create a personalized plan to help you achieve your financial goals. Are you ready to take control of your finances and start living the life you deserve?

For personalized help eliminating debt, investing smart and securing retirement, please contact Mark Ziety, CFP®, AIF® 608.442.3750.

Mark Ziety, CFP®, AIF®

WisMed Financial, Inc. part of the Wisconsin Medical Society

Small business claims that can be surprisingly expensive

February 20, 2023February 27, 2023

By Society Insurance Human Resources, reposted with permission from Society Insurance

While running a small business, there’s a decent chance that throughout its course you’ll have to file some sort of insurance claim (often unexpectedly). Whether due to fire, theft, on-site injury or other incident, some experts estimate that 75% of small businesses faced an insurance-worthy incident just last year. Combine that with the fact that around 40% of small businesses are uninsured, and the bigger picture of how disaster affects the bottom line becomes much clearer. But it doesn’t have to completely end your operations. Arming yourself with knowledge and a comprehensive business insurance policy are your first lines of defense against disaster.

Here we’ll go over common types of small business insurance claims, how they affect businesses, and what you can do to prevent them. After all, being proactive is smarter than being reactive.

Fire Insurance Claims

Fires are a common and costly insurance claim, especially in the restaurant industry. According to the National Fire Protection Association, around 8,240 fires occur at restaurants per year which, on average, result in two deaths, 115 injuries, and over $245 million in property damages. Most restaurant fires occur due to faulty equipment in the kitchen, which is why Society Insurance continues to highlight the importance of proper maintenance through cleaning and awareness of hazardous materials.

Here are some tips to mitigate your risk of fires:

For restaurants: ensure routine maintenance and cleaning of grease traps and ducts is completed
Conduct inspections that uncover faulty outlets, frayed wires, and other common electrical hazards
Ensure all fire extinguishers are up-to-code and are utilized properly
Install a sprinkler system that will protect you in the event of a fire

Injuries

Injuries in the workplace, whether affecting customers or employees, is another common small business insurance claim. Slips and falls in particular are extremely common, making up about one third of all workplace injuries and accounting for the majority of worker’s compensation claims. In the experience of Society Insurance, slips and falls are both the most common insurance claims as well as the most costly.

The Occupational Health & Safety Administration (OSHA) estimates that slips, trips and falls cause around 700 fatalities per year in the U.S. Meanwhile, the National Safety Council finds that one workplace injury happens every 7 seconds.

It’s no secret that accidents happen, but the vast majority of them are preventable by taking the proper precautionary measures. Here are some measures you can take today:

Stay on top of housekeeping
Ensure that equipment is maintained properly and in a timely manner
Keep floors clean and with proper signage when wet
For restaurants: train employees on proper cutting utensil/equipment techniques
Use the proper ladder and use it correctly

Theft

Theft and burglary are common small business insurance claims. Business owners big and small are acutely aware that some people will try to take advantage of them, whether by employee theft, cybercrimes or your standard shoplifter.

But no matter the source, losses due to theft can have a serious impact on the bottom line of small businesses. While you’re never 100% secure, keeping quality physical and cyber security best practices in place, hiring trustworthy employees, and implementing secure opening and closing routines will minimize your risk of theft and burglary.

Water Damage

No matter what geographic climate your business is in, it is always susceptible to water damage because it can occur in a variety of circumstances, even ones that are out of your control. Water damage will almost certainly put a halt to business operations, take time and money to fix, and if you ignore the problem or cut corners, you might wind up with structural damage or mold.

Here are some helpful tips to stay proactive and mitigate your risk of having water damage:

Conduct routine equipment inspections on appliances that have water lines
Ensure all employees know where the water main is so they can turn it off in the event of a burst pipe
Invest in water detection devices that sound an alarm when an abundance of moisture is present
Insulate pipes and disconnect outdoor hoses during winter months
Maintain the rooftop
Clean gutters at least twice per year

Our Speed & Skill Saves You Time & Money

In the event of a disaster that halts your business operations, it’s of utmost importance for you to have small business insurance to protect your assets. Our dedicated claims specialists can quickly assist you in the claims process. Whether it’s sending a claims professional to investigate an accident, locating the nearest repair shop or using one of our many cost containment programs, Society helps take care of the details so you can get back to business.

Please reach out to the WisMed Assure team at insurance@wismedassure.org, complete this online form or call 608.442.3810 to explore business owners’ and other insurance options.

Reposted with permission from Society Insurance