Join us for a free webinar on Wednesday, October 30 from 1:00pm-1:30pm PDT, where we’ll review the upcoming 2020 Individual Health Insurance Open Enrollment period and cover topics such as important dates, preparation tips, industry updates, and more! Reserve your spot by registering today. Can’t make it to the webinar? Register anyway and we’ll send you a link to the video replay later that day.
Life insurance is often thought of as a one-time thing that should be taken care of and then forgotten about. This is not a wise way to view your life insurance goals. Individuals should review their life insurance policies and needs because your life changes, and when your life changes, your life insurance needs change as well. However, reviewing and updating your life insurance policies does not have to be a hassle. There are quick and easy ways to review your life insurance needs when any of the following take place.
If your life insurance policy is less than seven times your annual salary, you may want to consider updating your amount. According to the Wall Street Journal, a general rule of thumb is that your insurance policy should be equal to five to ten times your annual salary. Most people go for an average of seven. Keep in mind, however, that this is a general rule and may not take into consideration any special circumstances that your family has.
If your income has increased substantially since you established your policy, then you will want to reevaluate your insurance needs. An increase in income is usually associated with a change in standard of living. You want to make sure that in the event of your death, your family will be able to maintain their standard of living.
Family changes will definitely warrant a reevaluation of your insurance policy. The birth of a child or the event of getting married will have a huge impact on the future goals for your family. Other events that can have an impact on your insurance policy needs include getting a divorce, the death of a family member, or a child leaving home. In some cases, these changes may warrant a decrease of insurance policy coverage as your responsibilities to your family change over the years.
Change of Beneficiaries
As changes in our lives take place, we may decide to change the beneficiaries of our policies. Keeping beneficiaries updated to your current wishes is very important. When there are changes such as a divorce and beneficiaries are not updated legally, your family could wind up in a very confusing situation with your ex-spouse. Keep beneficiaries updated to align with your current situation and wishes for the future.
Changes in health could provoke you to reevaluate your insurance needs, especially in the event of a terminal illness. In most cases, people secure an insurance policy with the idea that it will be in the distant future when the policy will actually be needed. However, a health change could bring a distant future closer to the present. If you are concerned about the welfare of your family due to your health problems, you should update your policy to bring peace of mind both to yourself and to your family.
Retirement changes everything, and it is a great time to look over your financial plans to make sure you have accomplished what you intended when you started out. In most cases, once you reach retirement, your children have moved out of the home and are established in their own homes. So, your financial responsibilities to them will have changed and your insurance policy may need to change as well.
When life changes, your insurance policies will need to change as well. Life may feel like a whirlwind at times, but don’t let that stop you from re-evaluating your plans to make sure you are covered properly. Visit the WSBA Private Health Insurance Exchange today to learn more about available life insurance policies and to easily apply online.
According to Smithsonian, Gallup’s 2019 Global Emotions Report illustrated that “More than half of United States respondents—around 55 percent—reported feelings of high stress the day prior to being polled…while 45 percent said they felt worried ‘a lot of the day’”. With the global stress levels at approximately 35%, this left the United States in a four-way tie with Albania, Iran, and Sri Lanka for the fourth-most stressed country in the world.
And while a certain amount of stress is normal, chronic stress can cause more than just a few restless nights.
What stresses you out?
In November of 2017, the American Psychological Association released the findings of their annual Stress in America survey and found that roughly 61% of Americans feel stressed about their work lives. But some jobs can be more stressful than others.
It’s also worth noting that some of these types of jobs are known to attract specific personality traits. Occupations in the legal and medical field rank as some of the most stressful jobs in the country, which is something both the ABA and AMA are aware of.
In recent years, both associations have taken steps to improve access to mental health services for their members, and to destigmatize mental health conditions.
The Effects of Stress on Mental Health
According to Psychology Today, “Some researchers have suggested that exposure to a moderate level of stress that you can master, can actually make you stronger and better able to manage stress, just like a vaccine, which contains a tiny amount of the bug, can immunize you against getting the disease.”
While this approach may work for some, no two people are the same. Everyone has their own unique body chemistry and may respond to stress stimuli in different ways. In short, what stresses one person out could have little to no effect on someone else.
Knowing When to Get Help
Chronic stress can often lead to mental health issues such as depression and anxiety.
If you’re reluctant to seek professional treatment for these issues, there are several things you can try to help overcome the symptoms. One of those ways is by carefully examining your diet: cut down on sugar, limit highly processed foods, and add fruits, veggies, and whole grains to your daily intake. Exercise is another way to boost serotonin levels and keep stress levels down.
However, if you’ve been experiencing any lingering or worsening depression and anxiety symptoms for two weeks or more, it may be best to visit your doctor.
If left untreated, it’s possible for your symptoms to become so severe that you find yourself unable to live your life as normal. They can actually develop into a long-term disability — and prevent you from working.
Protecting Your Income
In many cases, mental health problems are not something that can be predicted. As is the case with most disabilities, there is only so much a person can do to protect themselves. One of the best ways to do this is to protect your income.
If you are experiencing mental health issues and are forced to take a leave of absence from work, the last thing you want to do is worry about money. Since most of your expenses will continue during a time of disability, it is vitally important that you have a plan that covers those commitments.
As a member of the Washington State Bar Association, you have access to unique member pricing on Long-Term Disability insurance. To learn more, receive an instant quote or to apply, please visit us at wsba.memberbenefits.com/long-term-disability/ and receive peace of mind today.
According to the nonprofit National Business Group on Health (NBGH) survey 2019 Large Employers’ Health Care Strategy and Plan Design, the cost of employer-based health insurance is poised to reach roughly $15,000 per employee this year, a 5 percent increase from 2018. While this is not unusual, it is forcing businesses to get more creative with the employer group health benefits offered to their employees. In fact, NBGH president and CEO Brian Marcotte even went so far as to say that “Health care cost increases continue to outpace workers’ earnings and increases in inflation, making this trend unaffordable and unsustainable over the long term.”
51 percent of the companies that participated in the aforementioned survey also indicated that they would be taking steps to add more virtual care solutions to their benefits portfolio to help combat rising health insurance costs.
Another cost-saving tactic more companies are shifting toward is level-funded group health plans.
Level-Funded Health Plans
Level-funded health plans are ERISA compliant, partially self-insured plans designed to offer employers more flexibility and potential for 15%-30% cost savings. These plans are available to groups with two or more employees, have a wide range of industry-leading insurance companies to select plans from, and a nationwide network of hospitals and physicians that employees will be able to choose from.
Key components of these plans:
When a group signs up for a level-funded health plan, their insurance carrier can estimate the number of claims it will receive based on the group size. As each employee’s premium is paid, that money goes into a claims account. If at the end of the year there is a surplus of money remaining in the claims account, the employer will receive that money back.
If your group encounters higher-than-expected claims and your claims account is depleted, your Stop-Loss Insurance will step in to protect your finances and cover any overrun. This is included in your fixed cost along with taxes, commission, and administrative costs for level-funded health plans.
A third-party administrator often handles the day-to-day functions of the program, allowing you to focus more on running daily operations.
Could a level-funded health plan be right for your firm?
What’s great about level-funding is that you simply pay your monthly premium and the insurance company does the rest. It walks, talks and feels exactly like a traditional health insurance plan.
If you’re wondering whether a level-funded health plan could be right for your business, our licensed Benefits Counselors are here to help. To learn more or to receive a quote, please visit https://wsba.memberbenefits.com/employer-group-solutions/.
A common question among parents is when they should begin teaching their children oral hygiene. Many dentists assert that parents can start laying the groundwork for good brushing habits before their child’s first tooth even breaks the surface.
According to the Centers for Disease Control (CDC), tooth decay is the most common chronic disease found in children and adolescents, and is four times more likely to affect teens between 14 and 17 than asthma.
But for many parents, getting their kids to brush their teeth is a battle not unlike getting them to eat their broccoli or go to bed on time, But it doesn’t need to be this way. There are many ways parents can set their children up for success when it comes to their oral health without needing to resort to bargaining or threats.
For newborns, it is common for parents to use gauze or another type of clean cloth to wipe down their gums down after feedings to discourage germs and bacteria from lingering and developing into problems down the line.
According to the American Academy of Pediatric Dentistry (AAPD), a child’s first trip to the dentist should coincide with the arrival of the first baby tooth, and should happen no later than their first birthday.
Early exposure to dentist visits and cleaning their mouths can help get your child used to these activities in the future. Starting good oral hygiene habits early can help show them that these activities are not out of the ordinary and are just part of the routine and nothing to be afraid of or anxious about.
Lead by Example
Whether it’s what you say or what you do, kids love to imitate adults. So, when it comes to oral hygiene, make sure you’re setting a good example. Try dancing, making funny faces, or even singing or humming a song while brushing. No matter what you do, just be sure that your child sees you enjoying brushing your teeth. This will teach them that brushing is a fun activity that they can look forward to.
Make It Fun
Toothbrush makers know that the more fun they can make brushing for kids, the more likely those kids will grow into adults with healthy brushing habits. That’s why so many toothbrushes now come in flashy colors – some with cartoon characters, some that play music, and others that light up.
And while you won’t be able to find any toothpaste to sing songs to your kids, you will find it available in a variety of colors, flavors, and some even with glitter or other special effects.
Having a cool toothbrush may be half the battle but using positive reinforcement techniques to encourage your toddler to keep brushing also helps. Sticker charts, a special snack, and even an extra ten minutes of play time are all great ideas.
Find What Works
No two children are the same and what works for one, may not work for another. Some children’s gums may be more sensitive than others which will force parents to opt for soft or silicone bristled toothbrushes. Ultimately, it is up to you, the parent, to figure out what works best for your child and hygiene structure.
For parents with children who struggle with developmental disabilities such as autism, the process for learning good oral health habits may prove even more challenging. And with roughly one out of every 40 children in America diagnosed with autism, there is a growing need for more dentists and dental practitioners to be both better equipped and knowledgeable when it comes to serving patients with developmental disabilities.
If your child falls into this group, and getting them to practice good oral hygiene proves too strenuous for both of you, a Board-certified Behavior Analyst (BCBA) may be able to help.
The Right Choice for Your Family
When was the last time your child made a trip to the dentist? With our Comprehensive PPO dental plan, your family will have the freedom to visit any licensed dentist in the country. You can save even more when you visit one of over 135,000 preferred dentists and 32,000 specialists nationwide. Make your family’s oral health a priority by visiting https://wsba.memberbenefits.com/dentalvision/ today.
The U.S. unemployment rate is now at its lowest levels since 1969. This strengthening of the American job market has given many workers the confidence to reassess their employment situations in a way that they may not have felt comfortable doing ten years ago.
Employers are realizing that it is becoming harder to attract top talent and keep them. Previous benefits packages such as PTO and 401(k) offerings don’t seem to be enough anymore. So many businesses are now tasked with developing new ways to find and retain good staff.
While a comfortable salary is nice, a growing number of workers are placing a higher value on voluntary benefits. According to the Organization for Economic Co-operation and Development (OECD), the United States ranks 7th in the world for Countries With the Worst Work-Life Balance. So the more companies do to make their employees’ lives easier outside of the workplace, the more appealing and valuable those jobs become.
These are some of the most sought-after benefits right now:
Identity Theft Protection
According to Javelin’s 2019 Identity Fraud Study, over 14.4 million people fell victim to identity fraud in 2018 and over 23 percent of victims were not reimbursed for personal expenses. As technology continues to evolve, protecting your identity has never been more important. With new reports of data hacks every month, it’s at the forefront of many minds. Offering identity-theft protection could give employees an invaluable benefit: peace of mind.
Student Loan Refinancing
At the start of 2019, over 44 million U.S. citizens owed more than $1.56 trillion in student loan debt – signaling the highest amount ever recorded. According to Forbes, “Student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans.” For the majority, this level of debt will continue to weigh them down for decades making this a crisis that impacts more than just recent college graduates.
This has led many businesses to begin offering student loan benefits to their employees in the form of refinancing options – or even help to pay down some of their debt (usually a set amount over a period of years). Some businesses who have implemented this approach have seen increased employee retention rates.
Providing your employees with the tools they need to maintain their overall physical health can benefit not only them but your business as well. As a result, many employers are choosing to invest in everything from gym memberships to telemedicine options for their employees.
While exercise is a great way to relieve stress and improve overall cognitive abilities such as learning and concentration, sometimes that isn’t enough to fight off common depression and anxiety symptoms.
Roughly 1 million workers are absent from their jobs every day because of stress. According to The American Institute of Stress, “Unanticipated absenteeism is estimated to cost American companies $602.00/worker/year and the price tag for large employers could approach $3.5 million annually.”
Improving the access and affordability of mental health services is something that could greatly benefit businesses and employees alike. Many telemedicine services, such as Teladoc, have ventured into the realm of mental health counseling. This gives employees an additional benefit while allowing them to access crucial mental and physical health services wherever and whenever they need.
Looking to refresh your voluntary benefits offerings to new and existing employees? Visit https://wsba.memberbenefits.com/ to learn about the voluntary ancillary products available to you as a valued member. Our licensed Benefits Counselors are standing by to help guide you to the best benefits for your business and budget. Contact us today!
When was the last time you thought about what would happen to your family if you suddenly couldn’t work? If you have to think about it, then chances are, it’s been a while.
The simple truth is that one out of every four workers will be diagnosed with a long-term disability before they reach the age of retirement. But despite this startling statistic, many still feel like long-term disability insurance is a coverage they can live without.
Myth #1: “I have enough protection through Workers’ Comp and Social Security.”
According to the Council for Disability Awareness, only approximately five percent of accidents or illnesses are workplace-related meaning that the other ninety-five percent will not be covered under workers’ comp.
When seeking to collect social security disability benefits, you may be in for a wait of anywhere from three to five months for an initial decision to be made regarding your case. If, like 66 percent of applicants, your application is denied, you have the option to appeal, but in 2017 the backlog of appeals cases hit over one million with an average processing time of over eighteen months, according to research conducted by Allsup.
Can your family really afford to wait for benefits when you need help?
Myth #2: “I’ll still have to fight for a payout in the event of a long-term disability diagnosis.”
We’ve all heard stories about people struggling to receive payout benefits from their insurance company. However, not all of these cases are related to long-term disability insurance and those that are, are very rare.
Upon enrolling, all of your benefits and circumstances surrounding a potential payout are laid out in front of you. If you aren’t going to receive the amount of coverage you are looking for, then it may be worth looking into other options.
Myth #3: “I can’t receive long-term disability insurance because I’m a government employee.”
If you are a government employee enrolled in a Federal Employees Retirement System (FERS) plan, you are still able to apply for long-term disability benefits. According to the Council for Disability Awareness, “While you can buy private supplemental long-term disability insurance in addition to having FERS benefits, you may not get as much coverage as you expected.”
Getting the coverage you can count on.
Ready to make sure your family’s financial future is secured in the event you are diagnosed with a long-term disability? To learn more about long-term disability insurance, please visit https://wsba.memberbenefits.com/long-term-disability/.
According to American author William Arthur Ward, “A warm smile is the universal language of kindness.” Smiling is something we do instinctively as infants and something we carry with us all throughout our lives. Unfortunately for some, their smiles may not prove to be as warm and welcoming as they would hope. Problems such as gum disease, yellowed teeth, and chronic bad breath can have a negative impact when meeting new people and could be a sign of a deeper issue due to the close link between oral and overall health.
Many people learn the importance of oral hygiene at a young age. Those who don’t may face a variety of oral health problems down the road, some being scarier than others. So, what are some of the most common dental diseases?
While some cases of bad breath can be the result of eating foods like onions, garlic, or hard-boiled eggs, other cases may prove to be more serious. Bad breath, otherwise referred to as, Halitosis, may be something that even a good solid brushing won’t be able to fix. Halitosis can be a symptom of larger problems such as gum disease, infection, dry mouth, or even other seemingly unrelated issues like gastric reflux, diabetes, liver or kidney disease. In some instances, Halitosis may even require a trip to your doctor.
According to the Mayo Clinic, there are over 3 million cases of gum disease each year. And while gum disease, otherwise known as Periodontitis, may be common, that doesn’t make it any less serious. In fact, those with gum disease have a higher chance of developing diabetes, osteoporosis, heart disease and other ailments. In order to lessen your chances of developing gum disease, it is advised to practice good oral hygiene and schedule regular cleanings with your dentist, who may decide whether more preventative action is needed.
While not exactly a disease, yellow teeth can be a sign of poor oral hygiene and can, in some cases, indicate other dental issues that may be lurking just beneath the surface. Visiting the dentist once every six months for a thorough cleaning can help prevent yellowing teeth due to diet or lifestyle choices. In some severe cases, veneers may be recommended.
A toothache should never be ignored. While some cases of a toothache may be related to minor inflammation, other cases could indicate the presence of gum disease, cavities, pulpitis, a broken tooth, or more. When confronted with a persistent toothache, the best course of action is to have a dentist find the underlying cause.
There are few substances within the human body that are stronger than our enamel. This is why everyone from our dentists to television commercials are constantly urging us to protect it — because once our enamel is gone, it cannot be brought back. The loss of enamel is referred to as tooth erosion. Soda, sugar, and some acidic foods can eat away at our enamel. In order to combat the chances of experiencing tooth erosion, brushing with a soft-bristled brush is suggested as well as reducing the number of acidic drinks consumed.
Taking Control of Your Oral Health
When was the last time you visited the dentist? Could you be at risk of developing one, or even all, of these potentially costly dental problems?
Members can secure dental and vision insurance coverage for the whole family. Visit https://wsba.memberbenefits.com/dentalvision/ to learn more about what our dental and vision insurance plans can do for you.
As group health insurance costs continue to increase, many employers are looking for new, creative ways to save money while still providing their employees with coverage.
Reference Based Pricing
Reference Based Pricing is a rapidly growing strategy that a number of employers are using to save money on group health insurance costs. This technique gives the employee the ability to choose any provider without the limitations and higher costs of a traditional provider network. By choosing to take advantage of this method, employers have the potential to save between 15 and 20 percent on group health insurance costs.
Association Health Plans
According to the U.S. Department of Labor (DOL), Association Health Plans are defined as “group health plans that employer groups and associations offer to provide health coverage for employees.”
In April of this year, the federal government will begin to allow small employer groups to form new associations based on industry and finally receive access to group health insurance plans typically only reserved for larger companies. While many association health plans already exist, the new legislation eliminates the geographic barriers previously in place.
According to the Congressional Budget Office, “four million Americans, including 400,000 who otherwise would lack insurance, will join an AHP by 2023.”
Direct Primary Care
Direct Primary Care (DPC) is an alternative payment model to third-party billing. With DPC, there is a flat monthly membership fee and nothing else. Employees have access to a physician of their choice and the physician remains accountable to only their patients. This option can also exist alongside a comprehensive major medical plan.
For groups of five or more, level-funded plans are becoming increasingly popular. These plans boast a nationwide network of hospitals and physicians and are offered by a number of reputable insurance carriers. Designed to offer more flexibility to employers, level-funded plans are ERISA complaint and partially self-insured with a savings potential of 10 to 15 percent. Many also offer return-of-premium potential.
Want to learn more about these strategies? Tune in to our free webinar on March 7th at 1 pm PST. Jason Cleary, a licensed Benefits Counselor with over 18 years of experience, will be sharing information on how to utilize these tactics and save on group health costs in 2019.
The next official ACA Open Enrollment period isn’t slated to begin until November 1, 2019. But depending on your circumstances, you may not have to wait that long to obtain coverage.
Qualifying Life Events and Special Enrollment Periods
Sometimes our circumstances change, and if they change due to specific events, you and your dependents may be able to secure health insurance through a Special Enrollment Period. When this occurs, it is called a Qualifying Life Event, otherwise referred to as a QLE.
There are several types of Qualifying Life Events that may grant you a Special Enrollment Period. Some of the most common examples include:
- Loss of health coverage
- Losing existing health coverage – including job-based, individual, and student plans
- Losing eligibility for Medicare, Medicaid, or CHIP
- Turning 26 and losing coverage through a parent’s plan
- Changes in household size
- Getting married or divorced
- Having a baby or adopting a child
- Death in the family
- Changes in residence
- Moving to a different ZIP code or county
- A student moving to or from the place they attend school
- A seasonal worker moving to or from the place they both live and work
- Moving to or from a shelter or other transitional housing
- Other qualifying events
- Changes in your income that affect the coverage you qualify for
- Gaining membership in a federally recognized tribe, or status as an Alaska Native Claims Settlement Act (ANCSA) Corporation shareholder
- Becoming a U.S. citizen
- Leaving incarceration (jail or prison)
- AmeriCorps members starting or ending their service
Know Your Options
Do you think you may qualify for a Special Enrollment period? Our Benefits Counselors are always on hand to help answer your questions and guide you in the direction that will make the most sense for your unique needs.