SimCo Benefit Advisors

GROUP DENTAL BENEFITS

2009-09-18T09:12:00.000-04:00

Selecting the right dental plan can be a challenge for employers. The question for employers is: “How do I provide high quality dental program at premiums that are affordable”.

We work with the leading insurance carriers such as Guardian life to provide our clients with dental products that may be purchased on an employee paid, employer paid, or hybrid basis in which costs are shared between the employer and employee. Our portfolio of solutions includes:

Preferred Provider Organizations
Dental Maintenance Organizations
Buy up plans with a Base and Buy up offering
Our approach is simple: Tailor programs that offer freedom of choice, benefit flexibility, affordability and are easy to administer. Our goal: Introduce programs that successfully:

Provide employees and their families with smile protection against the costs associated with dental care.
Incorporates plan features that promotes in network utilization which lowers overall program costs.
Access to a network of participating dentists who accept payment as “payment in full” less any applicable co-payments and/or deductions.

We have found Guardian Life to be is committed to providing the highest level of service and will work with us to provide the necessary resources and support, which includes employee communications and education, to ensure a smooth and successful introduction of these programs.

I am looking for stats as to what the average business provides for Health care benefits to their employees. (what portion the business pays etc..)

2009-09-18T09:06:00.000-04:00

Based on my experiences, both here at SimCo, in consultative small business tax, and payroll sales management over for the last ten years, where I have worked with many: owners, CEOs, CFOs, presidents and HR directors; I would have to say employee benefit packages are dictated by a company’s corporate culture, and the ownership’s philosophies. They are varied and unique to each client. Profitability, and the talent a company looks to attract and retain has a large impact on the benefit packages a company offers to their employees. To that point, many larger clients (100+ EEs) will have multiple benefit packages, all different for the ownership, upper management, and rank & file employees; thus classing their employees not just on major medical insurance, but also on their entire benefit packages. To answer your question regarding range, in reality the range can be vast, from what the minimum requirements are, enforced by the carriers’ themselves, 50% of a single premium, up to 100% employer paid.

The majority of our client’s have the following benefit packages in some shape or form:*Please Note: ER stands for employer and EE is for employee -
· Group major medical health insurance (ER contributions: 50% of a single up to 100% all four tiers paid)
· Group dental (ER contributes a flat dollar amount or % from 50% to 100%)
· Group – short term disability (STD) - (more blue collar clients)
· Group – long term disability (LTD) - (more white collar clients)
· Group – term life (cost effective as an employer group product benefit)
· Group – Accidental Death & Dismemberment (AD&D) – (either as a separate policy or rolled into the employer contributed group voluntary supplemental benefits)
· Group – voluntary supplemental accident & critical illness care (some with AD&D, others not)
· Long Term Care (this product is becoming the most popular future wealth protection tool)
· Section 125 Plans – Premium only plans (POP), Flexible Spending Accounts, Health Savings Accounts, and Health Reimbursement Agreements
· Employee Wellness Services – either onsite wellness programs or reimbursements for gym membership & other healthy living activities.
· Retirement planning - 401(k) most clients have) & Traditional IRA (new companies).
· Continuing post high school education support, either university or technical training, depending on the EE’s role. (reimbursements are grade dependent, C+ or B- typically).
· NYS statutory Disability (required by state law, of course)
· NYS statutory Workers’ Compensation Insurance (required by state law)
· Privately held companies with stock & publically traded companies with stock also have stock option programs where the company will give the employee stock options based off many different criteria (years of service, meeting sales goals, etc., there are matches, and the option to purchase stock at a preferred strike price point for eligible employees.
· From an ownership perspective we see many of our clients purchasing “business continuity insurance” and “buy-sell agreements” for the benefit of the ownership, founders, partners and their families.
· Lastly, on the other end of the spectrum of course, there are many large publically traded organizations, such as Google, IBM, Microsoft, etc that offer employee benefits which we’d all love to have. They are known for offering onsite wellness, gyms to work out in, free cafeterias with healthy breakfast s& lunch choices, stress relief services, corporate discount programs, on campus sports leagues, onsite nurses, and referral services to help find everything from a new home to a babysitter.

Interesting read about the company’s who increased benes to retain their EE’s during tough economic times. One of them is located here in Rochester.
10 best companies with benefits
http://news.moneycentral.msn.com/ticker/article.aspx?Feed=BW&Date=20090818&ID=10281892&Symbol=PFG

2009-08-13T09:37:00.000-04:00

Can a health plan deny benefits for injuries sustained in high-risk sports?Can a health plan deny benefits for injuries sustained in high-risk sports?
Issue: Your group health plan provides benefits for head injuries generally. The plan also has a general exclusion for any injury sustained while participating in any of a number of recreational activities, including bungee jumping. One of your employees sustained a head injury while bungee jumping. May the plan deny benefits for the employee's head injury?
Answer: Yes, to the extent not prohibited by state law, plan provisions that deny benefits based on the source of an injury are permitted and, as such, benefits for the employee's head injury may be denied.
A plan may not deny eligibility to individuals who engage in high-risk sports, such as bungee jumping, sky diving, horseback riding, and skiing. However, a plan may exclude coverage relating to injuries arising out of such activities under HIPAA's nondiscrimination regulations.
Note that source-of-injury clauses that deny benefits provided for treatment of injuries arising from acts of domestic violence or a medical condition would violate the nondiscrimination rules. Thus, for example, a plan provision that excludes coverage for self-inflicted injuries may violate HIPAA's rules if the injuries are the result of a medical condition (for example, depression). This rule applies in the case of an injury resulting from a medical condition, even if the condition is not diagnosed before the injury.

2009-05-08T07:33:00.001-04:00

How important is wellness... ?

2009-04-29T06:58:00.003-04:00

Why do payroll companies have such a difficult time with Employee Benefits? They are totally diffrent service models???

2009-04-29T05:51:00.002-04:00

SimCo is moving forward with Total Benefit Solutions and Total Benefit Administration. This will help companies use benefits as a tool to become more productive.

HDHP Plans work

2009-04-04T12:02:00.004-04:00

Just got off the phone with a client that saved $17,000 in the first month of using our new solution... How awesome is that and the employees are very happy.

2008-09-13T19:49:00.000-04:00

Small Firms More Likely To Offer 100% Employer-Paid Health Care Coverage
From Spencer's Benefits Reports: In 2005, 23.4% of employees in firms offering health insurance had access to at least one plan where no employee contribution for the health insurance premium was required for individual coverage, according to a new report from the Agency for Healthcare Research and Quality (AHRQ). In the statistical brief, the AHRQ presents estimates of offer rates and enrollment in employer-sponsored health insurance plans requiring no employee contribution in the ten most populous states in 2005. “The availability of such plans varies considerably by state and firm size, among other factors,” the AHRQ noted. The brief also reviewed state variations from the national average.
The great majority (86.9%) of the 112.2 million private sector employees in the United States in 2005 worked at firms that offered employer-sponsored health insurance, the AHRQ said. Among the ten most populous states, California had the highest percentage (37.1%) of workers whose employer offered at least one health care plan for which an employee premium was not required for individual coverage, and the largest proportion of employees (36.1%) with individual coverage who were covered by such plans. Florida and Ohio had the lowest proportion of such covered workers (18% and 16.7%, respectively).
Workers at small firms that offered group health insurance were most likely (49.4%) to have available premium-free individual coverage in 2005. Furthermore, such employees were much more likely than those in large firms to be enrolled in a plan that required no premium contribution for individual coverage. More than half of individuals enrolled in an employee-only plan in small firms had no required employee premium contribution; this also was true for more than one-third of those with family coverage in small firms. Workers for small firms in New York who were enrolled in employer-sponsored family coverage were most likely (55.1%) to have such coverage premium-free.
Overall, 11.9% of workers in firms that offered health insurance were offered at least one family coverage plan that required no employee contribution. In California, Michigan, New Jersey, and New York, a higher than average percentage of workers in small firms were offered health insurance and had access to at least one plan with no required employee contribution for family coverage; while in Florida the same percentage of workers was lower than the national average.
Among large employers, the national average for coverage in premium-free employee-only plans was 14.4%; the national average for family coverage was 9.1%. California (26.9%) New York (14.6%) and Michigan (15.5%) had higher than average individual rates. California (15.5%), Michigan (13.0%), New York (10.0%), and Pennsylvania (12.4%) had higher than average family rates.
State Differences in Offer Rates and Enrollment in Employer-Sponsored Health Insurance Plans that Required No Employee Contribution to the Premium Cost, 2005, Statistical Brief #213, Medical Expenditure Panel Survey (MEPS), issued in July 2008, is available at http://www.meps.ahrq.gov.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.

Perferred Care EPO's

2008-09-06T10:37:00.002-04:00

Preferred Care has taken off the shelf the new very inexpensive EPO packages for the community rated products. This leads one to believe that they were underpriced and could have a heafty increase in 09.
Thoughts....

Perferred Care EPO's

2008-09-06T10:37:00.001-04:00

SimCo Services recognized in the Democat and Chronicle

2008-08-07T09:41:00.000-04:00

SimCo Services
2829 W. Henrietta Rd.
Rochester, NY 14623

SimCo Services was recently recognized in Rochester's Democrat and Chronicle for the new sustainable IT platform that it has created for local businesses. The article described one of SimCo's new "Green" solutions SimCo Green Tech (GT). This next generation solution is a Desktop Virtualization (DV) Solution for businesses that are serious about getting the most out of their infrastructure while reducing cost in the form of e-waste, energy, and hardware! Check out the article online at the following address:

http://www.democratandchronicle.com/apps/pbcs.dll/article?AID=/20080731/ROCEARTH02/80731028/-1/ROCEARTH&GID=IKEyiKGgur20dS+zP5wi8bwxBcCZb86ybKTO3kYnT6A%3D

-The SimCo Team

SimCo Services - The 6th Annual Metlife Study of Employee Benefits Trends

2008-08-04T20:15:00.000-04:00

SimCo Services

2829 W. Henrietta

Rochester, NY 14623

http://www.simcoservices.com/

SimCo Services has always put customer service and education as integral parts of our customer relations process. In fact, at the core of our Group Benefits firm is the belief that empowering business owners to make good choices about their benefit structure will inevitably promote their employees mental, physical, and financial well being. Moreover our philosophy is that this well being will then translate into increased productivity and loyalty.

Recently, Metlife published their 6th Annual Study of Employee Benefits Trends affirming these core beliefs of SimCo Benefits and also the trends seen and experienced by our company in the last year. In the study researchers discussed that:

1.) Employees demand for personal financial and benefits advisors has dramatically increased in the past year and is at a 4 year high.

This increase in demand is attributed to the new era of personal responsibility that has begun in America.

2.) The second leading indicator of employee “loyalty” was Benefits

Companies that support their employees through benefits choices are much better positioned to keep talented workers

3.) The study goes on to explain that 73% of employers polled anticipate increasing their spending on benefits over the next 5 years.

This anticipate is attributed to the aging baby boomers

Each of the pieces discussed in the Metlife study help to paint a picture of a changing market place where knowledge is overwhelmingly important. At SimCo Services our focus is and has always been on empowering our clients through the dissemination of credible knowledge and advice. We believe firmly in the mantra that "knowledge is power" and for this reason we stand by our clients and their employees through these changing times.

If you would like more information about how we at SimCo Services can help to provide information to your employees about benefits or how we can help to make your company's benefits offering stronger please feel free to e-mail us at: info@simcoservices.com or call us at: (585) 750-3246 Ext: 102

The SimCo Team

Health Care Premiums Expected to Increase Again.

2008-07-31T22:24:00.000-04:00

SimCo Services
2829 W. Henrietta Rd.
Rochester, NY 14623

Health care premiums are anticipated to rise once again by 8% according to the latest article published by Kiplinger.com.

http://www.kiplinger.com/businessresource/forecast/archive/health_care_premiums_to_rise_next_year_080711.html

"It marks the sixth straight year that the rise in premium hikes has slowed or held steady after peaking in 2003 at 14%." reported Kiplinger.

The slowing and leveling of the hikes is unfortunately temporary as the report anticipates rates well in the "double digits" after 2010.

They site each of the following as primary pressures:

1.) The stress created by the creation of new health care facilities

2.) The stress created by employers paying increasing amounts for "preventative messures"

3.) The demand of aging "Baby Boomers"

4.) The ever increasing portion of debt created by the uninsured and the correlation to business owners.

-The SimCo Team

SimCo Services' New Website is LIVE!

2008-07-22T13:39:00.000-04:00

SimCo Services
2829 W. Henrietta Rd.
Rochester, NY 14623
(585) 750-3246
www.simcoservices.com

SimCo Services' "New" website is now live. Check it out at www.simcoservices.com!

Enjoy

-The SimCo Team

Harvard Business School affirms SimCo Service's Philosophy of Company Benefit Structures

2008-07-21T18:29:00.000-04:00

SimCo Services
2829 W. Henrietta Rd.
Rochester, NY 14623

SimCo Services: Harvard Business School Professor Michael E. Porter in a recent Harvard Working Knowledge piece affirmed the philosophy of SimCo Services. In the publication Dr. Porter discusses his findings concerning how Small and Medium businesses manage health costs. Much like SimCo Services' philosophy Dr. Porter explains companies that manage cost by reducing benefits "bear the cost of poor health in the form of sick days, absenteeism, reduced productivity at work, and early retirements of skilled contributors." Unfortunately, he explains there is little control that these companies have over the rapid rate at which health premium changes, but that there are some basic steps that a company can take to lessen this burden.

He explains;

"First, the best way truly to reduce health care cost is to improve its quality—better diagnoses, more timely treatment, less invasive methods, getting the right treatment to the right patient, fewer complications, and so on.

Second, employers need to directly engage in improving the structure of health care delivery, and thus its quality.

Third, employers need to drive outcome measurement throughout the system. Business leaders know that what is measured will improve.

Fourth, employers must accelerate change in reimbursement to link financial success to clinical success."

At SimCo Services we have been recommending what is right for our clients since our inception over 4 years ago. The points made by Dr. Porter speak to our message and speak to the change that we are trying to create. The future of America's work force is only as secure as the individuals who are able and confident to make informed choices about how to correctly structure and provide benefits. We are here to make those choices much easier!

-The SimCo Team

Unshackle Upstate

2008-06-16T22:57:00.000-04:00

SimCo Services
2829 W. Henrietta Rd.
Rochester, NY 14623
(585) 750-3246
http://www.simcoservices.com/

SimCo Services announced that it will be standing in solidarity with the Unshackle Upstate movement.

To find out more about the movement please go to Unshackle Upstate's website at: http://www.unshackleupstate.com/

WHY DO I “NEED” A WEBSITE?

2008-05-27T21:16:00.000-04:00

SimCo Services

2829 W. Henrietta Rd.
Rochester, NY 14623

SimCo Marketing: Websites are overly important to the future of any business in the current business climate. The following are some basic reasons why SimCo Marketing believes that all Small and Medium businesses need a website.

NOTE: There are many other justifications for having a website; however, the following are a collection of the most notables. If you would like further information about creating your online image please give us a call at: (585) 750-3246 #2
or simply e-mail us at: info@simcomarketing.com.

1. Promotes Company Identity
2. Most Effective Digital Communication Tool
3. Ability to Sell Goods
4. Appeal to a Larger Market
(i.e. The World through Google, Yahoo, MSN, Etc.)
5. Streamlines Customer Communication Processes

Simco Marketing's New Service Offering

2008-05-07T09:52:00.000-04:00

Simco Marketing

2829 W. Henrietta Rd.
Rochester, NY 14523

Simco Marketing: Announces two new core focuses..

Strategic Marketing

Strategic Marketing is the art of satisfying customer needs with specifically tailored products and services. SimcoMarketing provides a comprehensive examination of all major components of a business’marketing strategy. By using industry standard analyses and progressive strategies SM can enhance a company’s profitability and marketplace position.

Media 3.0

Media 3.0 is the use of integrated IT systems, digital media, and print media to effectively execute a company’s marketing strategy. It is the channel(s) by which a company communicates and promotes its FIT in a specific market.

The Simco Marketing Team

Small Business Discussion

2008-04-29T21:07:00.000-04:00

SimCo Services
2829 W. Henrietta Rd.
Rochester, NY 14623

SimCo Services: What is the most valuable asset a small business has over a large one? Leave us your opinion...

The SimCo Services Team

Why Small Business

2008-04-29T20:32:00.000-04:00

SimCo Services

2829 W. Henrietta Rd.
Rochester, NY 14623

SimCo Services: Small Business is the foundation of this great country. Leave us your fondest memories of the american business climate.

The SimCo Services Team

Small Business News

2008-04-29T20:31:00.001-04:00

Simco Services
2829 W. Henrietta Rd.
Rochester, NY 14623

Simco Services: Small business is the soul of this economy.. Feel free to leave your best business stories here!

All the Best,

Simco Services

Is a Recession Really Coming? And, if so, What Does This Mean to my Business?

2008-03-10T12:51:00.000-04:00

SimCo Services
2829 W. Henrietta Rd.
Rochester, NY 14623

SimCo Marketing : So we've all heard the reports and seen the figures that point to a "possible" recession, but what does this truly mean to one's business? Should we cut spending? If so, where? How do we keep our pipeline filled with work? These are all frequent questions that naturally occur. It is healthy to have these concerns, but making the best of them is also important.

For years Marketing professionals across the world have begged employers to continue spending Marketing dollars through recessive economic times. It has not been until recent years, however, that the field of Marketing has recognized the power and opportunity in so doing. In fact, in a recent Harvard Business School Publication they noted that there are 8 paramount factors to being successful during a recession.

1.) Research the customer
2.) Focus on family values
3.) Maintain marketing spending
4.) Adjust product portfolios
5.) Support distributors
6.) Adjust pricing tactics
7.) Stress market share
8.) Emphasize core values

For more information on the above topics check-out the full article on-line @ http://www.hbswk.hbs.edu/item/5878.html

The SimCo Services Team

Marketing Food for Thought in 08'

2008-03-01T18:56:00.000-05:00

SimCo Services

2829 W. Henrietta Rd.

Rochester, NY 14623

SimCo Marketing : Why is marketing to your small or medium business' new customer base so hard? Don't feel alone in your concern. "Understanding their customers better" was the 1 New Years Resolution of 82 marketing executives surveyed by Next Level Strategic Marketing Group. According to 607 marketers (VP or higher) recently surveyed by Anderson Analytics, getting back to marketing basics will be of greatest importance in 2008. In fact, 60% rated it "very important." Marketing basics would include: customer satisfaction, customer retention, segmentation, brand loyalty, and ROI. What are the other 9 most pertinent issues in 08' you ask?.

2. SEO – Search Engine Optimization
3. Personalization
4. Green Marketing
5. Multicultural/ethnic issues
6. Breakdown of Old Media
7. Innovative Branding
8. Viral/Word of Mouth (WOM)
9. New Media
10. Time Starvation

The SimCo Services Team

Simco Service Blog #1

2008-02-16T03:10:00.000-05:00

SimCo Services
2829 W. Henrietta Rd.
Rochester, NY 14623

SimCo Service's new website is live... Check it out and sign up for our company newsletter.

The SimCo Services Team