Posts Tagged ‘Benefits Administration’

« Older Entries

Starting with a 5K – Ending with a Triathlon, Part 4

Monday, May 23rd, 2011

We are now into part 4 of our blog on preparing for a Triathlon. Our last blog provided a training schedule for a half marathon, we hope this helped you start training. Instead of focusing on the training schedule for a full marathon we are going to give you some tips for training and running a full marathon. Hopefully these tips will inspire you to push yourself to a full marathon.

1. Shoes & Socks - Select the shoes–and the socks–you’ll wear in the marathon. The shoes should be relatively lightweight but provide good support, and the socks should be the type you wear in other races. If the shoes aren’t your regular training shoes, wear them on at least one 10-mile run at marathon pace. Make sure you are very comfortable in the shoes and socks and if you are not be sure to change them before the marathon and do another practice run.

2. Run a Half Marathon – Don’t just break into a full marathon, make sure you run a half before. Aim to run the half-marathon slightly faster than your marathon goal pace. If you can’t find a tune-up race, recruit friends to accompany you on a long run, with the last several miles faster than marathon pace.

3. Drink on the Run - Make sure you stay hydrated and remember that sports drinks do triple duty when compared with water by providing fluid, carbohydrates, and electrolytes, the most important being sodium. Find out how often your marathon will have aid stations, and practice drinking at that rate. If you don’t run with fluids, place bottles along your training route. It’s important to do this so you are prepared for drinking during the real race.

4. Pick the right outfit - Once you’ve picked your marathon outfit, make sure it doesn’t irritate your skin. It’s a good idea to do a practice run with your outfit on, including shirt, shorts, socks, etc… being comfortable will help your marathon performance.

5. Clock Work – If possible, run at the same time of day as the start of your marathon. This way, your body’s rhythms–including the all-important bathroom routine–will be in sync with marathon needs come race day. The more times you can do this, the better, but shoot for at least the last three days before the race.

Good luck running a full marathon and accomplishing your health and wellness goals.

Tags: , , , , , , , , , , ,
Posted in Training for a Full Marathon | No Comments »

BROKER, CARRIER, OR DOING IT YOURSELF?

Tuesday, March 1st, 2011

After a recent survey conducted by BayPoint Benefits in early February, it was very obvious that people are unaware of the difference between working with a Benefits Broker, working with a Carrier, or doing it yourself. Most of the confusion comes with the costs associated. Have you ever asked yourself, what is the least expensive way to do something? Most likely the answer is yes. People tend to gravitate to finding ways to cut costs and very often the natural thing to do is go directly to the person that is offering the services you are looking for, example would be Kaiser. However, this is not the case with benefits. By working with a Benefits Broker you are not only getting the extra personal touch and specialized services, but in some cases you are saving money.

So here is the breakdown to help you next time you are deciding how to implement employee benefits into your company.

1. The definition of a Carrier is as follows: the organizations that for a contractual fee underwrite the payment of losses or costs incurred by the policyholder within the conditions of the policy. For example this the type of company we know as Blue Shield, Kaiser, etc… Working directly with a carrier especially when you have a large amount of employees can be very confusing and you will not be getting the extra benefits a broker can offer and the specialized services.

2. The definition of a Broker is as follows: one that acts as an agent for others, as in negotiating contracts, purchases, or sales. In the case of a Health Benefits Broker you may think that you are spending more because you are getting more services, but this is not the case. You are getting the added benefits of working with a broker for the same amount of money. Some of these benefits may include, human resource services and specialized plans for your employees.

3. Doing it yourself: if you decide to implement health benefits into your organization by yourself be prepared for a lot of work. Although you may feel like you are spending less money, you are spending more because of the time it will take. For individual health benefits doing it yourself is okay, but when you are signing up an entire company it’s very important to use a Health Benefits Broker.

If you have any questions be sure to contact a Benefits Broker to help you understand the process.

Tags: , , , , , , , , , , , , , , , ,
Posted in Employee Benefits | No Comments »

“Yes, we still make things here in San Francisco” – SFMade & BayPoint Benefits

Tuesday, February 1st, 2011

“Yes, we still make things here in San Francisco,” as stated on the website of SFMade. We are excited to announce that recently BayPoint became a founding partner of SFMade. SFMade is headquartered in San Francisco and was established in 2010. They are a California 501(c)(3) non-profit organization.

SFMade’s mission is to build and support a vibrant manufacturing sector in San Francisco,  that sustains companies producing locally-made products, encourages entrepreneurship and innovation, and creates employment opportunities for a diverse local workforce.

SFMade is the only organization of its kind focused on building San Francisco’s economic base by developing the local manufacturing sector. SFMade engages directly with entrepreneurs and growing small companies, all of whom are headquartered in and manufacture within San Francisco, offering industry-specific education, networking opportunities, and connecting these companies to powerful local resources.

SFMade also offers educational workshops, factory tours, and programs in the following areas of interest:

In press release sent on January 3, 2011 Brian Hassan, Founder and Managing Director of BayPoint Benefits said,  “Working with SFMade seemed to be a natural fit.  Given our involvement in advising emerging clients and incubator facilities, we felt that our skills and resources would provide great benefit to the SFMade portfolio of clients.  They are an exceptional team with a brilliant vision.  We strongly believe in their mission of keeping jobs in San Francisco and will dedicate the resources and capital needed to assist them in achieving their goals.”

If you are interested in SFMade’s events click here. Another great resource is SFMade’s blog – http://www.sfmade.org/sfmade-blog/

BayPoint Benefit’s is excited to be working with SFMade.

Tags: , , , , , , , , , ,
Posted in Partnership | No Comments »

Online vs. Face-to-Face Enrollment – What Are The Professionals Saying?

Wednesday, January 26th, 2011

After reading a recent article written by editorial staff at Employee Benefit News titled, “Parity noted for online vs. face-to-face enrollment,” (link to article) it seemed necessary to get another expert opinion. Surveys and research has been done in order to understand the pros and cons of both of these enrollment methods. According to Employee Benefit News research suggests, “The value of cyberspace during open enrollment is at least on equal footing with face time, suggest two recent unpublished surveys of employees and carriers that sell voluntary benefit plans. Neither communication method appears to be proving itself superior.”

In a conversation on this topic with Brian Hassan, one of BayPoint Benefit’s founders he said, “I feel that both methods are important.  It truly depends on the demographic of the employee base.  For those companies that are more tech-savvy, there should be a greater emphasis on the efficient leveraging of technology.  On the other hand, those companies whose employees are less tech proficient may prefer the face-to-face.  A mix of approaches should be used for most companies.  Especially considering that most benefits decisions are made at home, technology should not be overlooked as an effective communication medium.”

It’s very important as an employee or an employer to understand the pros and cons to both methods. If you are having a difficult time deciding on which method to use, you should speak with your benefits consultant.

Tags: , , , , , , , , , , , , , ,
Posted in Enrollment, Human Resources | No Comments »

5 Healthcare Reform Myths & Truths

Tuesday, October 19th, 2010

We thought we would start off the week with some myths and truths regarding the Healthcare Reform. Sometimes it’s easier to see things in a myth/truth form in order to clearly understand the truth. Hope this helps you become more informed.

Myth:

1. This is a universal health care bill.

Truth:

1. The bill is neither universal health care nor universal health insurance: Per the CBO

- Total uninsured in 2019 with no bill: 54 million

- Total uninsured in 2019 with Senate bill: 24 million (44%)

Myth:

2. Insurance companies hate this bill.

Truth:

2. The bill is almost identical to the plan written by AHIP, the insurance company trade association in 2009.

- The original Senate Finance Committee bill was authored by a former Wellpoint VP. Since congress released the first of its health care bills on October 30, 2009, health care stocks have risen 28.35%.

Myth:

3. The bill will significantly bring down insurance premiums for most Americans.

Truth:

3. The bill will not bring down premiums significantly, and certainly not the $2,500/year that the President promised.

- Annual premiums in 2016, status quo / with bill:
- Small group market, single: $7,800 / $7,800
- Small group market, family: $19,300 / $19,200
- Large Group market, single: $7,400 / $7,300
- Large group market, family: $21,100 / $21,300
- Individual market, single: $5,500 / $5,800*
- Individual market, family: $13,100 / $15,200*

*Cost of premiums goes up somewhat due to subsidies and mandates of better coverage. CBO assumes that cost of individual policies goes down 7-10%, and that people will buy more generous policies.

Myth:

4. The bill will make health care affordable for middle class Americans.

Truth:

4. The bill will impose a financial hardship on middle class Americans who will be forced to buy a product that they can’t afford to use.

- A family of four making $66,370 will be forced to pay $5,243 per year for insurance. After basic necessities, this leaves them with $8,307 in discretionary income — out of which they would have to cover clothing, credit card and other debt, child care and education costs, in addition to $5,882 in annual out-of-pocket medical expenses for which families will be
responsible.

Myth:

5. This bill will provide health care to 31 million people who are currently uninsured.

Truth:

5. This bill will mandate that millions of people who are currently uninsured must purchase insurance from private companies, or the IRS will collect up to 2% of their annual income in penalties. Some will be assisted with government subsidies.

We will continue with more myths and truths tomorrow. If you need clarification you can always contact your employee benefit consultant for more information.

Tags: , , , , , , , ,
Posted in Healthcare Reform | 1 Comment »

Welcome to flu season – have you gotten your vaccine?

Friday, October 8th, 2010

It’s that time of year, flu season. It’s time to make sure you are taking your vitamins washing your hands and most importantly that you get a flu vaccine. Last year we wrote about the H1N1 virus on our blog, this year we are going to address the flu vaccine. To help businesses, employers, and their employees learn about these strategies for preventing flu, CDC provides a toolkit, flyers, posters, and other materials to post and distribute in the workplace, you can find this information at CDC.

According to CDC it’s recommended that you to take the following actions to protect yourself and others from influenza (the flu):

Take the time to get a flu vaccine

  1. CDC recommends a yearly flu vaccine as the first and most important step in protecting against flu viruses.
  2. While there are many different flu viruses, the flu vaccine protects against the three viruses that research suggests will be most common.
  3. The 2010-2011 flu vaccine will protect against an influenza A H3N2 virus, an influenza B virus and the 2009 H1N1 virus that caused so much illness last season.
  4. Everyone 6 months of age and older should get vaccinated against the flu as soon as the 2010-2011 season vaccine is available.
  5. People at high risk of serious flu complications include young children, pregnant women, people with chronic health conditions like asthma, diabetes or heart and lung disease and people 65 years and older.
  6. Vaccination of high risk persons is especially important to decrease their risk of severe flu illness.
  7. Vaccination also is important for health care workers, and other people who live with or care for high risk people to keep from spreading flu to high risk people.
  8. Children younger than 6 months are at high risk of serious flu illness, but are too young to be vaccinated. People who care for them should be vaccinated instead.

Take time every day to stop the spread of fly germs

  1. Cover your nose and mouth with a tissue when you cough or sneeze. Throw the tissue in the trash after you use it.
  2. Wash your hands often with soap and water. If soap and water are not available, use an alcohol-based hand rub.*
  3. Avoid touching your eyes, nose and mouth. Germs spread this way.
  4. Try to avoid close contact with sick people.
  5. If you are sick with flu–like illness, CDC recommends that you stay home for at least 24 hours after your fever is gone except to get medical care or for other necessities. (Your fever should be gone without the use of a fever-reducing medicine.)
  6. While sick, limit contact with others as much as possible to keep from infecting them.

If you do get the flu here are some of the symptoms to be aware of. People who have the flu often feel some or all of these symptoms:

  1. fever* or feeling feverish/chills
  2. cough
  3. sore throat
  4. runny or stuffy nose
  5. muscle or body aches
  6. headaches
  7. fatigue (very tired)
  8. Some people may have vomiting and diarrhea, though this is more common in children than adults.

*It’s important to note that not everyone with flu will have a fever.

As an employer you should make sure that your employees are aware of the flu vaccine and the importance of protecting themselves and others during the flu season.

Tags: , , , , , , ,
Posted in Health & Happiness | 6 Comments »

5 Fall Fitness Tips

Friday, September 10th, 2010

After much interest in our TRX fitness blog, we decided to continue with some fall fitness tips. It’s hard to believe that summer is already coming to an end and fall is almost here. Fitness is very much like fashion it changes based on seasons. Fitness activities that you can do in the fall are different than the ones you can do in the summer and winter. In many places around the United States fall is a beautiful time of year with crisp air, cooler temperatures, and beautiful colors changing on the trees. Fall is a time to get outside and exercise especially if you live in a place that has very high temperatures during the summer.

Tip 1. Take advantage of the cooler temperatures. If you are a person who has a hard time exercising in the heat now is a time that you can get outside and enjoy the fresh air. Try hiking, walking, cycling and perhaps it’s time to find some new scenery. Is there a trail you have always wanted to walk? or a path you haven’t rode your bike on yet? Take time this fall to discovery new places to exercise.

Tip 2: Are you getting bored with your gym routine? Fall is a time to think outside the box and try something new. Are you worried your running outside is going to end when winter hits? If so, try something new. Always wanted to learn to box? Master jump rope or tap dance? If you start something new now by the time summer comes around you will be an expert, be burning more calories, and ultimately be fit.

Tip 3: Have you found yourself watching more TV as shows start up again after the summer and days get cooler? Why not incorporate exercise into your favorite TV show. Don’t just lay on the couch, make sure you are an active TV watcher. When there is a commercial do 10 lunges, 10 squats, and 10 tricep dips on the couch and then mix it up with some push-ups and set-ups. There is at least 15 to 20 minutes of commercials in a 1-hour show, so there you have 20 minutes of exercise.

Tip 4: Stay motivated. When the days start getting shorter and the mornings are darker, sometimes it is harder to get out of bed. Set a goal for yourself and keep to the plan. Staying fit is not easy and it takes work so you need to motivate yourself and maybe a friend as well. Finding a fall fitness partner is also a great way to stay motivated, someone who will make you go for a walk or run when you are tired or convince you to go the gym when you have had a long day at work.

Tip 5: Fall is a time to focus on whole body wellness. As the temperatures change people tend to get colds and your body is more fragile. Be sure to rejuvenate your body, mind, and spirit. After a long run or bike ride get a message, learn to mediate, or do a yoga class. Have you always wanted to take an art class? Fall is the time to look into fulfilling both your fitness dreams but your wellness dreams as well.

Tags: , , , , , , ,
Posted in Fitness, Health & Happiness | 1 Comment »

Part 2: More 2010 Medical Cost Trends

Tuesday, August 31st, 2010

This topic has been very interesting and popular to our readers; therefore, we thought it would be helpful to continue with more 2010 medical cost trends. In this blog we will look at health care fraud and abuse, lifestyle factors, some preventable risk factors, and lastly where the money is going.

Health Care Fraud and Abuse:

  1. Health care fraud is a growing problem that is estimated to cost $69 billion, according to the National Health Care Anti-Fraud Association. This means that $100 million per day, which makes health care more expensive.
  2. Health care fraud accounted for 5% of the $1.9 trillion spend on health care in 2004.

Lifestyle Factors: Multiple chronic health conditions:

  1. Chronic disease accounts for about 75% of the more than $2 trillion spent on health care yearly in the U.S.
  2. 80% of seniors have least one chronic condition.
  3. 50% of seniors have at least two chronic conditions
  4. In 1996, 7% of Americans had more than three chronic conditions and in 2005 the percentage rose to 13%.

What are some preventable risk factors?:

  1. Obesity – 10% of total claims costs are directly attributable to obesity.
  2. Tobacco use – 25% of Americans smoke and 10% of total claims are attributable to smoking.
  3. Sedentary lifestyle – 60% of Americans don’t exercise and only 3% follow basic wellness goals.
  4. Poor nutrition – 60% of Americans exceed their ideal body mass index (BMI).

Where does the money go?:

  1. In 2007, PricewaterhouseCoopers Health Research Institute completed a national report to determine factors driving health care costs. This report showed that an average 87 cents of every premium dollar spent on medical services and products, with hospitals and physicians receiving more than two-thirds of the premium.
  2. On average, for each premium dollar spent, 10 cents goes toward insurer’ administrative functions, which include: information technology investments, premium taxes, fraud detection, provider credentialing, pay-for-performance programs, enrollment and billing, and claims processing.

We hope you have found this information helpful and interesting. Being knowledgeable in the medical cost trends is very important for both employers and employees. Your benefit consultant can help you better understand these trends.

(Resource: Anthem Blue Cross)

Tags: , , , , , , , , , ,
Posted in Medical Cost Trends | No Comments »

Are you aware of the 2010 Medical Cost Trends?

Thursday, August 26th, 2010

This blog will address the 2010 medical cost trends. Today, the cost of health care is a very large issue for small businesses. When a small business is trying to attract top talent, offering benefits is key. However, the question is how do you balance the rising health care costs with profitability?

The most frequently asked question is, why are rates rising?

According to a brochure by Anthem Blue Cross in 2008 national spending on health care reached $2.3 trillion. So, the question is what factors contributed to this cost. There are three costs we will look at, treatment costs, prescription drug costs and utilization, and cost shifting.

Some factors that drive higher treatment costs include:

  1. Medical price inflation is driving 51% if the growth in health care spending.
  2. Doctors in the U.S. earn two to three times as much as other industrialized countries.
  3. More physicians are becoming specialists and specialists charge their patients twice as much.
  4. Between 1997 and 2006 compensation increased 97% for dermatologists, 78% for gastroenterologists and 65% for radiologists.
  5. Medical technology is expensive. It has lead to improved care, but its contribution to health care spending growth ranges from 38% to 65%.

Factors that drive higher prescription drug costs and utilization include:

  1. Between 1997 and 2007, prices for prescription drugs grew at an average of 2 1/2 times inflation.
  2. Specialty drugs can save and extend lives, but the cost is very high. A new cancer drug can cost $100,000 or more per a treatment.
  3. Half of adults in the U.S. take at least one drug a day.
  4. 7% of all adults in the U.S. take at least five drugs a day.
  5. 2/3 of all people who walk into a doctor’s office walk out with a prescription.

Now let’s look at cost shifting factors:

  1. Government programs, such as Medicaid, SCHIP, and Medicare – pay physicians and hospitals lower rates than private insurers.
  2. Providers adjust prices charged to insurers to offset losses from partial or non-payers.
  3. A Millman study found cost shifting represents 15% of the amount spent by commercial payers to hospitals and physicians.

The more you are educated on medical cost trends the better decisions you can make for your business. Speaking with an employee benefits consultant will help you better understand health care costs and how to minimize the expense for your business, but still provide the maximum coverage.

(References: Anthem Blue Cross)

Tags: , , , , , , , , ,
Posted in Medical Cost Trends | 20 Comments »

Taking a Global Approach Part 1 – National Differences

Wednesday, July 21st, 2010

Are you a global company? Do you work with global companies? We thought that it would be beneficial to write a blog on global benefits. Starting with part 1, national differences. Designing global benefits packages presents significant challenges for multinationals. Healthcare in particular is difficult to manage. Some of the key challenges in this area are the management of national differences, working within the company’s organizational structure, and adapting to shifting regulatory environments. Inevitably, there will be differences from country to country with regards to any type of benefit, but the differences are more striking with regards to health care.

For example, benefits such as life insurance, dental coverage and vision coverage are almost identical in their structure and administration between the United States and Canada, yet health care coverage is completely different. One country relies on the insurance system to cover health care costs; the other has a system that is mostly socialized. Even within these two broad systems – public and private – the degree of coverage can vary significantly. Many developing countries lack socialized health care, but they also lack the sophisticated insurance and hospital system that the United States has. The provision of adequate health care in these countries therefore presents unique problems. Within public systems, the degree of coverage can vary as well. Many European countries offer a wider range of coverage to their citizens that Canada, which is gradually moving many components of its health care system to the private sector.

Thus we can see that the challenges are different in different countries. Most developing countries have at least one Western‐caliber hospital, so executives can be covered, but extending health care benefits to the rank and file can result in availability problems. In the United States, availability is not the problem, but cost is. In Canada and Europe, there is little problem with availability. This poses problems in itself, for the multinational seeking to offer the same coverage to employees around the world. Delivering health care equivalent to that in socialized systems is costly.

The most important part of global benefits is understanding the different approaches that are taken in each country. If you are a global business or work with global businesses there are many resources you can use to understand the differences, your employee benefit consultant is always available to help you take the correct approach for your global benefits.

Tags: , , , , , , , , ,
Posted in Global Benefits | 8 Comments »

« Older Entries