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Serving Farmingdale, Garden City, Port Washington, Glen Cove, Long Beach, Yonkers, New York City, Mount Vernon, White Plains, Deer Park, Hauppauge, and Massapequa
An important message from the President of Group Coverage, Inc, William F. Schaake, CIC, CRM
Over the past few years, there has been many changes in our industry, primarily due to the Patient Protection and the Affordable Care Act. Due to these changes, there is much uncertainty with the future of our livelihoods and the health insurance industry. Many carriers have either sold their accounts to other companies or have pulled their business from our area. In the Greater New York area alone, we recently lost HealthNet, MDNY, Guardian large group, Cigna small group, and Horizon Blue Cross Blue Shield as carriers for group health insurance. HIP and GHI merged to form Emblem Health. Oxford Health Plans was purchased by United Healthcare and Empire and Anthem Blue Cross Blue Shield were taken over by Well Point. There has also been talks about commissions being reduced and the terminations of broker contracts for those that don’t meet production requirements.
Do the legislators that passed the Act really understand the brokers role? One of the major concerns in our industry is that the broker’s commission will be included within the new medical loss ratio requirements (MLR). Essentially this means the carriers’ net income would be reduced by the amount of broker commission. The MLR requirements force the carriers to pay up to 85% of every dollar collected in premium to be paid out in claims. Therefore as little as 15% is left to pay expenses such as payroll, rent, utilities, marketing, and our compensation.
So what is it that we do for our clients? Besides marketing and writing new business,
our office and other brokers like us are actively engaged in servicing our accounts.
We are typically the first point of contact for the groups we write. If there are
questions regarding claims, billing, enrollment, terminations, COBRA, changes in
legislation, and the list goes on–-
If our role is diminished by the recent legislation it will probably force the carriers to hire more employees or worse–outsource many aspects of the customer service elsewhere in order to maintain competitiveness. Shouldn’t the government encourage more competition and fair trade? Then why place restrictions, and increase regulation on an already heavily regulated industry? This seems to be driving the competition out of our industry and out of business.
Are we facing the same fate as travel agencies? I hope not. Please share your thoughts and join our blog.
Thank you, William F. Schaake, CIC, CRM President of Group Coverage, Inc.
Group Coverage, Inc. has been founded on the principles of teamwork. We associate ourselves with many of the leaders in the field of insurance; people who specialize in the areas of insurance and benefit planning they practice. This enables us to provide the professional with a vast array of low cost options and a wide selection of coverage to fit the needs of the organization they represent.
Our Group benefits department markets and services health insurance for companies, dental, vision, pensions, and other company sponsored products. We work with the professional in providing the insight with plan designs and its implementation to fit the needs of the group.
We offer packages for groups down to one person. For larger companies we offer self funded, fully insured, or plans that combine the best of both. We can assist with the implementation and administration of complex Cafeteria Plans or Flexible Spending Accounts (FSA’s) to Health Savings Accounts (HSA’s) & Health Reimbursement Accounts (HRA’s) to simple Premium Only Plans (POP’s or Section 125’s).
Our friendly staff is there to address many of the questions and needs of the company or the organization represented by the professional. Some of the issues that our representatives are able to assist with include, but are not limited to:
- Enrollment and change requests , certificates of insurance
- Billing, reconciliations, claims processing & disputes,
- Application and renewal processing
- Addition and termination, amendments, and change requests
- COBRA and state continuation of coverage issues
- Implementation of funding accounts for high deductible plans
- Marketing for new and renewal business
Through our affiliates, we have access to many property & casualty markets, some which offer programs geared to specific businesses or industries. These programs often include enhanced coverages at discounted rates and may include protection for commercial auto, liability, umbrella, property, loss of business income, and workers compensation (workmans compensation). We strive to providing the resources for the professional as well as the organization, and work at various levels of customer support and marketing assistance. Whether the need is for group benefits or personal auto insurance, our account managers are periodically trained to provide the latest tools and products in the industry.
According to many, Group Coverage, Inc. is one of the most progressive and innovative insurance agencies in New York. Our success can be attributed to the team of professionals we hand selected over the years. These men and women exemplify outstanding knowledge in their industry. They are dedicated in their work and adhere to a high degree of ethics.
Insurance, Employee Benefits & Financial Videos
Watch the latest insurance, employee benefits, and financial videos from various government agencies and other dependable sources
Mission Statement of Group Coverage, Inc.
INSURANCE & EMPLOYEE BENEFITS ARTICLES
INSURANCE VIDEOS Saturday, February 18, 2012
Annuities
Preparing for your future is vital and most people have not sufficiently saved or planned for their lives in retirement. An annuity can help to provide the security you need once you stop working
Depending on your situation, an annuity can be a great investment for your future. But is it the right choice for you? Ask yourself these six questions before you invest
An annuity is a type of investment that can help support you after retirement. Do you know the difference between an immediate and a deferred annuity? Learn more in this informative video. Spokesperson: Richard Allridge, Certified Financial Planner
Do you know where your income is going to come from once you stop working? And will it last for the rest of your lifetime? An annuity may be a good option for securing your financial future. Spokespersons: Margaret Dettinger, Retiree; Dr. Steven Weisbart, Insurance Information Institute; Jeanne Salvatore, Insurance Information Institute
Are you ready for retirement? Many people do not understand annuities or how much money they should save for retirement. This important information can help you live out your life comfortably
Motor & Recreational Vehicles
Air Bags: Potential Dangers to Your Children
Air bags save lives and prevent injuries, but they can also be deadly to young children and infants. Learn ways to eliminate these risks and keep your family safe. Spokespersons: Dr. Till Jolley, Emergency Room Physician; Brian O’Neil, Insurance Institute for Highway Safety
Common questions about insurance relating to college students, rental cars, updating your policy and more.
Breaking down on a busy road can be dangerous and every year people are hurt or even killed while repairing their cars or waiting for assistance. Follow these simple guidelines to prevent such roadside risks. Spokespersons: Lon Anderson, American Automobile Association; Sgt. Greg Vanleer, Virginia State Police
Fun and fast, jet skis are a popular recreational vehicle. But they can also be dangerous to both the driver and others in the water. Learn how to keep everyone safe and happy in the water. Spokespersons: Commander Tom Martin; U. S. Coast Guard; Michael McCarten; Insurance Agent; John Birkinbine, Personal Watercraft Industry Association
Teaching your children a few simple guidelines about the school bus will keep them out of harm's way and get them home safe and sound. Spokespersons: Carl Baskerville, Elementary school principal; Dr. Ricardo Martinez, Administrator, National Highway Trafic Safety Administration
Homeowners & Renters Insurance
Every year, five million infants and children are injured, sometimes even fatally, in their own homes. Find out how to best childproof your house and make it safe for your children. Spokespersons: Dr. Heather Paul, National Safe Kids Campaign; Bonnie Greenbert, Psychologist.
Regular maintenance on the exterior of your home can save you thousands in repairs later. Use this checklist to prevent damage and save yourself money and headaches
Do you have enough insurance coverage to completely rebuild your home? Have you talked with your agent recently to update your policy? Don't wait until disaster strikes to find out you're underinsured. Stay current on your policy and keep yourself protected. Spokespersons: Tom Stobbs, homeowner; Jeanne Salvatore, Insurance Information Institute; Candysse Miller, Insurance Information Network of California.
If you rent a house or apartment, your possessions are NOT covered under your landlord's policy. Having renters insurance can protect your belongings and give you peace of mind. Spokespersons: Jim Eury, landlord; Bill Baily, Insurance Information Institute
Know Your Stuff® is the Insurance Information Institute's online home inventory software.
This application makes creating and updating your home inventory easy. And with our
free, secure online storage you will have access to your inventory anywhere, any
time. You never know when a disaster may strike -
Making Your Home More Hurricane Resistant
Hurricanes can damage and even destroy your home with fierce winds and rain. Here are five steps to fortify your home in preparation for a major storm. Spokespersons: Tim Reinhold, Institute for Business and Home Safety; Jeanne M. Salvatore, Insurance Information Institute
Dogs may be man's best friend, but as an owner you are liable if your pet bites or
attacks another person or animal. A well-
Two out of three bicycle injuries involve children and some of these accidents result in death. Wearing a helmet and having a properly maintained bike can greatly reduce your child's risk of injury. Learn more about how to keep your child riding safely. Spokespersons: Sue Guzman, Brain Injury Association; Dr. Howard Benesohm, Psychologist
More than 1,000 boats are stolen every month. If you are a boat owner, learn some easy and effective ways to protect your craft from theft. Spokespersons: Robert Bryant, National Insurance Crime Bureau; Lt. Lee Polfray, Marine Investigator
Pet insurance can help give beloved animals longer and happier lives. Learn how to get the right kind of coverage for your furry friend. Spokespersons: Jim Gilespi, Dog Owner; Dr. Sharon Kessler, Veterinarian
Tax Deductible Losses
Some losses suffered due to a disaster could be tax deductible. Find out whether your situation might qualify in this video
New College Graduates
A young person fresh out of college faces many financial questions and challenges.
Learn some basics about insurance and how to protect yourself-
Test Your Insurance IQ: Bicycle Insurance
Over one million bicycles are stolen every year, but many people don't even know whether their bikes are covered by their insurance. What happens if you injure someone in a bike accident and they sue? Are you protected? Find out by watching this video
Test Your Insurance IQ: College Students
When students leave home for college, they take along their laptops, myriad electronic
devices and other valuables-
Test Your Insurance IQ: Travel Insurance
Vacations are precious escapes, but they can also be expensive and subject to disaster. Travel insurance can provide some useful protection—find out whether it's right for you
Claims
Filing an Auto Insurance Claim
An auto accident is a terrible experience, but it's important to gather all the necessary information in order to be able file your claim. Here are five steps to follow to make the claims process easier and quicker.
Steps for Filing a Homeowners Claim
What is the best way to file a claim? Following these steps can help you navigate the claims process efficiently and get the most out of your policy
Filing a Homeowners Claim
Suffering damage or losing your home due to a disaster can be an overwhelming event. However, there are steps you can take to ensure an efficient claims process. Spokespersons: Sharon Williams, Homeowner; Jeanne Salvatore, Insurance Information Institute
Business Insurance
Personal Stories: The Hodas, Checking Policies Regularly
In the aftermath of Hurricane Katrina, Gene Hoda recommends checking insurance policies regularly to make sure you have enough coverage.
Personal Stories: Joy Hoda, Business Interruption Insurance
Joy Hoda is the owner of a Dairy Queen in Mississippi which was severely damaged
by Hurricane Katrina. She says Business Interruption Insurance provided her with
the cash she needed to meet her payroll while the damage was being repaired, and
money equaling the profits that she would have lost while her business was down for
23 days. She believes this type of insurance is crucial for small businesses which
face many natural and man-
Personal Stories: The Hodas Discuss Coverage for Their Poll
In the aftermath of Hurricane Katrina, Joy Hoda notes that she did not have enough coverage for her business’s poll sign.
Owners of in-
Business Owners Policies
Do you know what a "BOP" is? Are you covered under your insurance if you have to move or shut down your business after a disaster? If you own your own business, test yout knowledge by watching this video.
Wedding Insurance
The most magical day of your life warrants a re-
Life Insurance
Life Insurance
Do you know the difference between Term and Whole life insurance? Permanent versus Variable policies? Make sure you understand the basics about life
Finding a Lost Life Insurance Policy
Trying to locate a missing life insurance policy? Valuable tips on how to track down this important document
What is Long Term Care Insurance?
Due to old age, mental or physical illness, or injury, some people find themselves
in need of help with the basics actions of everyday life. Long-
Credit-
A good credit rating can mean paying lower premiums on your insurance. Learn how
credit-
College Students and Credit
College life can be expensive, and for many freshmen the first time they are responsible for their own finances. Students should develop responsible credit card and bill paying habits early on, to avoid trouble later. Spokespersons: Sarina Marshall, College Administrator, University of Maryand; Linda Goladner, National Consumers League; James Godfrey, Consumer Credit Counseling Service
Combine Payroll with Compliance, Background Checks, COBRA , FSA,
and Pension Administration Along with Insurance & Employee Benefits and Link it Together with an
Intra-
That’s the Power of Being Connected
Source: www.iii.org
Insurance Information Institute
Workers' Compensation eLearning Guide
Featured Insurance Video: “Health Reform Hits Main Street” by Kaiser Family Foundation
Our mission is to provide affordable and low costing affordable insurance and employee benefit plans for individuals and organizations allowing them the financial liberty to choose among the various products we offer. We will seek the best value of coverage for our clients and for the professionals we work with. We will make every effort to gain the necessary experience and education and to offer the insight needed to help us deal with the ever changing insurance and employee benefits industry.
We plan to commit more resources to train our staff to help ensure they provide the
top quality service our clients and affiliates expect and deserve. Our goal is to
work with more diverse and progressive agencies and brokers to assist in the servicing
and marketing of workers’ compensation, group health & dental plans, voluntary benefits,
disability income, pensions, long term care, and life insurance for their clients.
We will aim to provide greater access to various programs including commercial liability,
property, auto, and truck insurance for the many types of businesses and organizations
across Long Island, Westchester, the Greater New York Metropolitan and the Tri-
We’re Going Green! Find out more
Join Our Team -
We work as a team, We are proud of what we do, We are Group Coverage, Inc.
Health Care Reform
