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Insights

Level-Funded Plans for Small Group Clients

Posted by Matthew Weaver on April 24, 2017

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Prior to the implementation of the Affordable Care Act, the fully-insured system in this country was inherently flawed. This is primarily due to our delivery mechanism which centers around a third-party fee for service payment system and a complete lack of transparency surrounding the same. While the Affordable Care Act has implemented some fundamentally solid provisions, it has done nothing to bend the cost curve for the small employer. In fact, the ACA community rating methodology has caused many small employers to see renewal increases above 30%.

Alternative funding mechanisms like level-funding offer a significant opportunity for savings to many of these small employers seeking rate relief. The concept is fairly simple. You pay for the care you actually utilize and receive a refund for what you don’t. This article from BenefitsPRO does an excellent job of laying out exactly how this concept works. Now smaller employers can actually see where their health care dollar is going instead of the current renewal shell game they are subject to every year.

 

 

Matt Weaver is an executive vice president in employee benefits in our Cobbs Allen of Kansas City office.

 


April Client Spotlight: Wyndy

Posted by Caitlin Miley on April 19, 2017

Company Name: WyndyIMG_2671.png

Owners: Tommy and Ginger Mayfield

Location: Birmingham, AL

Years in Business: 6 months

Industry: Mobile app/technology

Website: https://wyndy.com/

 

Wyndy is a mobile app transforming the way parents and college babysitters meet and interact. The Wyndy App, available on the App Store and Google Play, was created by Birmingham residents Ginger and Tommy Mayfield to simplify the process of finding, booking, and paying reliable college babysitters. 

“The current process of finding and booking babysitters is inefficient and often results in endless texts and unnecessary frustration,” said Tommy Mayfield, founder and CEO of Wyndy. “In the next few years, we believe that both parents and college sitters are going to abandon the outdated methods of booking babysitting jobs and turn to modern technology to connect. We intend for Wyndy to be that technology.”

As founders of this new company, the Mayfields looked to Cobbs Allen to evaluate their risk management needs and to put together a comprehensive plan that made sense for their unique business. 


Cobbs Allen Welcomes Two New Associates

Posted by Caitlin Miley on April 12, 2017

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Cobbs Allen is happy to welcome two new associates to our corporate office in Birmingham, AL. Malcom Turner and Becky Lower both have joined our team as Junior Account Managers.

Malcom comes to Cobbs Allen with two years’ experience as an underwriting assistant. He has an associate’s degree in health information technology. Becky comes to Cobbs Allen after working in accounting at Vestavia Country Club. She has a bachelor’s degree in history.

As Junior Account Managers, Malcom and Becky will support and assist our service teams with day-to-day operations to ensure our clients’ needs are always being met quickly and efficiently.  


The Importance of Contractual Review

Posted by Johnathon Stevens on April 12, 2017

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Entering a contract has the potential to create many risks. Governing these risks to protect your business from loss is the cornerstone to managing them. Whether your business relies on outside vendors to provide goods and services or your company is the provider, you need to be aware of how to take contractual precautions to protect your business against potential losses and damages.

Because most contracts contain terms that can have a significant impact on your company’s bottom line, having a trusted advisor to carefully review the contract prior to signing can be vital to long-term profitability.  This advisor must be able to identify potential issues and provide solutions associated with the risk. These solutions could include securing additional lines of insurance coverage to ensure your company is not in violation of contractual requirements or susceptible to uncovered insurance claims.

In simple terms, the contract review process consists of:

  • Interpreting contract-related facts
  • Calculating the contract’s risks
  • Assessing the feasibility of the contract

Once a contract has been reviewed by your advisor and the inherent risks associated have been identified, you can better assess if the contract is a profitable venture.

To learn more about contractual risk transfer and how it can be part of your overall risk management program, contact your Cobbs Allen risk consultant.

 

 

Johnathon Stevens is a Cobbs Allen risk consultant who specializes in complex risk management for large construction and energy accounts. 


ACA Remains the Law

Posted by Tracy Leeth on March 27, 2017

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Despite the House of Representatives’ attempt to repeal portions of the Affordable Care Act (ACA or “Obamacare”) by replacing it with the American Health Care Act (AHCA), Republicans could not garner sufficient votes to pass the bill.  A fraction of moderate and conservative Republicans opposed the bill – claiming that it either repealed too much or too little.  Due to the lack of required support in the House, the bill was pulled from consideration Friday afternoon, thus ending the healthcare reform debate for now.

President Trump stated last week that if the bill did not pass he would move onto other initiatives, such as tax reform.  Based on that statement, not only does the ACA remain intact for now, but further legislative action is not expected in the near future.  In the meantime, there is the possibility that agencies will issue regulations that reflect a conservative agenda or that Republicans will proceed with the attack on Exchange / Marketplace subsidies, amongst other strategies to dilute the ACA. 

WHAT THIS MEAN TO EMPLOYERS:  At this time and for the foreseeable future, employers must continue to comply with all applicable ACA provisions to avoid potential penalties and other consequences.


Cobbs Allen of Kansas City Welcomes Three New Associates

Posted by Caitlin Miley on March 23, 2017

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(Pictured, from left to right: Shari Burke, Franco Olivier and Dena Morris)

Cobbs Allen is happy to welcome Dena Morris, client executive; Franco Olivier, employee benefits consultant; and Shari Burke, senior client executive, to our Kansas City Office.

Dena is a seasoned employee benefits veteran. Her experience includes working with large group and mid-market clients to coordinate their benefit offerings, assist with plan implementation, and general account service. At Cobbs Allen, she will work with clients to identify benefit options that best suit their needs and help resolves client questions and problems by interpreting benefit policies and procedures.

Franco has experience in the employee benefits industry as well as with owning his own small business, which provides him a unique perspective when helping clients. Understanding the business owner’s needs and challenges allow him to advise clients from more than just a sales perspective. Having experienced the same challenges within his own business, Franco will provide clients a fresh and honest assessment as he advises them on customized benefits programs.

As a senior client executive, Shari will provide an important link between the client, insurance carriers, administrators and other vendors. She will work to understand the client’s goals and then work with the account team to coordinate their benefit offerings, assist with plan implementation, and general account service. Her experience base includes markets, carrier relations and insurance products. Shari has extensive experience working with ACA compliance issues and has facilitated numerous webinars on Health Care Reform and has trained account teams as to keep them up to date and current. Prior to working in employee benefits account management, Shari worked with individual insurance and worksite markets.


March Client Spotlight: Current Electrical

Posted by Caitlin Miley on March 22, 2017

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Company: Current Electrical Co. Inc.

Owners: Dan Cooper, Craig Cooper and Cindy Cooper

Location: Topeka, KS

Years in Business: 39 years

Industry: Electrical Contracting

 

Current Electrical is a full service electrical contractor. They started in 1978 and have slowly but steadily grown ever since. They owe their success to their customers and employees and are proud to be transitioning their leadership to a second generation of Coopers.

As a company who values each of their employees and customers, they are grateful for the relationship with their Cobbs Allen risk consultant, Bob Johnson. “Over the course of our relationship, we have followed Bob to four different insurance agencies because he has done such a good job for Current Electrical in the insurance and bonding business,” said Craig Cooper.