Wisconsin Medical Journal
110 #6
110 #6
Wisconsin Medical Society Insurance & Financial Services, Inc.
News and Information
Flood Insurance – Don’t Get Soaked
Posted February 2, 2012By Melissa Schall, Wisconsin Medical Society Insurance & Financial Services
Floods are one of the most common natural hazards in the United States, and the standard homeowner’s policy does not cover damage to property and possessions that result from flooding. Because more roads, buildings and parking lots are being constructed where forests and meadows once stood, the Federal Emergency Management Agency (FEMA) says floods are becoming more severe throughout the country.
This makes the value of flood insurance priceless, especially when you consider these figures. Between 1999 and 2008, flood insurance claim payments totaled $27.6 billion, with the average payment about $45,000.
A common misconception is that only residents in high-risk areas are eligible for flood insurance. In reality, most homeowners, business owners and renters can purchase flood insurance through the National Flood Insurance Program (NFIP). According to NFIP, almost 25 percent of all flood insurance claims come from moderate- to low-risk areas, and just an inch of water can cause costly damage. Flooding can cause walls and entire structures to collapse, and may result in a total loss.
Communities can choose to participate in NFIP by agreeing to adopt and enforce certain floodplain management regulations (such as building construction and zoning laws that minimize the risks of flood damage). If a community participates in the program, residents are eligible to purchase flood insurance; however, they must do so through an authorized insurance agent.
Many people believe that in the event of a flood they will receive federal disaster assistance. In reality, the President must declare a major disaster before aid can be offered, and the most common form of federal disaster assistance is a loan, which must be repaid with interest. Flood insurance claims are paid even if the President has not declared a disaster, and those insured are reimbursed for all covered costs.
Keep in mind, flood insurance typically has a 30-day waiting period, so homeowners need to be prepared for heavy rains or the spring thaw. Coverage for buildings and contents can be purchased separately. Homeowners in moderate- to low-risk areas may be eligible for Preferred Risk policies.
For more information or to receive a free quote, call Wisconsin Medical Society Insurance & Financial Services at 800.975.3418.
The appreciation of whole life insurance
Posted January 19, 2012By Dave Serena, Insurance Agent, Wisconsin Medical Society Insurance & Financial Services, Inc.
Did you know that J.C. Penney used his $3 million life insurance policy to rejuvenate his stores after the crash of 1929? Decades later, Doris Christopher sold her company to Warren Buffett for $900 million in 2002. Christopher started the company – Pampered Chef – with a loan from her life insurance policy. (“The case for investing in life insurance,” Modern Medicine, June 19, 2009)
Permanent life insurance (also known as cash-value life insurance) allowed Penney and Christopher to invest in their companies and succeed. Whole life insurance is one type of permanent life insurance. It combines a long-term savings and investment product with life insurance for one of the most flexible financial instruments for protecting families, tax-sheltering, and creating and enhancing wealth.
The guarantees are very strong: Guaranteed death benefits, guaranteed cash value, guaranteed level premiums, guaranteed expenses factors and guaranteed interest rates.
The tax protections are meaningful, too: Income-tax free death benefits, tax-deferred cash build-up and access to cash on a tax-favored basis, meaning the cash value of a whole life insurance policy can be accessed without paying income taxes (which is not possible with retirement plans). Policy holders also can access the cash value of their whole life insurance before retirement, which is more difficult to do with qualified retirement plans.
To learn more about this permanent life insurance option, call Dave Serena of Wisconsin Medical Society Insurance & Financial Services at 414.238.6105 or 800.474.7500.
Protect your beneficiaries through estate planning
Complimentary workshops begin February 16 in Brookfield
Posted December 1, 2011By Kathy Mueller, CLU, ChFC, FIC, LUTCF Insurance Advisor, Wisconsin Medical Society Insurance & Financial Services, Inc.
When given a choice, most people prefer to transfer their entire estate to loved ones or favorite charities. Many people, however, do not put their wishes in writing through an estate plan, and part of their wealth never reaches their intended beneficiaries.
Estate planning is the process of transferring your wealth to whomever you want, when you want and how you want at the least possible financial and emotional cost. This process also takes into account many other issues, including care of minor children, dependents with special needs, charitable interests, living wills and health care power of attorney.
Without an estate plan, a large portion of your estate could unnecessarily be lost due to administrative expenses, fees, taxes (which could be as much as 50 percent of your estate) and the expense and time involved with probate court.
Estate planning is a very personal exercise. It begins with identifying and valuing your assets, determining who the beneficiaries will be and deciding when and how they will receive the assets from your estate. An estate plan can help avoid probate court, reduce the accounting and administration required of a probated estate and ensure privacy.
Because of its commitment to physicians in Milwaukee County and throughout the state, Wisconsin Medical Society Insurance & Financial Services, Inc. is offering several free estate planning workshops in partnership with Angermeier & Rogers, LLP. The workshops will provide a great opportunity for you and your loved ones to learn more about estate planning and how it can benefit you and your estate.
Workshops are scheduled for February 16, April 12, September 12 and October 25 at Louise’s in Brookfield (275 Regency Court). Each session begins with dinner at 6 p.m. Seating is limited. Please call (414.238.6102) or e-mail Jennifer Carroll at Wisconsin Medical Society Insurance & Financial Services to reserve your spot!
Save premium dollars with online loss-prevention seminar
Posted November 8, 2011Dave Serena, Insurance Agent, Wisconsin Medical Society Insurance & Financial Services, Inc.
Membership has its benefits! You may be eligible for 2.5 percent premium savings on your medical professional liability policy renewal when you successfully complete the free online seminar described below. To qualify for this credit you must:
- Hold membership in the Wisconsin Medical Society—premium savings is one of the advantages of the Wisconsin Medical Society Member Benefit Plan;
- Have medical professional liability insurance written through Wisconsin Medical Society Insurance and Financial Services, Inc. with ProAssurance;
- Not have participated in a live version of the online seminar or previously participated in this seminar for premium credit; and
- Successfully complete the online seminar.
The seminar, Turning Points – Tough Decisions in Loss Prevention, focuses on non-clinical choices you face in your daily practice of medicine. Participation in this seminar will enable you to:
- Identify non-clinical choices and accompanying risks involved in the practice of medicine;
- Choose courses of action that have the greatest impact on patient safety and the least amount of risk; and
- Document decisions made in a manner that is in the best interests of the patient and the physician.
ProAssurance Indemnity designates this educational activity for a maximum of 2.0 AMA PRA Category 1 Credit(s)™. Physicians should claim only the credit commensurate with the extent of their participation in the activity.
New medical professional liability member benefits in 2012
Posted October 4, 2011Russ Heil, Registered Representative, Heil Financial Group
For the past quarter century, Wisconsin Medical Society Insurance & Financial Services has partnered with ProAssurance to enrich Wisconsin Medical Society member benefits under the medical professional liability insurance program.
NEW for 2012: The Wisconsin Medical Society is providing a range of value-added services for physician groups that are insured under the 2012 Wisconsin Medical Society Member Benefit Plan. Each group may choose Wisconsin Medical Society services valued at up to 10 percent of its 2012 Wisconsin Medical Society Member Benefit Plan medical professional liability premium with ProAssurance (value = $500 minimum; $50,000 maximum).* This Wisconsin Medical Society credit can be used to purchase:
- Participation in the Society's current portfolio of performance improvement continuing medical education (PI CME) initiatives. Up to 20.0 AMA PRA Category 1 Credits TM are available. Value = $3,500 per physician and/or clinic staff member.
- One of every 10 physicians (and/or clinic staff members) per group may participate in the Society’s Transformational Leadership webinars designed to assist physicians and/or clinic staff member in their leadership growth. Up to 12.0 AMA PRA Category 1 Credits TM are available. Value = $1,200 per physician and/or clinic staff member.
- One registration per group to the Society’s Annual Midwest Coding & Practice Management Symposium. Value = $500 per physician or clinic staff member.
- Society members insured with ProAssurance receive a premium discount on their medical professional liability insurance.
- Society members receive policy enhancements and additional policy limits at no additional premium.
- A corporate coverage discount applies if all physicians affiliated with an entity are Society members.
- Additional credits are available to policyholders who qualify for the loss-free program, use an approved electronic health records system, utilize the PQRIwizard (available through the Society) or complete an approved risk management program.
*The Wisconsin Medical Society does not receive any portion of medical professional liability premiums in connection with this benefit.
Life Insurance - What you need to know
Posted September 8, 2011Kathy Mueller, CLU, ChFC, FIC, LUTCF, Insurance Advisor, Wisconsin Medical Society Insurance & Financial Services, Inc.
How will my family manage financially when I die? The simple answer is life insurance! This is generally a topic that no one wants to think about. But if someone depends on you financially, it is a subject that must not be avoided. There are many different types of life insurance; however, the most important question to ask yourself is, “How much life insurance do I need?” When you die, your family will not care what type of coverage you had; they will want to know how much coverage is available to the family to maintain their standard of living.
Life insurance can replace your income. It can provide payments to cover your mortgage, debts, student loans and final expenses. Life insurance also can pay for estate taxes, complete a college fund or create a charitable endowment for a favorite charity. It also can be used as a retirement income vehicle. The death benefit proceeds generally are not subject to federal income taxes.
Term policies pay a death benefit to your beneficiary if you die within a certain time period. There is no cash value to a term policy; typically, a term policy offers the highest death benefit for the lowest cost. Over a long period of time, however, a permanent policy may be more cost effective.
Permanent life insurance will pay a death benefit until age 100 (some policies go to age 120!). This type of policy builds cash value on a tax-deferred basis. The cash value can be used while you are living for a variety of purposes. You can use the cash to fund college educations, retirement income and emergency situations. The premiums are higher than term premiums, but typically are level for life.
An insurance advisor can help you develop a life insurance plan that best fits your needs. If there have been changes in your life (marriage, children, job change, retirement or death of a spouse), it makes sense to review your current plan.
To learn more about life insurance and how it fits into your financial and estate plan, call Wisconsin Medical Society Insurance & Financial Services Inc. at 414.238.6100 or 800.474.7500.
BidRX can help lower drug costs
Posted August 8, 2011Kathy Mueller, CLU, ChFC, FIC, LUTCF, Insurance Advisor, Wisconsin Medical Society Insurance & Financial Services, Inc.
With health care costs continuing to rise, Wisconsin Medical Society Insurance & Financial Services has found a way to help physicians and patients lower their drug costs. BidRX is a web-based, confidential system that brings consumers, manufacturers and pharmacies together in an open competitive marketplace for prescription drugs.
BidRX combines two levels of competition to help consumers receive the best value for their dollar. This online tool enables consumers and prescribers to instantly obtain information on drugs, services, discounts and prices, not only for the prescribed drug but for all drugs equivalent to those that are prescribed. In addition, BidRX provides access to pharmacies that compete for the privilege to fill prescriptions and provide valuable services required by consumers.
BidRX has been very popular for people who have high-deductible health plans. Because patients pay for all health benefits until a deductible is reached, they embrace the opportunity to pay a fraction of the cost for their prescription medications.
For more information about BidRX, call Insurance Agent Kathy Mueller at 414.238.6103 or 800.474.7500 or visit the website for Wisconsin Medical Society Insurance & Financial Services.
New tool lessens risk of bad debt, increases patient payments
Posted July 19, 2011Dave Serena, Insurance Agent, Wisconsin Medical Society Insurance & Financial Services, Inc.
As patients become increasingly responsible for higher deductibles and co-payments on their health plans, it is more important than ever that physicians receive payment at the point-of-care. One of the best ways to do this is to provide patients with an estimate of their bill before they leave the office. New billing/payment software offered by Wisconsin Medical Society Insurance & Financial Services, Inc., allows physicians to do just that.
The Revenue Maximizer from Medical Pay Solutions provides instant insurance verification as well as an “estimate of patient responsibility” receipt which outlines what patients can expect their insurance to pay as well as their portion of the costs for that day’s services. This realistic estimate of patients’ out-of-pocket responsibility (deductibles, co-payments, out-of-network costs, etc.) helps physicians better manage patients’ payments and improve the patient experience.
The Revenue Maximizer streamlines the billing/payment process for physicians and patients alike by providing a clear picture of the costs and insurance coverage. This comprehensive tool, which can be built into the check-in or check-out process, is especially helpful as enrollment in high-deductible consumer-directed health plans continues to soar.
With real-time eligibility verification for all payers, the Revenue Maximizer also allows physicians to offer patients a variety of payment options, including secured and automated payments, and facilitates up-front collections of patient payments. Account receivables quickly become scheduled payments, the risk of delays and bad debt lessens and revenue increases.
To learn more about how the Revenue Maximizer can improve your bottom line, including an estimated return on investment, call or e-mail Dave Serena at 414.238.6105 or 800.474.7500.
Travel benefit included with WPS health insurance policies
Posted June 15, 2011Russ Heil, Authorized Representative, Wisconsin Medical Society Insurance & Financial Services
Planning a trip outside of the United States can be an exciting yet stressful time. Passports, accommodations, itineraries, currency and many other details need to be in place before leaving home. Planning for the unexpected is just as important. For Wisconsin Medical Society physician members insured under the WPS health insurance policy, a travel benefit included with the policy provides an added peace of mind for policy holders and their family members traveling abroad.
“After a Medical Society member experienced a health emergency while on vacation, we realized the importance of a travel benefit for our policy-holders and their insured family members,” said Ellie Rohrdanz, CEBS, RHU, President of Wisconsin Medical Society Insurance & Financial Services. “Even if high quality health care is available, there are many other concerns when a person becomes ill in a foreign country – communication issues, up-front payment requirements, medical transportation to return to the United States and much more.”
WPS has partnered with Seven Corners, a company that offers a worldwide medical network and assistance services outside of the United States, to provide this benefit for the Wisconsin Medical Society Member Plan. This exclusive benefit assures the highest quality of care is delivered in the best setting for physician policy holders and their family members. Seven Corners’ staff members are highly skilled with medical payment in foreign currency, wire transfers of money to providers, communication in the primary language of the treating providers, and delivery of patient and family assistance in times of need.
“We are very excited to offer this benefit to our member policy-holders,” Rohrdanz said. “Whether traveling for business or pleasure, we all want to be assured that we will be taken care of should a medical emergency occur.” Click here to learn more about this benefit. If you have any questions or would like additional information about the WPS Wisconsin Medical Society Member Plan, please call Wisconsin Medical Society Insurance & Financial Services at 866.442-3810.
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Flood Insurance – Don’t Get Soaked
Posted May 13, 2011Melissa Schall, Wisconsin Medical Society Insurance & Financial Services
Floods are one of the most common natural hazards in the United States, and the standard homeowner’s policy does not cover damage to property and possessions that result from flooding. Because more roads, buildings and parking lots are being constructed where forests and meadows once stood, the Federal Emergency Management Agency (FEMA) says floods are becoming more severe throughout the country.
This makes the value of flood insurance priceless, especially when you consider these figures. Between 1999 and 2008, flood insurance claim payments totaled $27.6 billion, with the average payment about $45,000.
A common misconception is that only residents in high-risk areas are eligible for flood insurance. In reality, most homeowners, business owners and renters can purchase flood insurance through the National Flood Insurance Program (NFIP). According to NFIP, almost 25 percent of all flood insurance claims come from moderate- to low-risk areas, and just an inch of water can cause costly damage. Flooding can cause walls and entire structures to collapse, and may result in a total loss.
Communities can choose to participate in NFIP by agreeing to adopt and enforce certain floodplain management regulations (such as building construction and zoning laws that minimize the risks of flood damage). If a community participates in the program, residents are eligible to purchase flood insurance; however, they must do so through an authorized insurance agent.
Many people believe that in the event of a flood they will receive federal disaster assistance. In reality, the President must declare a major disaster before aid can be offered, and the most common form of federal disaster assistance is a loan, which must be repaid with interest. Flood insurance claims are paid even if the President has not declared a disaster, and those insured are reimbursed for all covered costs.
Keep in mind, flood insurance typically has a 30-day waiting period, so homeowners need to be prepared for heavy rains or the spring thaw. Coverage for buildings and contents can be purchased separately. Homeowners in moderate- to low-risk areas may be eligible for Preferred Risk policies.
For more information or to receive a free quote, call Wisconsin Medical Society Insurance & Financial Services at 866.442.3810.
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Long term care insurance benefit announced
Posted April 11, 2011Wisconsin Medical Society Insurance & Financial Services is introducing an important long term care insurance benefit. Details about the benefit are available online.
For more information about how you and your eligible family members can access this important benefit at a discount, please contact Wisconsin Medical Society Insurance Services at 866.442.3810 or visit www.wisconsinmedicalsociety.org/insurance.
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Disabilities Happen, Are You Protected?
Posted March 11, 2011Russ Heil, Authorized Representative, Wisconsin Medical Society Insurance & Financial Services
Some facts are difficult to ignore; consider these for example.
- Almost one-third of Americans entering the workforce today will experience a disability before retiring. (Social Security Administration, Fact Sheet, January 2009)
- Unexpected medical bills prompt more than 60 percent of U.S. bankruptcies. (CNN Health, June 5, 2009)
When considering long-term disability insurance, the best place to start is with one of Wisconsin Medical Society Insurance & Financial Services’ insurance agents who work with physicians on a daily basis. An agent can guide a discussion about eligibility amounts, contract structure and funding options to help physicians select a plan that fits their needs.
In addition, a specially designed long-term disability insurance contract allows Wisconsin Medical Society members to receive a premium discount of up to 20 percent.
The amount of disability insurance a physician qualifies for is based on proof of income and sometimes health underwriting. While the best time to purchase long-term disability insurance is when you are young, a healthy person can apply for coverage up to age 60. Wisconsin Medical Society members also may purchase a group disability policy on an individual basis up to age 70.
Wisconsin Medical Society Insurance & Financial Services agents review contracts frequently to assure their clients have coverage that is appropriate for their current circumstances. For more information or to schedule a meeting with an insurance agent, call 866.442.3810.
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Long term care insurance – points to consider
Posted February 14, 2011 Kathy Mueller, CLU, ChFC, FIC, LUTCF, Insurance Advisor People take many steps to protect those they love. We set aside money for our children’s education, make sure we have adequate health insurance and base numerous other decisions on how our choices may impact family members. Another important way to protect our loved ones is through long term care (LTC) insurance, which provides financial assistance in the event that we experience a health condition that requires professional care in our home, in an assisted living facility or in a nursing home.We may think that we will never need to use long term care services, but the reality is that one in two people reaching age 65 will require some long term care services during their lifetime. The good news is that long term care insurance is less expensive when you are young and healthy, so it is important to purchase it as soon as possible. In addition, qualified long term care policies may be tax deductible and benefits are tax-free.
When considering long term care insurance, here are a few questions you will want to ask yourself:
- Am I healthy enough to qualify for individual LTC insurance?
- Can I set up a group LTC offering through my practice? (A group can be as few as five people and will allow simplified underwriting.)
- How much of the long term care costs can I pay for myself and still maintain my family’s standard of living?
Wisconsin Medical Society members are eligible for a new long term care insurance program with John Hancock Insurance Company. Members receive a 5 percent discount off their long term care insurance premium. In addition to John Hancock, Wisconsin Medical Society Insurance & Financial Services, Inc., offers several long term care insurance solutions to fit your personal needs.
For more information about the various plans available, please call Insurance Advisor Kathy Mueller, CLU, ChFC, FIC, LUTCF, at 414.238.6103 or 866.442.3800 in Madison.
Society staff prepared to assist with PQRI, Act 146
Posted January 19, 2011 Dave Serena Two important deadlines are quickly approaching, and Wisconsin Medical Society staff members are ready to help physicians and other health care professionals successfully accomplish their goals. February 11 is the final day for physicians and other eligible health professionals (EHPs) to report 2010 data as part of the Physician Quality Reporting Initiative (PQRI) through a registry and receive a 2 percent incentive payment. By March 1, physicians who work in a private practice, clinic or ambulatory surgery center with four or more physicians must be prepared to report cost information to consumers. In addition to customized education, the Society has several resources to assist physicians and EHPs with the PQRI process and provide guidance to those who submitted data for 2009 but did not receive incentive payments. The Society’s website offers easy access to the PQRIwizard – a four-step online tool that assists physicians and other EHPs with collecting and submitting quality measure data under the Center for Medicare & Medicaid Services’ PQRI 2010 incentive payment program. The PQRIwizard website includes a short online tour to guide users through the process. With regard to Wisconsin Act 146 – the Transparency Law – the Society’s Quality & Education (Q&E) and Government Relations departments are teaming up to offer a free live webinar at noon January 20. Participants are encouraged to submit questions about compliance with the law before the webinar to Joyce Kaping in the Q&E Department to help guide the discussion. Society staff members also recommend that participants review the Implementation Plan for 2009 Wisconsin Act 146, Implementation Plan for 2009 Wisconsin Act 146, which is available on the state Department of Health Services website, prior to the webinar. DHS worked closely with the Society and other key stakeholders on a compliance plan that is not overly burdensome for physicians and that creates useful information for patients. The Society’s Director of Educational Strategies, Penny Osmon, CHC, CPC, CPC-I, PCS, welcomes your questions about PQRI and customized educational opportunities via e-mail or telephone (866.442.3820). To learn more about the Society’s insurance and educational services, call Dave Serena at 414.238.6100 or 800.474.7500.Back to Top
Unique disability insurance policy features simplified underwriting
Posted November 1, 2010 Dave Serena Personal disability insurance is one of the most difficult types of coverage to obtain and almost always requires the person to undergo a physical exam, including labwork, and submit a complete medical history.Wisconsin Medical Society members, however, may be eligible to participate in a simplified underwriting process for long-term disability insurance that does not require a physical exam and seldom requires a medical records review. In addition, qualified Society members are guaranteed a $5,000 per month benefit when they apply within 90 days of their initial membership.
Because physicians often are eligible for higher monthly benefits than they expect, this long-term disability insurance from Wisconsin Medical Society Insurance & Financial Services may supplement a physician’s existing group or individual policy. The maximum benefit is $10,000 per month, and when physicians combine this coverage with another policy the maximum coverage is $30,000 per month.
Another unique aspect of this policy is that Society members who practice only 20 hours per week in Wisconsin are eligible, even if they live in a nearby state. A waiting period may be necessary for those with pre-existing conditions, and coverage ceases when the physician chooses to not renew his or her Society membership.
For more information about long-term disability insurance, call Wisconsin Medical Society Insurance & Financial Services Inc. at 866.442.3810.
Life Insurance - What you need to know
Posted October 8, 2010 Kathryn A. Mueller, CLU, ChFC, FIC, LUTCF, Insurance Advisor How will my family manage financially when I die? The simple answer is life insurance! This is generally a topic that no one wants to think about. But if someone depends on you financially, it is a subject that must not be avoided.There are many different types of life insurance; however, the most important question to ask yourself is, “How much life insurance do I need?” When you die, your family will not care what type of coverage you had; they will want to know how much coverage is available to the family to maintain their standard of living.
Life insurance can replace your income. It can provide payments to cover your mortgage, debts, student loans and final expenses. Life insurance also can pay for estate taxes, complete a college fund or create a charitable endowment for a favorite charity. It also can be used as a retirement income vehicle. The death benefit proceeds generally are not subject to federal income taxes.
Term policies pay a death benefit to your beneficiary if you die within a certain time period. There is no cash value to a term policy; typically, a term policy offers the highest death benefit for the lowest cost. Over a long period of time, however, a permanent policy may be more cost effective.
Permanent life insurance will pay a death benefit until age 100 (some policies go to age 120!). This type of policy builds cash value on a tax-deferred basis. The cash value can be used while you are living for a variety of purposes. You can use the cash to fund college educations, retirement income and emergency situations. The premiums are higher than term premiums, but typically are level for life.
An insurance advisor can help you develop a life insurance plan that best fits your needs. If there have been changes in your life (marriage, children, job change, retirement or death of a spouse), it makes sense to review your current plan. To learn more about life insurance and how it fits into your financial and estate plan, call Wisconsin Medical Society Insurance & Financial Services Inc. at 866.442.3810.
Long term care insurance:
An important part of your financial plan
Posted September 1, 2010Kathryn A. Mueller, CLU, ChFC, FIC, LUTCF, Insurance Advisor
Creating a financial or estate plan may seem simple: make sure you have adequate life insurance, put money aside for retirement, set up wills and trusts. Another very important piece of this overall plan – long term care planning – often is overlooked.
During the past few years, many people have been surprised by the impact of the economic downturn on their retirement assets and portfolios. Some people who thought that they would be able to pay for long term care needs by self-funding are now realizing that they may not have the money to do this.
Long term care insurance reimburses you for care received in your home, an assisted living facility, a nursing home and more. When deciding whether to consider long term care insurance, there are several questions you will need to answer.
Will I need long term care? Statistics show that 1 in 2 people over the age of 65 will need some sort of long term care. Do you have someone who could take care of you? Do your children live nearby and would they be willing to help? Would they be available to help (do they have families that they are responsible for)? Do they have the capacity to help? Can I afford to pay for long term care myself?
According to the Genworth 2010 Cost of Care Survey, home health care costs in Milwaukee and Waukesha counties are $22 per hour (median rate). The assisted living facility median rate is $42,420 annually, while a private nursing home median daily rate is $282 ($102,810 per year). Even if there is adequate money available to pay for long-term care expenses, you may want to consider transferring some or all of that risk to an insurance company, thereby leaving the rest of your money to you and your family.
How do I choose the policy and the company that is right for me? An insurance advisor can help you decide what benefits are appropriate. Age and health status may also limit you to a few companies. You will want to look for a strong company with good financials, and you will want to know how long the company has been selling long term care insurance and if it has had any premium increases on its existing book of business. An advisor also can explain the differences between contracts.
To learn more about long term care insurance and how it fits into your financial and estate plan, call Wisconsin Medical Society Insurance & Financial Services Inc. at 866.442.3810.
Travel benefit added to WPS health insurance policies
Posted August 18, 2010Ellen Rohrdanz, CEBS, RHU, President and Chief Operating Officer, Wisconsin Medical Society Insurance & Financial Services
Planning a trip outside of the United States can be an exciting yet stressful time. Passports, accommodations, itineraries, currency and many other details need to be in place before leaving home.
Now, all WPS Wisconsin Medical Society member health insurance policy-holders traveling abroad have added peace of mind because of a new travel benefit. This enhancement applies only to WMS physician members and their family members insured under the policy. The benefit was added at no charge to WPS member health insurance policies effective July 1, 2010.
“After a Medical Society member experienced a health emergency while on vacation, we realized the importance of a travel benefit for our policy-holders and their insured family members,” said Ellie Rohrdanz, CEBS, RHU, President and Chief Operating Office of Wisconsin Medical Society Insurance & Financial Services. “Even if high quality health care is available, there are many other concerns when a person becomes ill in a foreign country – communication issues, up-front payment requirements, medical transportation to return to the United States and much more.”
WPS has partnered with Seven Corners, an Indiana-based company that offers a worldwide medical network and assistance services outside of the United States, to provide this benefit for the Wisconsin Medical Society Member Plan. This exclusive benefit assures the highest quality of care is delivered in the best setting for you. Seven Corners’ staff members are highly skilled with medical payment in foreign currency, wire transfers of money to providers, communication in the primary language of the treating providers, and delivery of patient and family assistance in times of need.
“We are very excited to offer this benefit to our member policy-holders,” Rohrdanz said. “Whether traveling for business or pleasure, we all want to rest-assured that we will be taken care of should a medical emergency occur.”
Click here to learn more about this new benefit. If you have any questions or would like additional information about the WPS Wisconsin Medical Society Member Plan, please call your Wisconsin Medical Society Insurance & Financial Services agent at 866.442-3810.
Insurance coverage can minimize identity theft losses
Posted June 10, 2010Melissa Schall
Identity-theft awareness and prevention efforts are clearly growing. More and more people are increasingly cautious about providing personal information unless absolutely necessary and taking precautionary measure such as shredding documents with bank and credit card numbers.
More than 200 customers contacted a Madison-based bank one morning about phone calls indicating their accounts had been compromised (Wisconsin State Journal, April 30, 2010). Still, the Federal Trade Commission (FTC) estimates that as many as 9 million Americans have their identities stolen each year; and losses to individuals, businesses and financial institutions topped $15 billion in 2006.
Some victims spend hundreds of hours and thousands of dollars to resolve the problems that result from identity theft. In fact, the FTC says that “one of the major ‘costs’ to identity theft is the time you will spend to clear your name.” (www.ftc.gov/bcp/edu/microsites/idtheft/consumers/deter.html)
Identity theft insurance, however, can minimize losses if a theft occurs. At generally less than $100 per year, identity theft insurance provides expert guidance in identifying fraudulent accounts as well as legal, emotional and other support. Most homeowner insurance policies offer little, if any, coverage for identity theft; however, some companies offer this type of coverage as an endorsement to a homeowner policy. Identity theft insurance provides victims with a specially trained coordinator who prepares paperwork, places telephone calls and completes other activities necessary to resolve identity-theft related issues (such as reviewing credit reports, canceling accounts and removing disputed items from bills). Some policies also include reimbursement for expenses incurred, including
- Costs of executing affidavits
- Costs of certified mail
- Lost income
- Loan re-application fees
- Attorney fees
Wisconsin Medical Society Insurance & Financial Services offers a wide variety of products to protect your practice, your family and your employees – including life, long-term care, home/auto/umbrella, health and dental coverage. For more information, contact Wisconsin Medical Society Insurance & Financial Services at 866.442.3810.
The Real Cost of Malpractice Coverage
Posted April 28, 2010Russ Heil, Heil Financial Group
You may not be aware of “consent to settle” clauses in professional liability coverage, but it’s important to know about them since Wisconsin law does not allow them. Because of this law, insurance companies can settle any malpractice claim without a physician’s consent.
It’s even more important for you to know how a company handles claims. I have been working in this market for 27 years. During this time, I have had many clients share with me their experiences on how different companies operate.
One of my clients, a physician who works at a company with a good reputation, found himself in a sticky situation. Without his consent, the company settled a $500,000 claim. This settled claim is now a part of the physician’s practice history. Because settlements are reportable to the National Practitioner Data Bank, this type of action can have a negative impact on a physician.
I have another physician client who went through this process with a different company, a company that believes in defending physicians rather than settling malpractice claims in an effort to save time or money. This company went to trial and fought a claim against the physician. Today, that doctor does not have a plaintiff verdict as a part of her practice history.
There are insurance companies in Wisconsin that are more likely to defend physicians, and there are insurance companies that settle a very high percentage of claims against physicians. While every outcome depends on the facts and circumstances of the particular case, wouldn’t you want the kind of company that fights for you rather than settling and potentially affecting your record?
For more information on malpractice insurance, call Wisconsin Medical Society Insurance & Financial Services at (866) 442-3810 or their authorized representative, Russ Heil of Heil Financial Group, at (800) 236-4345.
When do you need to purchase life insurance?
Posted July 9, 2009As a member of the Wisconsin Medical Society, you can request affordable coverage today!
Many Americans are unwittingly putting their families at risk of a financial disaster. Nearly a third of Americans don’t have any life insurance coverage. And among those people that have coverage, 40 percent believe their current amount isn’t enough, according to Facts About Life 2006: America’s “Love-Hate” Relationship with Life Insurance (September 2006).
Why do so many people lack insurance protection? Many people put off purchasing life insurance because they cringe at the thought of planning for their own demise. However unpleasant it may be, your decision to purchase life insurance can impact your family’s plans for the future. That’s because a life insurance benefit can be used by your loved ones to pay for everything from final expenses like a funeral to living expenses such as mortgage payments, student loans and groceries.
But the persistent feeling among consumers is that, despite the odds, they are somehow immune to the hard reality of an untimely death. The truth is, a 35-year-old man has a one-in-six chance of dying before reaching retirement age. The odds are only slightly better for a woman of the same age, who has a one-in-nine chance of dying before age 65, according to The Changing Face of Mortality Risk in the United States by Daniel Theodore.
As a Wisconsin Medical Society member, you have the opportunity to request life insurance at affordable group rates. Take advantage of your Society membership and the benefits that go along with it and apply for the Member Life Plan today. Click here to apply, and click here to find out more about when you should buy life insurance.
Wisconsin Medical Society Life Insurance coverage is issued by The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ 07102. A Booklet-Certificate with complete Plan information, including limitations and exclusions, will be provided. Contract series 83500.
Loss prevention, higher deductibles may help your practice save money
Posted July 9, 2009There are more than 25 million small businesses operating in the United States today, yet many of their owners are not taking advantage of ways to save money on their insurance. In lean times like this, it is even more important to evaluate your business’s habits and consider ways to reduce spending while boosting profits.
Wisconsin Medical Society Insurance & Financial Services can provide invaluable advice to help protect your business. It is important to keep us informed about any changes in your business operations, such as a major purchase, expansions or changes in hiring or the nature of your operations. Remember to not skimp on important coverage or cancel coverage to save money.
Please contact your Wisconsin Medical Society Insurance & Financial Services agent directly or use our on-line contact form so we may tailor your plan to work with your specific needs.
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About Us
Wisconsin Medical Society Insurance is an independent agency that serves the insurance needs of the medical community. We offer medical professional liability coverage, hospital coverages, business insurance and much more.
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To request more information, please use our online contact form or call 866.442.3810.
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