Ten Broeck Insurance Group

Chuck — Tue, 02 Feb 2010 14:22:51 +0000

Ten Broeck Insurance Group is an insurance agency with proven professionals who are caring and conscientious – the kind of people you can depend on. We know our clients needs on a personal level and understand when you have questions, you need a person to talk to – not a recorded voice and a list of automated options. Ten Broeck Insurance Group is committed to maintaining a high standard of excellence in all that we do and seek to establish a firm relationship of mutual trust with each of our clients.

At Ten Broeck Insurance Group, we offer the following types of coverage:

Individuals		Businesses
Life Insurance Disability Insurance Long-Term Care Estate Planning Annuities		Health Insurance Short- and Long-Term Disability Long-Term Care Insurance Voluntary Benefit Plans Self-Funded Medical Plans Life Insurance AD & D Dental Insurance Retirement Plans

Derek and the rest of the team at Ten Broeck Insurance Group look forward to working with you to develop a comprehensive insurance plan that fits you and your budget.

Benefit Trends for 2012

tenbroeckins — Mon, 23 Jan 2012 14:23:13 +0000

A look at benefits trends for 2012

By Amanda McGrory

December 7, 2011

With 2012 nearing, the latest benefits landscape is on the horizon, and much of it focuses on costs.

As many employers are still looking for ways to tighten their budgets, the shift toward shared accountability is projected to continue, says Lenny Sanicola, senior benefits practice leader for WorldatWork, a nonprofit organization that specializes in global human resources issues. More employees are expected to partner with their respective employer to manage health care costs, meaning employees will continue to take on a larger share of those expenses than in the past. Thus, consumer-driven health plans are expected to be strong in 2012.

“Although employee selections of these options has been slow, I expect more and more employees to choose CDHP options due to generally lower premiums coupled with more education from organizations on how these plans work and can save individuals and families money,” Sanicola says. “In addition, more employers are beginning to only offer CDHP options, totally replacing more traditional options, so eligible employees who want coverage must select such options.”

When looking at CDHP enrollment figures from 2006 to 2011, these plans appear to be a largely growing trend, according to a recent benefits trend survey by WorldatWork. In 2006 the survey shows that 73 percent of employers did not offer CDHPs, but by 2011 that figure fell to only 53 percent. Of the respondents with CDHPs, 26 percent offer health savings accounts in conjunction with CDHPs in 2011, as opposed to 11 percent in 2006, and 11 percent offer health reimbursement accounts with CDHPs in 2011, compared to 9 percent in 2006. Another 6 percent of respondents offered both HSAs and HRAs in 2011 when no respondents offered the combination in 2006.

Sanicola also expects wellness programs, which tie into cost sharing, to continue their surge in popularity. With wellness programs, employees have a greater sense of consumerism and accountability, causing more employers to rely on them as a way to manage costs. The increase in wellness programs can be seen in the WorldatWork survey that shows 75 percent of respondents offered wellness programs and promoted better health in 2011 while only 65 percent did so in 2004.

Critical illness is another benefit that is expected to see growth in 2012. In fact, just from 2009 to 2010, critical illness grew 24 percent, reports Colonial Life, a supplementary insurance provider. Medical conditions such as cancer, heart attacks and strokes are expensive to care for, but critical illness insurance provides out-of-pocket protection to handle the expenses after treatment, says Randy Finn, assistant vice president of supplemental health product at Colonial Life. While critical illness is a newer product on the market, updated versions are available to include benefits for multiple occurrences of a critical illness.

Regarding the Patient Protection and Affordable Care Act, there are not many compliance issues that employers should have to address in 2012, Sanicola says, but employers should take some time to focus on developing a long-term health care strategy and analyzing how PPACA can impact business over time. The new year may only be 2012, but 2014 is just around the corner.

“There is much uncertainty and anxiety of where reform will land, but for 2012, most employers will stay the course, manage their short-term expenses with a shared accountability with employees, be aggressive with their health and wellness strategies, and continue to look for the best value for the return on their investment in benefits,” Sanicola says.

The Importance of Long Term Care Insurance

tenbroeckins — Thu, 06 Jan 2011 15:37:08 +0000

Many people assume that Long Term Care insurance provides exclusively for services rendered by nursing homes, however, the term Long Term Care encompasses a wide array of personal care, health, and supportive services that provide assistance and improve the quality of life of those with chronic, long term conditions. Long Term Care Insurance is important to safeguard your assets in the event that you require an extended period of personalized care. The costs of long term care are rapidly rising and the estimated average cost of one year in a nursing home is $75,190 and full time help at home can run as high as $39,530 per year.

Due to medical advances and lifestyles, people are generally living longer. Currently 35 million Americans are 65 or older, however, by 2030 that figure is projected to grow to over 70 million Americans. More people living longer means more of us are likely to need expensive long term care. Every person age 65 or older faces a 40% risk of needing long term care, and 10% of those people require care for over five years.

Many individuals are ill-equipped to handle long term care payments with their savings and assets alone and many turn to Medicaid or Medicare. Medicaid, a need-based federal program administered by states, requires placement in a program-approved nursing home. Medicare is more comparable to health insurance than long term care insurance, and provides for doctor and hospital bills for people over 65 but requires continuous improvement in health and ceases to pay after only 100 days. Long Term Care Insurance, however, provides you with the financial support necessary to handle the expenses of long term care.

When you purchase Long Term Care Insurance, you begin to pay a premium to an insurance company and, in the event that you should ever find yourself in need of long term care, the insurance company will supply you with the money to handle the costs of your care. Whether you choose to fully or partially ensure yourself against the expenses of long term care, your Long Term Care Insurance will help you remain in your home longer, retain you financial security, and allow you to receive the care you desire without burdening others.

One of the most important and significant benefits of Long Term Care Insurance is that it protects the assets you have worked for throughout your life from being liquidated to provide for your long term care. All financial strategies you possess, including your retirement funds, finances, and estates, are at risk when you require care without possessing Long Term Care Insurance. Long Term Care Insurance also provides the disabled with an improved quality of life. According to the Health Insurance Association of America, on average, Long Term Care Insurance provides 14 more hours per week of personal care and allows you a choice of settings, benefits, and services.

There are many important criteria to consider when choosing a Long Term Care policy, and the best way to get started with Long Term Care Insurance is to talk to an insurance agent about the differences between policies and what is most important and appropriate for you.

Reevaluate Your Life Insurance This New Year

tenbroeckins — Thu, 06 Jan 2011 15:35:56 +0000

Each year we make New Year’s resolutions to get our financial affairs in order. However, in the process many of us fail to reevaluate a very important aspect of our finances: life insurance. Make this year the year to truly organize your finances to a place where you are comfortable knowing your family will always be taken care of by reevaluating changes in your life insurance needs. Mortgage payments, tuition, and other bills dictate the appropriate amount of life insurance for you, and as these criteria change so does your necessary amount of coverage. Your life insurance policy is extremely important to ensuring your family’s financial stability in the event that anything should happen to you, which is why it is so important to be sure you own a policy providing you with the correct amount.

Reevaluating your life insurance policy yearly to be sure that you have adequate coverage for your changing lifestyle and needs is important to ensuring your dependants’ financial security. Haven’t evaluated your policy since you purchased it? Well, make this New Year a time for change; make your resolution to ask yourself:

What are my daily living expenses each year (after subtracting my spouse’s income and my social security benefits)? Multiply those expenses for the number of years for which you want to offset the loss of your income.
What is the outstanding balance on my mortgage and other debts?
How many college tuitions do I want to provide for?
What will my funeral expenses be?
Would I like to leave any charitable donations?
Will I have to plan for estate taxes?

These questions will help you evaluate the amount of life insurance you need to protect your dependants after your death. If this amount differs from your current policy amount, meet with an insurance agent to discuss the changes and the expenses you need your policy to provide for.

Why You Need Disability Insurance

tenbroeckins — Thu, 06 Jan 2011 15:34:39 +0000

Illness or injury, may they be long or short term, can keep us out of the workplace and, more importantly, keep us from collecting a pay check. When this happens, our dependents who rely on our income suffer along with us. Disability insurance exists to protect workers from the loss of income caused by the inability to work.

Being healthy enough to work and provide for yourself and your family is one of the most important assets you possess; insuring that ability is a great way to safeguard yourself against injury or illness. Many people like to assume that Disability insurance is not necessary for them; however, every person has a 30 percent chance of becoming disabled at some point during their time in the work force. Disability insurance can help, in these instances, to provide for your day to day expenses and bills such as your mortgage or tuition. Personal Disability insurance plans can cover either part-time or full-time loss of work. According to Met Life Disability, Disability insurance plans tend to cover, on average, between 50 to 70 percent of income. This monetary support in a time where you have lost your own income can be a large help to not fall behind on your financial responsibilities.

There are two different types of Disability insurance, called Noncancelable, where the policy’s premiums and benefits are fixed, and Guaranteed Renewable, where the benefits are fixed and the premiums may only be raised on a non-discriminatory basis. A qualified insurance agent can help you decide which type of Disability insurance is right for you and calculate the amount of insurance you require by helping you compare the difference between your expenses and your remaining income while disabled.