PEO Tips for March 15, 2006
In this issue we have a special
announcement and some tips. We also continue with the worker’s comp
discussion and excellent health insurance/plan tips from PEO Pros
Benefits Administrator Pam Gass.
Special Announcement
PEO Pros will "cut the ribbon" for our new offices Wednesday March 22nd, at 5:30 pm.
All are invited to attend this ceremony and networking event at:
Office Suites Plus
1802 N. Alafaya Trail
Orlando, FL 32826
The Office Suites are just north of Hwy 50 on Alafaya, immediately past the Radisson.
Food and beverages will be served.
This event kicks off a twice monthly networking event, 1st and 3rd Wednesdays every month at the same location and time.
Food and beverage will be supplied at those events also.
We are talking to the following fine eateries for food & beverage donations:
Sonny's BBQ
Hooters Lake Underhill
Donato's
Cafe Panuzzo's
If you know of a restaurant or other food and beverage purveyor that would like to participate, please contact us!
John Will Tenney, Property & Casualty Insurance Agent for PEO Pros
Worker’s
Comp insurance rates are based on employee risk classifications,
referred to as “codes.” These four digit numbers are assigned to
specific job risks, such as clerical (8810), salesperson (8742),
roofing (5551), three story carpentry and framing (5645), for example.
Each state has its own way of determining what the rate is for each code, for each insurance company.
In some states, (Florida for example), the rates are the same for all companies. This is called an administrative state.
The rates are set by actuaries, who review claims history for each
code. They look at a window that starts 5 years ago and ends 2 years
ago. This review is done annually, and usually performed by the
National Council on Compensation Insurance, or as it is better known
as, the NCCI. (See ncci.com for more information.)
Other states (such as Georgia) allow the insurance companies to submit their own rates determined by their actual losses. These are called loss-cost states.
Many of the code descriptions seem to overlap and often times there is a question about which code is the correct code. This is when you need a licensed agent or PEO to help you. Miscoding, although more common than we like to admit, is technically a felony (fraud) and it is very important to make sure your employees are coded properly. This is one of the reasons that agents are required to carry Errors and Omissions insurance, which is quite expensive. Just paid my bill this week!
The ABC's of Benefits, Part 3
Pamela Gass, Benefits Administrator for PEO Pros
Last
time we discussed DCRAs. In this issue we will discuss the difference
between co-pay and co-insurance. As always, if you have any questions
for me or my staff, please contact me at http://PEO-Pros.com and we will get you an answer ASAP.
We want to be a valuable resource for your benefit needs!
Q - What is the difference between co-pay and co-insurance??
A -
A co-pay is a standard dollar amount that the employee pays for
standard services. They are most commonly attached to an HMO (Health
Management Organization), but they can also apply to a POS (Point of
Service) or a PPO (Preferred Provider Organization). For example, you
might pay a $20 co-pay for a Dr. visit. However, co-insurance is a
percentage of the charge you would pay, typically after your deductible
has been met. For example, a PPO might pay 90% of a hospital stay, and
the employee would pay the remaining 10%. Co-insurance requires the
employee to share a little more in the cost of their insurance coverage.
Next issue we will discuss the ins and outs of enrollment and section 125 plans.
PEO Pros got the job done fast.
Susan from One Seventy Excavating
"We are very pleased with the PEO you selected for us. I did payroll for 3 years, and now that the PEO is doing that, it frees up my time to pursue other things. I don't have to do W2's or 941's anymore, which is great! When we have questions about hiring or firing employees we can use PEO Pros and our PEO as a resource."
(If you would like to have your testimonial printed here, please contact our office.)
We'd like to thank our resource partners:
Scott Kidd with No Joke Biz
The East Orlando Chamber of Commerce
Jeff Bosworth with Sales Growth Group
Listen to us on Thursdays, Marketing 2 Win! Radio show – 11am on WORL 660 AM
