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Benistar

Retiree Benefit News

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Benistar Sponsors Community Awareness Day and 5k Race

Benistar is a proud Sponsor of the 6th Annual Dads Matter Too Community Awareness Day and 5k Race in Waterbury taking place on September 15th, 2018.

Dads Matter Too is a Community organization in Waterbury, Connecticut with a mission is to educate, inform, and empower fathers while strengthening and increasing their roles in the lives of their children.

On Saturday, September 15th, 2018, Dads Matter Too will organize a day of Awareness and a 5k Race in Waterbury in an effort to raise both money and awareness for their cause. Benistar is proud to return as one of the main sponsors of the event.

The event hosts vendors, a kids fun run, a Dad’s Dash, giveaways, music, a car show and so much more!!

Where: Library Park, Waterbury, CT 06702 RAIN OR SHINE!

When: September 15, 2018, 8am-2pm

Schedule:

8:00 – 9:00 am: Packet pickup & late race registration

9:00 am: Opening Ceremony

9:10 am: 5K Run (must register to participate)

10:00 am: Kids Fun Run (no registration is needed to participate, open to the public)

10:15 am: 5K Awards

11:00 am: 1 Mile Dad’s Walk (no registration is needed to participate, open to the public)

10:00 am to 2:00 pm: Free Activities and Entertainment –Open To Public‐FREE

Sign Up Here.

Benistar is a nationwide leader in the design, installation, and administration of group retiree medical benefits. Specifically focused on the administration of retiree medical and prescription drug plans, Benistar works with brokers and consultants to provide retiree medical and prescription drug solutions for more than 1,300 companies and organizations nationwide and administers more than $200 million in premiums annually.

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Regulations for New Jersey Insurance & NRA Policies

NJ insurance regulators are in the midst of an investigation of “gun owner policies” that the NRA have promoted in the past. Their main claim is that they are not licensed by the state.

The NJ Governor released a statement this week stating that the Department of Banking and Insurance is investigating the sale of such insurance policies.

Lockton Affinity is under great scrutiny since it has been selling policies that they dubbed the “Carry Guard Program.” The NRA lashed back and denied any allegations. The counsel for the NRA said they have “acted appropriately at all times.”

The spokesman for the company this week stated that the company received an inquiry from the State of NJ:

“We take compliance matters seriously and will work with state regulators to address any concerns,” Davison wrote in an email. “Lockton has been in business for more than 50 years and our commitment to regulatory compliance and doing what’s best for our clients is unwavering.”

The spokesperson for the NRA, William Brewere III released their statement to the press:

“Since 2000, the NRA relied upon Lockton and its assurances that the insurance programs in question complied with all applicable state regulations. To the extent there are questions about Carry Guard being sold as a lawful self-defense insurance program, the NRA relied upon Lockton to administer the program and oversee its availability to New Jersey consumers.”

We dug deep into the official website for the NRA insurance located at mynrainsurance.com and found some text from the website:

“Most homeowners, renters and auto insurance policies limit coverage for firearms, leaving serious gaps in protection. ArmsCare Plus Firearms Insurance takes over where other policies fall short. ArmsCare Plus Firearms Insurance provides NRA members with protection for legal firearms and attached accessories, such as scopes, rings, mounts, slings and sling swivels. Whether you keep your guns at home or carry them with you, there’s always a risk that something may happen to them.”

The policies state that they protect firearms from being lost, damaged, flood, fire, or theft for all firearms under $2,500 or less, anything over they need a list. In bold print the website reads:

No serial numbers are required.

Indicating to firearm owners that they will not question the source of the firearm.

In May, the State of New York fined another company $7,000,000 for selling liability coverage to almost 700 gun owners.

Earlier this month, NY Governor Andrew Cuomo wrote a letter to other politicians letting them know about these policies and how to go about investigating the companies involved.

Some critics have gone as far as calling this coverage “murder insurance” stating it could create more violence and make people more likely to use guns. They created a campaign and a website located at StopMurderInsurance.org hoping to collect digital signatures in an attempt to thwart these policies.

Regardless of these efforts, insurance companies will continue to write policies and law makers will try and stop them. Only time will tell.

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Benistar Earns Women-Owned Certification

For Immediate Release

Benistar announced it has gained official certification as a women-owned business from the Women’s Business Enterprise National Council (WBENC).

WBENC certification validates that a business is at least 51 percent owned, controlled, operated, and managed by a woman or women. The WBENC world-class certification standard is accepted by more than 1,000 corporations representing America’s most prestigious brands, and Benistar is proud to be among them.

“Actually, Benistar has been majority women-owned since 2001 when we became an ESOP (Employee Stock Ownership Plan),” said Molly Carpenter, Chairman of Benistar. “Even back then when we had approximately 55 full-time employees over 30 of them were women!  We’ve doubled in size over the last 15 years and we are proud that we are still well over 51 percent woman-owned — closer to 60%.  Diversity and equality have always been a cornerstone of the Benistar philosophy.  It was important to us that we gave back to the employees as they grew with the company, that was the genesis of becoming an ESOP.  We wanted to make our women-owned status official by partnering with the WBENC knowing the importance of this certification to our customers and suppliers as well as to our employees.”

“As a company in which eight of our ten senior leadership team members are women and nearly 60 percent of the total workforce are women, our commitment to diversity is all about meeting the needs and ambitions of our associates, insurance partners, and customers,” Carpenter added. “With this new certification, as well as other exciting business initiatives, we are prepared to build on our progress well into the future.”

Benistar is a nationwide leader in the design, installation, and administration of group retiree medical benefits.  They are specifically focused on the administration of retiree medical and prescription drug plans.  Benistar has offices in Connecticut and Illinois.

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Group Retiree Plans: What Employers Need To Know

Because of the baby boom, a lot of employees are currently entering retirement. What does this mean for employers? Furthermore, what does it mean for employees? Well, companies that offer retiree health insurance face a dilemma. Fortunately, there are some great flexible group retiree health insurance options. These solutions can help mitigate employer risk while also offering up comprehensive coverage for retirees.So how do retiree health coverage companies work? Well, they help to reduce the medical inflation that puts pressure on retirees. They provide solutions that can help both employers and employees. But how is it done? Well, a good group retiree insurance plan will often integrate with Medicare. The use of Medicare allows companies to take advantage of Medicare’s coverage and also its cost-containment. Furthermore, most group retiree plan companies will separate the active employee medical plan and the retiree plan, as the different groups have different needs which require divergent coverage. This will also allow both plans to be more efficient in terms of their coverage and is especially effective for retirees who have varying medical needs with aging. A good group retiree insurance plan will help to fulfill all obligation to retirees and provide comprehensive coverage that will alleviate any worries associated with retiring.These insurance plans will help aid those in retirement by paying Medicare-eligible deductibles, co-payments and medical expenses that Medicare doesn’t include. This will help the burden often associated with entering retirement by lowering costs. Retiree health insurance companies should be able to provide a lot of options and features when it comes to different plans. Some of these offerings should include the availability to support different group sizes. Depending on the size of the group, the retiree health insurance plan company should be able to accomodate for and customize a plan for your organization. Furthermore, the spouses of retirees must be considered, for those entitled to Medicare and the coverage will be guaranteed.A group retiree health company should also help control overall costs associated with the plan. This can often be accomplished by dividing plans into the categories of voluntary and non-contributory. Further distinctions may be made that will help best accommodate coverage as well as control cost. Additionally, prescription drug plans may be accessed through separate providers. This will help to integrate billing features. Employers should be able to choose a unique and customized prescription drug plan that will help facilitate coverage for all retirees.This integration should also apply to Medicare. In this feature, Medicare will pay first and the group plan will pay after.There are a variety of companies you could choose from for your organization’s group retiree health plans and benefits. But, none stand up to Benistar, the industry standard in retiree benefits and group prescription drug plans. Benistar is the best option for fulfilling an obligation to retired employees and making everyone happy, employer and retiree alike.

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The Ins and Outs of a Group Medical Plan: For Retirees

If you are retired you have probably at least heard of a group health plan. But what are the ins and outs of the group retiree health plan? Well, the answer is somewhat complex. If you are retired and have Medicare and a group health plan from your employer, Medicare pays first for your medical bills and then your group health plan will pay second. It’s important to understand that how your group retiree medical plan work depends on the specifics of that coverage. These specifics are partly to be determined by union or employer or the union or employer of your spouse. However, with a good health care provider, you will be able to receive coverage for what you need.

There are some other things to know regarding a group retiree medical plan. You will want to find out what happens to your employer coverage after you retire. Employers are not obligated to provide retiree coverage and a lot of time they will cut benefits or even not provide certain coverages. This can be catastrophic if any health problems arise in retirement, which they often do. You will want to be sure of what is going to happen with your coverage and what the price and benefits of it will be.

You will also want to find out how your coverage will affect your spouse. Sometimes, your employer will limit how much coverage your partner receives. If this is the case, you or your spouse may have to pay a lot of out of pocket costs. You want to find a retiree medical plan that mitigates any out of pocket costs.

Another the thing you may also want to consider is if you are eligible for Medicare. And if you are, you will need to see how it interacts with your group retiree medical plan. Sometimes, if you are eligible for Medicare, retiree medical plans will not cover what you need. You want a retiree medical plan that can work with Medicare. It is also important to know if you are enrolled in Medicare part a or part b. Both have different components and you will want to select the one that fits and works the best for you and your family.

You will also want to know what effect your continued coverage as a retiree will have on your health coverage and also that of your spouse. A lot of times continued coverage may differ from the health coverage you have had for years. You certainly do not want to get any surprises in terms of coverage (as this could be very expensive and frustrating) so make sure you know what the deal is with your group retiree medical plan and health coverage in general.

If you are interested in learning more about group retiree medical plans, Benistar is a Leader in Post-65 Retiree Medical and Prescription Drug Plan Administration. Call or click today to find out if it is the right fit for you.

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Your Complete Dictionary to Retirement

Retirement is a world of confusion, especially if you don’t know what the words people use to describe it mean. Especially in the world of finance and savings, there’s a whole lot of words germane to just retirement. You may have heard some of these words, or if you’ve spoken to a financial advisor to develop your retirement plan. But if you are like the majority of most Americans, you probably don’t understand a good number of the words used in reference to retirement and subsequent financial planning. In this informative blog post, the retirement experts at Benistar will take you through the most common retirement terms. There are seventeen terms that are most commonly used to talk about financial retirement themes. They include:401 (k), required minimum distribution, annuities, rollover IRA, bank loan funds, Roth 401 (k), defined benefits pension, Roth IRA, defined contribution plan, Individual retirement account, lifecycle fund and SIMPLE IRA.

As you can see IRA is a big theme. So what is an IRA? Well, an IRA is an individual retirement account, an investing tool used by individual people to earn and keep track of retirement savings. Traditional and Roth IRAs are created by individual taxpayers. Traditional IRAs stand out as they are tax deductible, in most cases. Traditional IRAs are a great option in preparing for retirement, if you qualify for them. The other form of individual taxpayer IRA is a Roth IRA, which is not tax deductible. However, eligible distributions of this type of IRA are tax-free. A Rollover IRA is a transfer of money from a retirement account into an IRA.

There quite a few other terms you may have heard in the introduction. One is 401 (k), a retirement behemoth. A 401 (k) is, in layman’s terms, the option for an employee to take compensation in cash or to have it deferred to to a 401 (k) account, an account used in anticipation of retirement. A Roth 401 (k) is a 401 (k) in which you pay taxes initially. A required minimum distribution is the minimum amount of money that must be withdrawn from an account each year, especially in terms of retirement-related accounts, such as an IRA. Bank loan funds are mutual funds that buy loans created by banks and other various financial institutions. A Defined Benefits Plan is something you may encounter in the workplace- it is when the sponsor gives employees a lump sum upon retirement, instead of a deferred income stream.

Furthermore, an annuity is a lump sum of cash that is deferred to be distributed via a monthly stream of monetary income for a set period of time. Defined contribution plans are those in which a certain amount of money is set aside every year by the company, in anticipation of the retirement of the employees. Lastly, a Lifecycle Fund is a mutual fund in which the money in an account is systematically adjusted to be proportional to the lifespan of the fund itself. If you still think you may need a little help in preparing for retirement, look no further than the experts at Benistar. They can make sure you’re adequately prepared for retirement and will help you save a buck in the process.