FREQUENTLY ASKED QUESTIONS
WHAT MAKES MASON-MCBRIDE, INC., DIFFERENT FROM OTHER PROVIDERS OF RISK MANAGEMENT, GROUP BENEFITS, OR FINANCIAL SERVICES?
Mason-McBride, Inc., serves its clients with a holistic, solution-oriented approach to risk management and financial services. Because we do not have any proprietary products, we are able to remain client-focused and to design a plan solely in the best interest of the client. Our responsibility as consultants is to guide our clients to the best opportunities available in the marketplace. We assist our clients in formulating a strategy that helps them meet all their risk management and financial goals.
WHAT MAJOR TRENDS SHOULD BUSINESSES EXPECT OVER THE NEXT 12-18 MONTHS?
We will continue to witness consolidation of insurance companies. The industry will see continued emphasis on risk and loss control. Employers will experience continuing price/cost pressures from medical providers, as well as an increase in program utilization. The availability of Health Savings Accounts creates a new opportunity for employers to restructure their health care programs. We can assist in determining the feasibility of implementing such a program.
HOW OFTEN SHOULD A COMPANY REVIEW ITS INSURANCE AND FINANCIAL SERVICES PROGRAMS?
At a minimum, on an annual basis. However, we encourage clients to analyze their programs more frequently as events and exposures dictate.
WHAT ARE THE MOST IMPORTANT ELEMENTS OF A SOUND FINANCIAL AND INVESTMENT PLAN?
A thorough integration of a client’s legal, tax, insurance, and financial strategies ensures a healthy plan that links compatible overall objectives.
WHAT ARE THE ESSENTIAL COMPONENTS OF A SECURE RISK MANAGEMENT SOLUTION?
It must identify exposures, analyze the impact of the exposures, diagnose potential treatments, and design solutions compatible with the strategy of the business or individual.
WHAT SHOULD A COMPANY CONSIDER IN DESIGNING A GROUP BENEFIT PLAN?
It is imperative to recognize the difference between cost sharing and cost shifting. At a minimum, group benefit plans must be compatible with a company’s overall human resource and business strategy, and minimize the administrative burden of the plan on the organization.
ARE THERE ANY STEPS THAT BUSINESSES SHOULD BE TAKING TO ENSURE COMPLIANCE WITH UPCOMING LEGISLATION OR NEW FEDERAL REGULATIONS?
Changes in COBRA, HIPAA, and the FMLA require constant monitoring by a company’s benefits professionals. It is also necessary to keep informed about credit reporting issues. Your benefits consultant can work with you on these issues and present you with opportunities to outsource them.
BESIDES HOME AND AUTO INSURANCE, ARE THERE OTHER TYPES OF PERSONAL COVERAGE THAT SHOULD BE CONSIDERED?
As part of a holistic personal risk management program, a number of additional exposures to review include (but are not limited to):
- Life insurance
- Excess liability
- Fine arts
- Long-term care
- Directors & Officers (D&O) for individuals who serve on boards of directors