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Category Archives: Insurance / Employee Benefits

Business Report: Health Savings Account For Your Retirement

September 7, 2019September 9, 2019

By David Kopyc

The average 65-year-old couple will spend $285,000 on medical expenses in their retirement and this figure does not include any long-term care expenses.

Healthcare continues to be one of the greatest expenses and concerns for retirees and individuals considering retirement in the near future.

Unlike your parents’ generation, most of you will not have any employer or union-sponsored health benefits. Therefore, healthcare costs will likely consume a larger portion of your budget in retirement and you will need to plan for this well in advance of your date of separation.

Small Businesses Should Consider Risk Management Policies To Mitigate Damages

September 7, 2019September 9, 2019

Thomas Flynn is co-founder, president and CEO of Jaeger & Flynn.

By Rachel Phillips

The nature of business often requires some level of risk taking, but not all risks a business owner faces are under their control.

For example, an employee may be injured in an accident, or a security breach could result in data loss or theft. While no one can completely avoid all potential risks, partnering with a qualified insurance or risk management provider can identify where they might be vulnerable and create a plan to manage and mitigate damages.

Thomas Flynn, co-founder, president and CEO of Jaeger & Flynn, with offices in Saratoga Springs, Clifton Park and Glens Falls, said all risk management processes follow five basic steps: Identify the risk, analyze the risk, evaluate or “rank” the risk, treatment, and monitoring the risks regularly to assess whether they’ve changed.

Business Report: Compensation Package Concerns

September 7, 2019September 9, 2019

Rose Miller is president of Pinnacle Human Resources LLC.

By Rose Miller

With the frequent changes in wage and hour laws, many companies are struggling with decisions regarding increases in pay. Minimum wage will be increasing again in December. The end of the year is also a time when employers are evaluating performance and employees are evaluating their jobs and their pay.

Although pay dissatisfaction is only a symptom of job unhappiness, it can be the excuse on whether an employee decides to stay or leave. Many companies have advertised their company’s record high in sales and profits yet not have it translate to increases in pay for workers. The new laws passed regarding pay history and pay equity have female and other workers wondering if they are being paid equally and fairly.

Business Report: Business Doesn’t Have To Die With You

April 4, 2019April 5, 2019

Brian Johnson is a director at director at Advisors Insurance Brokers.

Brian M. Johnson, MBA, CLTC
Are you a business owner or manager in a business? Yes? Then ask yourself: If you, a key manager or top sales person retired, became disabled or died yesterday, who would own or manage your business today? Would you want your business interest sold, liquated or retained by a family member or other key employee?
Do you have a partner in your business? Could the business continue without him/her? Would you want to be in business with your now deceased partner’s spouse?
These are critical issues to address sooner than later. Unlike corporations with hundreds or thousands of employees, with layers of management, small business owners and key employees often play a paramount role in the day-to-day success of that business. As a business owner, you probably know what it’s like to be responsible for budgeting and hiring, while also running out to shovel the sidewalk in front of your office or store. In many cases, YOU are that business.
Lets look at three objectives, with corresponding questions, you might consider in developing a continuation plan.
Objective: Retain the business interest for family.

Consider Business Interruption Insurance In The Event Of Flood, Fire Or Natural Disaster

September 7, 2018September 7, 2018

DeWitt Jenks, owner and president of Jenks Family Insurance Agency LLC in Saratoga Springs, cautions that business interruption insurance is not as easy for some types of companies to obtain.
©2018 Saratoga Photographer.com

By Maureen Werther

The recent damage to the Saratoga Springs City Hall after being struck by lightning may have prompted some business owners to look at their own insurance policies and see if they have business interruption insurance.

What would happen to a business if an unforeseen disaster struck? Are businesses prepared to weather the storm and rebuild without breaking the bank?

Business interruption insurance is the part of a business policy that will help when businesses are recovering from a fire, flood, or natural disaster.

Business Report: The Power Of A Great Benefits Plan

September 7, 2018September 7, 2018

Sherry Finkel Murphy, financial advisor with Northwestern Mutual.

Provided By

Sherry Finkel Murphy, MS, RICP

The ability to grab and hold on to the best talent is crucial to the long-term success of any business.

One of the most effective ways to keep employees engaged and motivated is by offering them a carefully crafted benefits plan. Along with salary, it’s what employees look at most carefully when deciding whether to join and stay with a firm.

Business Report: How Can Life Insurance Help You

September 7, 2018September 7, 2018

Breanna L. Lundy is a financial adviser with Edward Jones Financial.

By Breanna L. Lundy

You may not be aware of it, but September is Life Insurance Awareness Month. Of course, you probably recognize, at least in a general sense, the importance of life insurance, but do you know the various ways in which it can help you?

Life insurance can play a sizable role in your ability to achieve some important financial goals, such as these:

Capital Financial Group Rebrands Itself As Employee Benefits Division of Upstate Agency

September 7, 2018September 7, 2018

Capital Financial Group Inc., headquartered at 89 Saratoga Ave. in South Glens Falls, recently rebranded as the Employee Benefits Division of Upstate Agency LLC, its sister agency.

Both Upstate and Capital have been part of the Arrow Financial Corp. family of companies, which includes Glens Falls National Bank and Saratoga National Bank, for many years.

The joining of Capital under the Upstate brand seeks to deliver more value to the customer through efficiency and synergy.

Business Report: How To Choose A Health Plan

September 11, 2017

Jason Bowman, employee benefits consultant, Capital Financial Group Inc.
Courtesy Capital Financial Group Inc.

By Jason Bowman

If you are like most people who find choosing a health plan confusing and stressful, rest assured that a little homework can help make the decision process easier.

When it comes to insurance, unfamiliarity can lead to choices that may not suit you best. But the good news is you get a “do-over” annually during open enrollment.

A good place to start is understanding common health insurance-related terms, such as the “metal” levels of bronze, silver, gold and platinum. It kind of sounds like the Olympics, minus all the excitement.

The idea behind these descriptions is to give you, as the prospective insured, an idea of how costs will be shared between you and your insurer. You will receive the same standard health services regardless of the level, but your cost-share will vary depending on which level you select.

Bronze level means 60 percent is the insurance carrier’s share, 40 percent is your share. Silver level is 70 percent/30 percent; gold level, 80 percent/20 percent; and platinum, 90 percent/10 percent.

To keep it simple, a bronze plan, in most cases will have the same exact network of healthcare providers and prescription drug coverage as that of a platinum plan. The noticeable difference among all levels will be the premiums and the cost of services at time of usage. Simply stated, pay less in premiums and you’ll pay more out-of-pocket at the time of service.

CORE Insurance Consultants Opens Office In Clifton Park; Offers Varied Coverages, Services

September 8, 2016November 8, 2017

Cory O’Brien opened his own agency, CORE Insurance Consultants.

By Jill Nagy

After 11 years in the insurance business, Cory O’Brien has opened his own agency at 1539 Crescent Road in Clifton Park.

The company, CORE Insurance Consultants, sells property and casualty insurance, provides home, auto and business coverage, and can also provide a life or health insurance policy if necessary.

O’Brien represent three insurance companies. His main supplier is Erie Insurance Group. He also sells policies from Travelers and Progressive insurance companies.