Newsletter Issue 4 - October, 2010

From the Desk of Tim Connell

Welcome to the October 2010 edition of our Connell Insurance Newsletter!

The leaves are beginning to turn and the weather is cooling down as we enjoy the Fall season and get ready for the holidays! In order to help you better prepare for winter weather, we have some tips on winter preparedness for business, winterizing your boats, and heating safety for your home.

In our continuing efforts to help you manage your workers' compensation risks, we also have articles on some common misconceptions that can cost you major dollars and a major employer that has created significant savings through an extensive program of managing workers' comp claims more effectively. Our financial planning associate, Tyler James, also provided an article that looks at changes to income and estate tax laws that are just around the corner.

The most recent presentation in our Connell Seminar Series focused on the current status of Healthcare Reform – the Patient Protection and Affordable Care Act (PPACA). This turned out to be one of our most popular of the year, as we actually had to move into a larger room at the Branson Convention Center to accommodate over 100 attendees.

William K. Mahoney, FACHE of Skaggs Regional Medical Center, started off the presentation with "Healthcare Reform: The Upcoming Effects On Your Local Health System." His presentation included a quote from Len Nichols, PHD, that states, "[The] Patient Protection and Affordable Care Act is a huge, ambitious, not-smooth-sailing-but-gotta-start-somewhere package of reforms."

Sam Drysdale, Director of Regional Sales at Mercy Health Plans, next explained the immediate impacts of the reforms that took effect on 09-23-2010 as they relate to employers and insurance carriers, what changes take place in 2011, and discussed Grandfathered versus Non-Grandfathered plans under the new law.

For more information on this seminar, please feel free to review the audio and video presentations from the seminar at www.connellinsurance.com/audiolib.php.

Remember that if you have any suggestions or topics that you would like to see in future issues, drop me a line at tconnell@connellinsurance.com.

Sincerely,

Tim Connell

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The staff at Connell Insurance is definitely community minded and can frequently be seen participating in local charitable events. The Relay for Life to fight cancer is an annual endeavor at our agency and the Connell Team raised over $3,000. Read all about our team, including some Hollister officials, and check out the pictures – including one of our Team Queen in full dress – Mike Coan.

In just a couple of months, significant tax law changes will take affect on January 1, 2011. The two primary areas of focus are the federal estate tax and ordinary income tax. In this article, Connell's financial planning partner Tyler James looks at how these changes could impact you. If you're curious about changes to the income tax rates and the applicable exemptions for estate tax, you need to read this.

Missouri's Department of Workers' Compensation reports that there are some common misconceptions about who needs to provide workers' compensation that could cost businesses significant fines. Make sure you've got the straight scoop on workers' comp.

Here's an intriguing story about a major U.S. employer (22,000 employees) that has grown in size, but cut the costs of workers' comp in half. They've done it by developing a safety and quick-return-to-work culture, management participation in the claims process, and treating work and non-work injuries alike. Interesting reading for companies of any size that want to better manage the costs of injury.

It's a sign of the economy that people are trying to manage their heating costs. For many, that means the use of alternative heating sources and that can be risky. National surveys have linked an increase in home fire claims to alternative heat sources and identify some of the riskiest behaviors in the use of such sources.

As the weather cools down, it's time to get your boats ready for winter maintenance and storage. Tim Connell finds that planning can make everything a whole lot easier, and offers a warning about the exclusion of freezing damage from most marine policies.

Boats aren't the only things that need to be winterized – how about your business? Here's a checklist compiled by the Small Business Administration that offers tips on what you should do to plan for winter storms, what to do during the course of winter storms, and what you might need to do for your employees. Considering some of our past winter and ice storms, this checklist is advantageous for any business in the area.

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