Golden & Cohen
About Golden & Cohen —Founded in 1992, Golden & Cohen is a health insurance benefit services company that serves more than 1500 clients. Based in Gaithersburg, MD, the firm generated $70 million in annual sales last year and has 15 employees.
How Inkandescent PR Helped — In 2008, CEO Stephanie Cohen decided she’d had enough of the ballooning cost of health care and decided to host the DC Health Summit on Oct. 29, 2008.
Success Story — The event brought together more than 100 of the top minds in the health insurance and health care industry, including keynote speaker Steven Aldana, owner of Wellsteps Inc., and panelists Kaiser Permanente’s Director of Population Care Dr. Amy Compton-Phillips, Neurosurgeon Dr. James Melisi, the National Rehabilitation Hospital’s VP Dr. Paul Rao, Maryland’s former Insurance Commissioner Al Redmer, and UnitedHealthcare COO Dr. Sanford Cohen — and Virginia Senator George Barker, who prior to taking office last November worked for 30 years for the Health Systems Agency of Northern Virginia where he helped contain skyrocketing health care costs, promote quality of care, and ensure access to medical care for all Northern Virginians. The moderator was futurist Andy Hines of the research and consulting firm Social Technologies.
April 2011, Ask Men magazine — “If you’re not motivated to get in shape, consider this: Fit men get hotter girls, earn more money and outshine their coworkers,” writes reporter James Fell in this month’s issue of Men’s Health.
“It’s not all about being pretty when it comes to making money off getting in shape; you can save cash just from being healthy,” he notes, and for evidence interviewed Scott Golden of Golden & Cohen LLC, about how healthier people save money on life, health and disability insurance. He told me that when it comes to life insurance, a really healthy guy with a good family history can garner the “super preferred” rate, which translated from insurance-speak means, “Sure, we’ll take your money because we don’t think you’re going to die any time soon.”
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Sept. 15, 2010, The Wall Street Journal — In an article about “second-to-die” insurance, Golden & Cohen founder Scott Golden was interviewed by reporter Joe Mullich who wrote: “In addition to paying the estate tax, second-to-die insurance can also be used to build an estate and guarantee that a specific amount is available for heirs. Because of this, it is often suggested for families who have children with special needs or disabilities.”
Scott Golden explained: “The overall internal rates of return (IRR) can vary based on age, health condition at time of underwriting and death of both of the insured, but on average, the IRR is a tax free 6 percent which looks very attractive in the current financial environment. he insurance isn’t that complicated, but you should consider several variables which might affect how you fund the insurance and the cost of it.”
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By Scott Golden
Co-Owner and CFO
Scott@Golden-Cohen.com
On August 3, Agent’s Sales Journal reporter Heather Trese published an article featuring my comments about the future of Medicare.
She wrote: Some people, including Scott Golden, chief financial officer of the health benefits consulting company Golden & Cohen, predict that Medicare plans — such as original Medicare with a Part D or Med supp addition — will start to become more attractive as Medicare Advantage loses its luster.
I said: “Whenever you make one product less attractive, you’ll make the other product more attractive. So it does work to an advantage for those who work in the indemnity market.” Click here to read Heather’s entire article.
This issue is incredibly timely. In fact, back in March our monthly newsletter focused on Medicare — an important topic, especially if you or a loved one is nearing age 65. The process is complicated, and try as you might, don’t be surprised if you can’t get all the information you need to understand how to apply, what benefits you will receive, and a myriad of other questions you are likely to have. Click here for details.
Also in this issue:
• You’ll find an article by our accountant Eric Cohen, who asks, “Is it time for a Roth conversion?”
• And check out the 10th chapter in our upcoming book, “You Gotta Laugh: Life in the Trenches of the Health Insurance Business.” In this month’s insurance issue, my wife and business partner Stephanie Cohen and I explain why you need to carefully track and pay your premiums at the same time each month.
From all of us at Golden & Cohen, here’s to your good health!
Stephanie Cohen, CEO, stephanie@golden-cohen.com
Scott Golden, CFO, scott@golden-cohen.com
Jack Cohen, COO, jack@golden-cohen.com
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August 1, 2010, Agent’s Sales Journal — Scott Golden talks about the future of Medicare in the new issue of Agent’s Sales Journal. Reporter Heather Trese wrote:
Some people, including Scott Golden, chief financial officer of the health benefits consulting company Golden & Cohen, predict that other Medicare plans — such as original Medicare with a Part D or Med supp addition — will start to become more attractive as Medicare Advantage loses its luster.
“Whenever you make one product less attractive, you’ll make the other product more attractive,” Golden said. “So it does work to an advantage for those who work in the indemnity market.”
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By Scott Golden, CFO
Scott@Golden-Cohen.com
Over the course of a lifetime, there are certain events that can change someone forever. For me, that moment occurred when I found out that my cousin, Steven Seiden, was diagnosed with Amyotrophic Lateral Sclerosis. He lived with that disease for 12 years, but finally succumbed in 2002.
I watched him deteriorate, slowly at first and then rapidly. I, like everyone who knew and loved him, felt helpless. But I wanted to be helpful in any way that I could. I visited Steven many times in his final days, and was there for his funeral alongside my entire family.
On that day, I made a decision to become active in the fight against ALS.
I had made a promise to Steven — not verbally, but emotionally. After his death, I got involved with the ALS Association — DC/MD/VA Chapter, and hosted a gala to raise money to help those stricken by this deadly disease. From that point on, I viewed philanthropy in a whole different way. I made it a priority to give both time and money to this cause, and to other good causes, many that are health-related. I feel that I am a better person for it — and that was the gift my cousin gave me.
Every year in October, I now gather as many friends, colleagues, clients, and family members as possible to participate in the DC Walk to Defeat ALS. It is my way of honoring someone who impacted my life so greatly. I invite you to join me! Mark your calendar now for October 17. I’ll meet you at the Old Folklife Festival Area in downtown DC. Sign up here.
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By Scott Golden, CFO
Scott@Golden-Cohen.com
Needless to say, when it comes to the changing world of health care benefits, we are in very interesting times. The economy continues to teeter and unemployment is still high. We are seeing those factors tie directly to health insurance benefits.
I am speaking, specifically, about COBRA (the Consolidated Omnibus Budget Reconciliation Act of 1985 that was amended as part of the American Recovery and Reinvestment Act of 2009 (ARRA) signed by President Obama in February 2009.
How it works: “Assistance Eligible Individuals” pay only 35 percent of their COBRA premiums; the remaining 65 percent is reimbursed to the coverage provider through a tax credit. The premium reduction applies to periods of health coverage that began on or after February 17, 2009 and lasts for up to 15 months.
A new trend: Although the COBRA subsidy has been around for 25 years, until recently few people opted for it when they left a job. Today, almost everyone who is terminated takes the benefit. It makes sense for the employee, especially in tough economic times when an employee doesn’t know when, or if, they’ll find a new job.
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By Scott Golden, CFO
Scott@Golden-Cohen.com
On behalf of Golden & Cohen, I was invited to attend a recent invitation-only Health Care Reform Summit hosted by The Atlantic magazine. Featured speakers included Congressman Henry Waxman, Henry Aaron of the Brookings Institution, Christopher Dawes of the National Association of Children’s Hospitals, Henry Fineberg of the Institute of Health, and Ambassador Nancy Brinker, founder and CEO of the Susan G. Komen for the Cure.
The event was broken into three panel discussions, which included conversations about “the system,” “the patient,” and finally Congressman Waxman (pictured below) was interviewed by The Atlantic’s senior editor Joshua Green about health care reform.
While I found all of the discussions interesting and insightful, the conversation about the monetary ramifications intrigued me most. Read the entire newsletter to learn why.
Here’s to your good health!
Stephanie Cohen, CEO, stephanie@golden-cohen.com
Scott Golden, CFO, scott@golden-cohen.com
Jack Cohen, COO, jack@golden-cohen.com
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In an effort to help the medical provider community better understand how insurance companies work with providers, Golden & Cohen CEO Stephanie Cohen has embarked on a program to bring the relevant parties together to have a meaningful and productive discussion on how to work more effectively together.
“Lack of communication between carrier and provider is one of the major issues in the health care delivery system,” Cohen believes.
On March 24, she kicked off the program with a presentation featuring Debra Carter, Director of Provider Relations for Maryland, Delaware and the District of Columbia of United Healthcare at the Inova Practice Administration in Alexandria.
“More than 45 people were in attendance for this useful presentation which outlined the tools that are available to each provider — and ways to use them best so we can make the filing process easier for everyone involved,” Cohen explains, noting that much of the presentation addressed how to navigate through United’s system. “Most of the information offered was actually applicable to all insurance carriers. I found it very helpful.”
Cohen adds that what was most interesting was that the goals of both United and the providers seemed to be aligned. “Obviously, the primary goal is to enhance the performance of the health and well-being of the people they serve in each community. United is committed to getting claims paid, and the providers are committed to getting paid for their services. During the group discussion, it was clear to all who attended that communication and teamwork are the key to a successful relationship.”
Alberta Seith, the Physician Liaison at Inova Alexandria Hospital, says: “The meeting drew a large audience that included practice administrators, billing managers and physicians,” Seith says. “Stephanie Cohen gave a detailed presentation that was easy to follow and generated active participation from the group. Participants agreed it was valuable information and they appreciated receiving contact information for additional questions.”
Cohen says she was honored to be able to get these parties together in a very constructive dialogue that can help everyone in the health care system. “I am looking forward to hosting more of these events with additional doctors and hospitals this year.”
Read all about it in this month’s newsletter
From all of us at Golden & Cohen, here’s to your good health!
Stephanie Cohen, CEO, stephanie@golden-cohen.com
Scott Golden, CFO, scott@golden-cohen.com
Jack Cohen, COO, jack@golden-cohen.com
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Washington DC, March 29, 2010 — Stephanie Cohen, CEO of the health and retirement benefits firm Golden & Cohen (www.golden-cohen.com), will offer insight into what insurance customers can expect from the health reform tomorrow morning, Tuesday March 30 from 7:30 to 9 a.m. at the Hotel Liaison Capitol Hill.
Cohen will be a panelist at the first monthly breakfast series on health reform, which is hosted by Amplify Public Affairs’ Disruptive Women in Health Care Blog (www.disruptivewomen.net) and its media partner, The Hill (http://thehill.com).
The topic: Health Reform: US Patience (not a typo) Pay the Price.
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If you are turning 65, don’t be surprised if you can’t get all the information you need to understand how to apply, what benefits you will receive, and a myriad of other questions you are likely to have. It’s a complicated process, and one that we spend much time explaining to our clients. Here’s a primer to get you started.
Medicare Part A — Most people will be eligible for Medicare Part A on the day that they turn 65. This is the program you have been paying Medicare tax on over the years. It covers hospitalization, which is now a free service for you, and you should receive notification about the benefit three months prior to your 65th birthday.
Medicare Part B — Another benefit, which covers physician fees, is part of the Medicare plan called Part B. There is a fee associated with this benefit, and depending on your income level and the date you enroll, this will range between $110 to $353 per month. The challenge with Medicare is that there are gaps in coverage leaving the insured with deductibles, significant out-of-pocket expenses and no prescription drug coverage.
Medigap Policies — Luckily, there is private insurance to address the shortcomings of Medicare A and B. These are called Medigap policies, and the cost ranges from about $170 to $250 per month. These plans will cover medical fees only.
Medicare Part D — This covers the cost of prescription drugs. Again there is a fee to be paid, which ranges from $30 to $80 per month. Because Medigap coverage provides different plans, it is important to sit down and talk about medical needs before selecting a plan.
Have more questions? Don’t hesitate to call or send us an email: scott@golden-cohen.com.
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