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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Why Some Small Businesses Are Surviving the Recession
Thanks to being snowed in by the Blizzard of February 2010, we’ve had time to think back on our business and plan ahead for the rest of the year. Taking this long-term perspective is important for any small business, and it’s something we have done since founding our firm in 1992.
In looking back, we realized that the root of our business was in doing what no one else wanted to do — working with small businesses to implement their health insurance plans. The competition was not intense, at least not initially, and it enabled us to build a substantial business servicing the under-served.
This turned out to be a very good business model for us, as no single client could impact our bottom line in a meaningful way. And it provided great stability — something that every business needs.
As we look around at other firms faltering in the current recession, we realize that other factors have also fed our success: we aggressively look for new clients, we advocate for all of our clients’ rights, and we do not overspend.
Over the years we have also run “fire drills” to simulate what we would do if certain events occurred. And some tough decisions were made early in the game. We could have established a business that spent money on things that do not help our clients, such as a sexier office with a fancy DC address and other big ticket purchases — but we did not. As a result, we are profitable and continue to recalculate and position ourselves for success.
Being prepared, and running a lean and mean business, is our simple secret to success. It’s also how we live our personal lives. And we take pride and joy in sharing those secrets with our colleagues and other small business owners.
From all of us at Golden & Cohen, here’s to your good health!
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February 19, 2010, The Washington Post — In today’s issue of The Washington Post, health insurance broker Stephanie Cohen was quoted in an article by Alec MacGillis and Amy Goldstein entitled, “HHS secretary decries higher rates for health insurance. Separately, Washington area residents holding individual health insurance policies said they have received notices that their premiums are increasing by as much as 40 percent.”
They wrote, “The Obama administration stepped up its criticism Thursday of health insurers’ efforts to raise their rates, an attempt to harness public aggravation with the industry and rebuild momentum for broad changes to the nation’s health-care system.”
“Stephanie Cohen, an insurance broker with the District firm of Golden and Cohen, said she is seeing many similar rate increases, including some that are even larger for small-business policies,” they explained. “She said the increases had been approved by regulators in the District and surrounding states. Insurance regulators in the District and Maryland were not able to provide details about the rate increases on Thursday.”
Read the article online at www.washingtonpost.com.
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Feb. 17, 2010, AOL.com — In an article in today’s issue of AOL’s Walletpop,- reporter Steven Kent talked about how college students can find, and afford, health insurance.
He interviewed Golden & Cohen co-founder Scott Golden, who said, “Know your policy, and pay attention to the fine print.”
“We’ll always get a call from someone who was penny-wise and pound-foolish,” Golden said. “A student gets in a car accident somewhere off-campus, and then they go into their inexpensive student plan and find out it only covers accidents on their campus. There’s just not much we can do for them at that point.”
Students can use online resources like the health insurance FAQs at about.com to help decipher the complex (and occasionally daunting) language of health care.
“View the decision to purchase health insurance as a research project,” Golden added. “Don’t just rubber-stamp it; it’s a huge decision that can have life-altering consequences.”
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Feb. 17, 2010, AOL.com — In an article in today’s issue of AOL’s Walletpop,- reporter Steven Kent talked about how college students can find, and afford, health insurance.
He interviewed Golden & Cohen co-founder Scott Golden, who said, “Know your policy, and pay attention to the fine print.”
“We’ll always get a call from someone who was penny-wise and pound-foolish,” Golden said. “A student gets in a car accident somewhere off-campus, and then they go into their inexpensive student plan and find out it only covers accidents on their campus. There’s just not much we can do for them at that point.”
Students can use online resources like the health insurance FAQs at about.com to help decipher the complex (and occasionally daunting) language of health care.
“View the decision to purchase health insurance as a research project,” Golden added. “Don’t just rubber-stamp it; it’s a huge decision that can have life-altering consequences.”
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Happy New Year! Three weeks into 2010, we find the health care debate in a new, but still unclear, place – especially with the win on Tuesday of Republican candidate Scott Brown in Massachusetts, who beat Democrat Martha Coakley in Tuesday’s special election for the former Senate seat of longtime statesman, Edward M. Kennedy.
We have to agree with the pundits. This marks a critical turning point in the year-long debate about health care reform.
Of course, no one knows exactly what will happen next because the issues are so complex and volatile – including the public option, how to pay for the reform, who pays for the reform, the question of abortion, exchanges, “big” personalities and potential backlash from voters.
From our point of view, it seems that the Democrats have isolated themselves from the Republicans in order to craft a compromise bill between the House and Senate. The hope was to have a bill to the President before the State of the Union address, but with the election of Scott Brown that seems highly unlikely.
What is likely is that the process will be delayed even more and eventually presented as a scaled down version of either bill that has been presented thus far. We will keep you posted as the debate continues.
For now, we invite you to read the interesting articles in this issue of our monthly newsletter:
- Four Ways to Slash Health Care Costs in 2010 by Scott Golden
- ARRA COBRA Subsidy Has Been Extended by Jack Cohen
- Keep those New Year’s Resolutions Injury-Free by Dr. Greg Swistak
- How to Successfully Manage Conflict in the Workplace by Anne Lee
- And in the second chapter of their new book, “You Gotta Laugh: Life in the Trenches of the Health Care Business,” Stephanie Cohen and Scott Golden discuss The Importance of Continuity of Care
From all of us at Golden & Cohen, here’s to your health in 2010!
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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Gaithersburg MD, December 18, 2009 — Stephanie Cohen, CEO of the health benefits firm Golden & Cohen, will appear tomorrow on Executive Leadership Radio, www.bigtalker1580.com. The show will air from 10-11 a.m. on WHFS 1580.
Stephanie will talk about her company, the health and retirement benefits firm Golden & Cohen, and her life in the trenches of the insurance industry.
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Hello, and welcome to our December news blast. We’re very pleased to announce that this month our own Stephanie Cohen, CEO of Golden & Cohen, was named one of SmartCEO Magazine’s 2010 Smart100 CEOs.
“After another competitive year of nominations, the selection committee has chosen Stephanie Cohen to join an elite group of 100 of Greater Washington’s leading CEOs and their organizations,” announced SmartCEO magazine’s Makenna Coyne. “Combined, this group employs more than 150,000 people, boasts revenues in excess of $9 billion, and has won almost 1,500 business awards. In addition, the group shares a philanthropic spirit by donating time, energy and money to local Washington area charities.”
Each winning company reported revenue in excess of $5 million annually and was selected based on the CEO’s leadership, strategic vision and character, said Coyne noting that Cohen was an obvious choice to be part of the 2010 list due to her initiative to organize and host last year’s DC Health Summit (www.dchealthsummit.com), her charitable work with the ALS Association’s DC/MD/VA Chapter (which helps empower people with Lou Gehrig’s disease), and other nonprofit organizations, and her sheer determination to fight for her client’s rights.
“I am incredibly excited to be acknowledged for the work that I do on behalf of my clients,” says Cohen, who with her husband and business partner Scott Golden has run her firm since 1992. “I have a passion for this work, and truly want to make a difference. I know I can’t change the world, but I can do my part in improving things by helping one person at a time.”
TUNE IN DEC. 19 to hear Stephanie Cohen on Executive Leadership Radio
Stephanie Cohen has been invited to talk about her leadership style and how she and her husband / business partner Scott Golden have built their company into one of the largest insurance brokerage firms in the DC Metro region. Tune in on Saturday, Dec. 19 to WHFS 1580 AM. The show will air from 10-11 a.m. Or, log onto www.bigtalker1580.com.
IN THIS ISSUE
Click below to read about our thoughts on healthcare reform and what it’ll mean to our clients. You’ll also find useful advice from DC attorney Brian Leventhal about the importance of writing good contracts. And new this month we’ll be featuring entries from Stephanie’s new book, “You Gotta Laugh: My life in the trenches of the health insurance business.”
From everyone at Golden & Cohen, we wish you and yours a very happy and healthy holiday season!
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Gaithersburg MD, December 2, 2009 — Stephanie Cohen, CEO of the health benefits firm Golden & Cohen, found out this week that she was named one of SmartCEO Magazine’s 2010 Smart100 CEOs.
“After another competitive year of nominations, the selection committee has chosen Stephanie Cohen to join an elite group of 100 of Greater Washington’s leading CEOs and their organizations,” announced SmartCEO magazine’s Makenna Coyne on December 1. “Combined, this group employs more than 150,000 people, boasts revenues in excess of $9 billion, and has won almost 1,500 business awards. In addition, the group shares a philanthropic spirit by donating time, energy and money to local Washington area charities.”
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Hello, and welcome to the November issue of our e-news blast. What a month it has been in terms of health care reform. As you know, the House of Representatives on Saturday, November 7 passed a sweeping health care bill by a vote of 220-215.
The passage of H.R. 3962, the Affordable Health Care for America Act, gave proponents of health care reform a step forward. But whether the bill will become law remains uncertain because it’s not yet clear when the Senate will vote on its bill – and if it passes, the House and Senate bills would have to be reconciled into one document and voted on again.
Soon after the House bill was passed, Scott Golden, CFO and co-founder of Golden & Cohen, was interviewed by Sheryl Nance-Nash of Insight magazine on the impact of proposed healthcare reform on the economy. Read that below.
This month, we’d also like to share some expert advice from two professionals that we work closely with.
First, HR expert Sharon Armstrong, owner of the human resourses brokerage firm Sharon Armstrong & Associates and author of Stress-free Performance Appraisals, gives insight into how bosses can better evaluate their employees.
In another stress-free story, therapist Susan Richman answers Stephanie Cohen’s questions about how we can all stay calm during the stressful holiday seasons.
We hope you enjoy their advice as much as we did. Here’s to keeping your life stress-free and healthy!
Regards,
Stephanie Cohen, CEO, stephanie@golden-cohen.com
Scott Golden, CFO, scott@golden-cohen.com
Jack Cohen, COO, jack@golden-cohen.com
Visit us online: Golden & Cohen, www.golden-cohen.com
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By Scott Golden, CFO
Golden & Cohen
November 2009
“View the entire article here”: http://www.agentssalesjournal.com/content/view/1523/?asj1
Why should individuals rely on a professional to assemble comparisons of various plans only after a fact-finding conversation with the agent? That’s a question that has been raised regularly in my office, especially since the discussion has heated up on health care reform. The reality is that agents like yourself — good ones, at least — are essential and continue to be relevant, for you can bring viable options to the table that the individual may not have otherwise considered.
Why do people need an agent to help find the right policy?
Truth be told, there are some sophisticated, high-tech services out there, and more effective online tools seem to pop up regularly.
However, I have found that using the Web alone usually does not give the individual all the information needed to select the best plan. There is more to the issue than which plan is cheapest. And sometimes, you have to not just read the fine print, but also read between the lines to determine what the plan truly offers.
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October 2009 — Here’s a reality check from Scott, Stephanie and Jack, Golden & Cohen. The impact of rising health insurance rates isn’t lost on us. Like most every company in the U.S., this year we experienced a significant increase in the rates for our own staff.
We knew we had three real choices: reduce benefits, increase cost to employees or have the company absorb the increase and keep the employees whole. We selected the last option because we are in the best position to “eat” the cost.
The reason is simple. We want to keep morale high and ensure our employees are focusing on their jobs — not worrying about their health insurance. Like most small firms, employee retention and the well being of our employees is one of our top priorities.
If you are in a similar boat, but made a different choice, we’d love to talk to you because we are hoping to understand what employers are thinking in these tough economic times.
In fact, we are always asking the people we meet about why — and why not — they have health insurance. Read on to find information on the “Top 8 Reasons Individuals Don’t Buy Health Insurance,” and our thoughts on why single people might be making a bad choice. You’ll also learn about an incredibly affordable Rx program we’ll be offering in the next few months, Rx ‘n Go. And, you’ll find “7 Strategies to help working parents stay connected to their kids,” by our new psychology partners, Jessica Kramer, a counselor and therapist Bethesda Counseling Associates.
Until next month, 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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By Scott Golden, CFO and co-founder, Golden & Cohen
Photo: Max Baucus, maxbaucus.info
It would have been tough not to see the headlines this month in the Washington Post and New York Times announcing the big news from Senator Max Baucus, the Democrat from Montana who chairs the Finance Committee.
His slimmed-down price tag of $856 billion over 10 years for health-care reform is a cut from the $1 trillion once proposed. Baucus’ plan also has middle-class American families paying 13 percent of their family income in health-insurance premiums before co-payments, deductibles and other cost sharing. Here’s a look into what we think and why.
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Disruptive Women in Health Care, Sept. 2, 2008 — On today’s popular health care blog, Disruptive Women in Health Care www.disruptivewomen.net, insurance broker Stephanie Cohen wrote a provocative article about the future of the brokerage business.
“As an insurance broker in the metro Washington DC area, I have been in the trenches of selling, and advocating for our customers for their small group health insurance, disability programs and life insurance plans for over 17 years,” she said. “Needless to say, it has been maddening in the last five years to watch rates rise and our customers get increasingly frustrated with the system. I spend my days arguing with insurance companies about what they will cover and what they won’t — and I’m consistently amazed that these large firms often don’t have a handle on the benefits they provide in their policies. To say the right hand doesn’t know what the left is doing is a dramatic understatement.”
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August 2009 — The future of health reform is making headlines, seemingly daily, so of course it was one of the main topics for our August e-blast. From our perspective as insurance brokers, the health insurance industry was never broken, just sprained. We definitely think the system needs a tune-up, with much less waste and fraud, but there are many ways that this can play out — and everyone involved needs to be responsible for a more positive outcome. Unfortunately, we don’t believe the proposed public plan will work, for a few basic reasons. Read on to learn more.
We also are proud to announce some new partnerships — with ADP and Goodman & Company. And we’re excited to invite all of our clients and friends to an Oct. 22 event featuring author/journalist KATI MARTON and health care publisher ROBIN STRONGIN, who will talk about the future of health care, the Holocaust, and Kati’s life in spotlight. Lastly, don’t miss our tips on protecting yourself from Swine Flu.
We’ll talk to you next month! — Stephanie, Scott & Jack
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OURBLOOK.com, August 6, 2009 — A website that offers innovative solutions to todays problems, OurBlook, today posted an interview with Scott Golden, chief financial officer of Golden & Cohen, a health benefits consulting company in the Washington, D.C. area. Read on to learn more.
Question: President Obama has made it clear he isn’t working to set up a precursor to a single-payer health care system. Meanwhile, the insurance industry says that any version of a public plan will kill private industry. Is there any precedent for a public/private partnership in health insurance?
Scott Golden: The way the proposal is being described, there are no partnerships, so the public plan would compete against private plans. There is nothing on point with this scenario to date, which is why there is great speculation as to what might happen.
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Hello, and thank you for taking the time to review our July newsletter. We are very excited to announce that this year, once again we have made the list of the Top 10 largest health insurance firms in Washington Business Journal’s Book of Lists.
We are incredibly proud of our accomplishments, as we have built our business brick by brick. We want to thank all our loyal clients, many of whom have been with us since our inception. We will continue to work hard everyday to make sure each and every client is receiving world-class service and the best possible insurance strategy for their needs and budget. In fact, making Washington Business Journal’s prestigious list just spurs us on to rank even higher — because making this list, or any list, merely reflects the real driver of our growth and success: whether our clients are satisfied and are referring us to their clients and friends.
So a warm welcome to all of our clients, — and potential new clients — with this, our monthly e-news blast. Our goal is to help you get the most out of your health insurance — and to that end, below you’ll find need-to-know information about timely changes in term life insurance, a new health-insurance subsidy for small businesses in Maryland, and the work we are doing with the Greater Washington Association of Health Underwriters. You’ll also find quick summaries of two recent healthcare articles we think you should know about, along with our reactions to them. And finally, we leave you with some parting thoughts on what we consider to be the meaning of success.
If you enjoy reading our monthly newsletter, we’d be thrilled if you would tell a friend. Simply click the button at the top of this page, or send us the emails of anyone you’d like us to reach out to and we’ll extend a personal invitation.
Here’s to your health!
Stephanie Cohen, stephanie@golden-cohen.com
Scott Golden, scott@golden-cohen.com
Jack Cohen, jack@golden-cohen.com
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BALTIMORE BUSINESS JOURNAL, July 24, 2009 — In an article entitled, Complexity, cost concern local insurers, featured in this week’s Baltimore Business Journal, reporter Elizabeth Heubeck writes:
If Scott Golden were a gambling man, he wouldn’t bet on the U.S. government creating a federally-run universal health care system. “I think Obama is using that as a threat so that the insurance carriers will step up and put in their own price controls,” said Golden, co-founder of the Gaithersburg-based health benefits consulting firm Golden & Cohen. Given this scenario, Golden envisions insurance carriers saving money by “spending less, giving less to brokers, or requiring that subscribers pay more.” Ultimately, Golden believes, brokers like him will make less money.
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PHYSICIAN’S MONEY DIGEST, July 14, 2009 — From real estate to the job market, the current recession has impacted just about everyone and every segment of the economy,” writes reporter Ed Rabinowitz in a July 14 article published in Physician’s Money Digest. “However, according to an article in the New York Times, concierge medical practices, while certainly not recession proof, do not appear to have been impacted as severely as might have been expected. Consumers/patients are still forking over $1,500 per year and up for what is promised to be personalized care and around-the-clock access.”
He says: According to Scott Golden, chief financial officer of the health benefits firm Golden & Cohen, for physicians with a loyal following, the opportunity exists through the concierge model to make equal or more money than before, see fewer patients, and practice medicine the way they want. And he expects that trend to continue. “One of the goals of the Obama Administration is to get the uninsured in the system,” Golden says. “That means more people and probably the same amount of doctors, so you’re going to see the same [access] problem getting worse. But only the practices that can deliver on their promises will be able to survive.”
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Hello and welcome to the inaugural issue of Golden & Cohen’s monthly e-newsletter. We’re also proud to announce that we have a new website, www.golden-cohen.com. It’s chock full of information that you and your employees need to stay fully informed about your benefits.
You’ll also find contact information and details about our team, our press mentions, articles, and excerpts from the book we’re writing, “You gotta laugh: Life and the death-defying reality of the health insurance debacle.”
The newsletters will also be filled with short but interesting details we think you need to know each month.
We look forward to staying in contact with you, and always know you can reach us 24-7 to help you with your health insurance needs. Talk to you soon!
Stephanie Cohen, stephanie@golden-cohen.com
Scott Golden, scott@golden-cohen.com
Jack Cohen, jack@golden-cohen.com
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GAITHERSBURG MD, June 2009 — The owners of the health benefits firm Golden & Cohen are pleased to announce that this year, once again, they have made the list of the Top 10 largest health insurance firms in Washington Business Journal’s Book of Lists”:http://www.bizjournals.com/.
“We are incredibly proud of our accomplishments, as we have built our business brick by brick,” says Stephanie Cohen, CEO of Golden & Cohen. “We want to thank all our loyal clients, many of whom have been with us since our inception. We will continue to work hard everyday to make sure each and every client is receiving world-class service and the best possible insurance strategy for their needs and budget.”
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WEBSITE — Golden & Cohen
Click image for larger view Illustration and design by Michael Gibbs
Website coding / database by Max Kukoy
Writing / Concept by Hope Katz Gibbs
About Golden & Cohen
Top-rated specialists on group and individual insurance benefits and retirement planning, Golden & Cohen launched a new website on May 1, 2009 to provide their current and potential clients with more detailed information on the best insurance options: http://golden-cohen.com.
“The new website outlines all of the products we offer—from group and individual dental, disability, and life insurance, to group vision insurance and individual pension plans,” explains Stephanie Cohen, co-founder and the company’s chief operating officer. “Beyond that, we offer benefits management services such as benchmarking, cafeteria plans, COBRA, and wellness programs. We also provide our clients with access to human resources management, including employee benefits plans and performance reviews.”
Providing first-class customer service is the priority at Golden & Cohen, she says.
“We pride ourselves on providing the best customer service possible, and are here to assist 24 hours a day with any insurance issues that may arise,” Cohen affirms. She points to the firm’s offerings of claims assistance as well as its insights into the Family Medical Leave Act (FMLA), the Health Insurance Portability and Accountability Act (HIPAA), and legal and compliance information. “From billing to claims resolutions and appeals, our experienced team understands how the system and processes work, and goes the extra mile for all of our clients.”
HEALTH NEWS DIGEST, April 2009 — “The economic downturn is taking its toll on employees in all industries — but health insurance companies will increasingly be a good place to look for work,” writes Scott Golden, chief financial officer of the Maryland-based health benefits brokerage firm Golden & Cohen, in this week’s issue of HealthNewsDigest.com.
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Produced by Inkandescent PR for our client Golden & Cohen, this YouTube video was created by our videographer Zach Starr. Click HERE to watch!
Gaithersburg MD, November 2008 — The much-anticipated DC Health Summit drew more than 100 business leaders interested in the future of health insurance reform to a packed the ballroom at the Mandarin Hotel. They were eager to hear what health insurance company executives, physicians, hospital administrators, and politicians had to say about how workplace wellness programs can lower insurance rates.
“This was a groundbreaking event,” moderator Andy Hines told the crowd. “For the first time, decision makers and players from every industry that impact the cost of health insurance gathered in one room. Fortunately, no chairs were thrown, and we had a very interesting discussion.”
That was the goal for Stephanie Cohen, CEO of the health benefits firm Golden & Cohen, who hosted the event.
“I have been in the trenches of the health care insurance industry for more than a decade, and what I see happening to my clients when they try to collect on their benefits not only disturbs me as a business owner — it infuriates me as a U.S. citizen and a mother,” Cohen says. “That is why my partners and I at Golden & Cohen decided to host the DC Health Summit. Our goal is to bring the decision makers together—politicians, health insurance company executives, physicians, academics and hospital administrators—so we can start to come up with workable solutions.”
To hear some of their remarks, view a video of the event on YouTube.
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This first annual DC Health Summit is being sponsored by United Healthcare, Kaiser Permanente, Coventry, and LifeWork Strategies.
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Gaithersburg MD, October 23, 2008 — Melinda Beeuwkes Buntin Ph.D. will speak at the 2008 DC Health Summit, a meeting that is bringing together 100 of the top minds in the health care industry on Oct. 29 from 11 am to 1 pm at the Mandarin Hotel in Washington, DC www.dchealthsummit.com.
Dr. Buntin is a health economist and researcher who focuses on health insurance benefit design, health insurance markets, provider payment, and the care use and needs of the elderly. Her current projects include a study of the effects of consumer-directed health care on health care access, costs, and quality and a study of the effects of Medicare payment changes on post-acute care costs and outcomes.
She has also worked on projects and published in the areas of disease management, the market for individual health insurance policies, Medicare physician payment rates, the financing of end-of-life care, and Medicare managed care plan design and payment.
Dr. Buntin graduated from the Ph.D. Program in Health Policy at Harvard University where she concentrated in health economics and specialized in the economics of the Medicare program, and is currently a volunteer surrogate speaker for the Obama campaign, and says she’s excited to participate in the Oct. 29 DC Health Summit.
Although a representative from the McCain campaign was also invited to attend the DC Health Summit, Amber Johnson, director of scheduling for the campaign, declined due to an overwhelming number of events surrogates need to attend at this time.
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Gaithersburg MD, October 15, 2008 — Futurist Andy Hines will be the moderator at the 2008 DC Health Summit, a meeting that is bringing together 100 of the top minds in the health care industry on Oct. 29 from 11 am to 1 pm at the Mandarin Hotel in Washington, DC (www.dchealthsummit.com).
Hines will ask and field questions of an all-star health care panel including 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 Kevin Ruth — 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 Future of Health Insurance
Based on his decades of experience as a futurist, Hines has developed strategic insights of his own. As the director of custom projects at the global futurist research and consulting firm Social Technologies, he and his colleagues have worked on several projects that explore the future of health care in America.
Hines says some big issues ahead include:
• Societal views on personal responsibility — As Americans, will we lean toward accommodation or a more punitive approach such as saying obesity is either a disease beyond one’s control or “it’s their fault?”
• The implications of a deeper move to holistic wellness — To what extent will innovations like support groups be covered by health insurance?
• The buck stops where? — Ultimately, who will be responsible for a person’s health and wellbeing? The individual, employers, or the government?
• From the institution to the individual — How fast and extensive will the shift to consumer-centric health care take place?
• Incremental vs. transformational approaches — Will changes in our approach to health care happen in slow, incremental steps? Or will an event occur that causes changes to occur rapidly?
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Contact: Hope Katz Gibbs, Inkandescent Public Relations
email / Phone: 703-346-6975
Golden & Cohen
704 Quince Orchard Road, Suite 250
Gaithersburg, MD 20878
FOR IMMEDIATE RELEASE
Workplace wellness expert will address 100 top health care industry leaders about the positive impact of wellness programs on waistlines and the organization’s bottom line
Gaithersburg MD, October 6, 2008 — Dr. Steven Aldana will be the keynote speaker at the first annual DC Health Summit, a meeting that is bringing together 100 of the top minds in the health care industry on Oct. 29 from 11 am to 1 pm at the Mandarin Hotel in Washington, DC.
A former professor of lifestyle medicine in the College of Health and Human Performance at Brigham Young University, Aldana is a nationally recognized scientist and teacher on the topic of health promotion in the workplace. His keynote, “The Truth About Return on Investment and Worksite Health Promotion Programs,” will serve as an introduction to a broader discussion among Summit panelists and attendees about the future of health insurance in the United States.
“Companies are always looking for ways to reduce employee-related expenses and many corporations and organizations are using health promotion programs as a reactionary effort to curtail ever-increasing, employee-related expenses of health care and lost productivity,” Aldana explains. “Dozens of published scientific research articles have evaluated the cost-benefit of worksite health promotion programs and the majority show a clear and positive ROI. Yet, many companies are hesitant to spend any money on employee health promotion efforts, raising the question as to why most health and wellness programs still struggle to get funding and support.”
Aldana insists that health promotion in the workplace won’t just have a positive effect on your employees’ waistlines — it will have a positive impact on your organization’s bottom line.
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Contact: Hope Katz Gibbs, Inkandescent Public Relations
email / Phone: 703-346-6975
Golden & Cohen
704 Quince Orchard Road, Suite 250
Gaithersburg, MD 20878
FOR IMMEDIATE RELEASE
Politicians, health insurance company executives, physicians, academics and hospital administrators come together to discuss the future of health care and importance of workplace wellness
Gaithersburg MD, September 15, 2008—On October 29, 2008 the health care benefits company Golden & Cohen is hosting the first annual DC Health Summit, a meeting of some of the top minds in the health care industry who will discuss and debate the future of health care in the United States.
“Research by the U.S. Department of Commerce shows that in 2006, more than $2.1 trillion was spent on health care in the United States,” says Stephanie Cohen, (pictured right) CEO of Golden & Cohen. “That represents 16% of the Gross Domestic Product. By 2017 the amount of money spent on health care is expected to increase to nearly $4.3 trillion, and the Center for Medicare and Medicaid Services (CMS) projects that by then health care will account for about 20 percent of GDP.”
These increasing costs mean policymakers, insurers, and the public are going to face some difficult decisions about the way health care is delivered and paid for, she adds.
“I have been in the trenches of the health care insurance industry for more than a decade, and what I see happening to my clients when they try to collect on their benefits not only disturbs me as a business owner — it infuriates me as a U.S. citizen and a mother,” Cohen explains. “That is why my partners and I at Golden & Cohen decided to host the DC Health Summit. Our goal is to bring the decision makers together—politicians, health insurance company executives, physicians, academics and hospital administrators—so we can start to come up with workable solutions.”
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WEBSITE — DC Health Summit
Click image for larger view Illustration and design by Michael Gibbs
Website coding / database by Max Kukoy
Writing / Concept by Hope Katz Gibbs
About the DC Health Summit
On October 29, 2008, more than 100 guests were part of an exciting discussion about the role that health promotion and worksite wellness programs play within the workplace — and the potential that such programs have on the direct and indirect costs associated with health and productivity.
“For the first time, leaders from the health insurance industry, hospital administrators, physicians, politicians and corporate leaders gathered to discuss the future of health care in the U.S.,” says Stephanie Cohen, owner of the health benefits company Golden & Cohen, who is hosting the 2008 DC Health Summit.
“My goal was to open a discussion about how increasing workplace wellness can impact health care costs,” she explains. “Although this is only one aspect of the debate on the future of health care, it is a start to what I hope will be a continuing dialog between policymakers, doctors, insurance companies, doctors and the business community. I hope every business leader and health care professional we invite has the opportunity to attend this important event.”
The keynote speaker was workplace wellness expert Dr. Steven Aldana, who talked about how corporate wellness programs can positively impact a company’s bottom line.
Following him was Barack Obama spokeswoman Melinda Beeuwkes Buntin Ph.D., who shared key points of the Obama / Biden health care plan with the audience.
The attention turned to an all-star health care panel including Virginia Senator George Barker, 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.
The event was moderated by futurist Andy Hines, director of customer projects at the futurist research and consulting firm Social Technologies.
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