health.wealth.life Spring 2019

health.wealth.life.

VOL. 20

Addressing Absenteeism in the Workplace Page 4

COMMUNITY EMBODIES SPIRIT OF WELLNESS Page 10

Celebrating 20 years of Life Changing Work Page 18

health.wealth.life.

IN THIS ISSUE

Client SPOTLIGHT: CTi Clinical Trial & Consulting services, Inc. page 18

WORKING KNOWLEDGE PAGE 5: Five Ways to Protect Elder Clients From Financial Exploitation PAGE 8: Retirement Plan Design Choices PAGE 12: What Should I Do With My Estate? - Q&A with Mark Weber PAGE 14: Insurance Policy Reviews Made Simple - The Why & When PAGE 16: Career. Culture. Community.

HORAN Employee Spotlight

TRENDING NOW PAGE 9: Q&A with The Washington Update's Andy Friedman

Wellness Works: City of Piqua Page 10

PAGE 13: Beyond Wealth - The Value of Donor Advised Funds PAGE 17: Community & Achievements

forward thinking

addressing absenteeism in the workplace with Council on Aging PAGE 4

PAGE 6: How Primary Care Visits Shape Your Health Plan PAGE 15: Client Success Story - The Center for Local Government Benefits Pool

Benefits:

What, Like it’s Hard? SM

Front cover: Franklin Park Conservatory & Botanical Gardens in Columbus, Ohio

Check out HORAN's Benefits: What, Like It's Hard? Podcast SM

The perfect podcast to teach your employees about all things benefits with tips on how to improve physical and financial wellness!

Visit www.horanassoc.com/tunein to learn more and subscribe to the podcast on your listening app of choice.

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Volume 20

B

A Letter from the President

y the time you are reading this, the season of spring will be chasing away winter doldrums!

It is a great time for renewal and wellbeing. I trust that some of the great articles in this edition of the magazine will contribute to that feeling.

We have a spotlight on our great client CTI Clinical Trial & Consulting Services, Inc. They are celebrating their 20th year as an organization and today they have offices around the world. This is one of Greater Cincinnati’s jewel companies doing wonderful work testing new drugs for our good health.

HORANalyticsÂŽ published a Databyte on the value of primary care physician visits.

Attention employers: encouraging your employees to see their doctor routinely reduces health care costs. If you need more information on this, please contact me.

Anna Pfaehler writes about the use and value of donor advised funds. Given the changes in the new tax law, these are important tools for people trying to make charitable contributions and still get a portion of the tax deduction.

been written about this subject and given the long-term low interest rates, policy reviews are an important tool. Jodee and the life insurance team can help you with your annual review.

We also have good news to report regarding our client, Center for Local Government Benefits Pool. They are working hard with the help of HORAN to create savings in their employee benefits costs.

Last but not least are two interesting interviews in the magazine. Andy Friedman shares his political thoughts and noted author, Mark Weber, discusses charitable legacies for a family.

Take the magazine to your favorite outdoor space and be refreshed by the sun and the great stories captured inside.

Terence L. Horan, CLU, ChFC President & Chief Executive Officer

Jodee Deutsch writes about the importance of life insurance policy reviews. Much has

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health.wealth.life.

Working knowledge

Addressing Absenteeism in the Workplace with Council on Aging The Harvard Business School’s Project on Managing the Future of Work recently released a report that studied the caregiving crisis American businesses are facing. Results were based on responses from a combination of business owners, human resource professionals and employees. Nearly 75% of respondents said they currently have some kind of caregiving responsibility. Additionally, the report states that American businesses can lose as much as $34 billion each year due to an employees' need to care for loved-ones.

Would you say, “Sign me up!” if you could reduce the hidden costs your organization is paying in the form of turnover, rehiring, presenteeism and absenteeism?

The solution could be as simple as helping your employees manage their caregiving responsibilities.

Council on Aging of Southwestern Ohio (COA) is a non-profit organization dedicated to enhancing the lives of older adults, people with disabilities, their families and caregivers. Founded in 1971, COA promotes choice, independence, dignity and wellbeing through a range of services that help people remain in their homes.

“Our role is to be a one stop shop for aging adults and people with disabilities,” said Suzanne Burke, President and Chief Executive Officer of COA. Their call center takes nearly 50,000 calls annually and helps direct people to services.

This role includes supporting family caregivers, many of whom are struggling to balance caregiving with work and other family responsibilities.

An initiative COA is focused on is learning about the impact caring for an older loved-one has on area workers and their employers. Through a short, anonymous survey, COA partners with employers to help them better understand this growing issue and its impact on their employees and bottom line. COA

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will use the data to develop or refine programming to support area employers and caregivers.

COA also serves caregivers and the business community through education opportunities. In an effort to improve presenteeism in the workplace, employers invite COA to speak on what employees need to know about caring for aging parents – from planning tips to available supportive services.

And, if it weren’t for COA’s Elderly Services Program, a tax-payer supported program that fills gaps in family caregiving, thousands of area employees might have to choose between going to work and caring for an older loved-one.

Through its programs, COA serves in a care management role for over 22,000 individuals. Their approach begins with an

Suzanne Burke

President & Chief Executive Officer at COA

working knowledge assessment of “activities of daily living” to determine what support a person needs in order to remain independent in their home. This evaluation can result in a person receiving assistance in a wide variety of areas including transportation, meals, bathing and more.

As a state designated Area Agency on Aging, COA assesses community needs and distributes federal and state funding accordingly.

“We want the highest quality services, delivered at the lowest possible cost, so we can serve as many people as we can,” says Burke.

They also see a huge opportunity to improve health outcomes by helping people manage transitions in care. COA’s spirit of innovation led them to develop and pilot a program that gives their staff a platform to work in concert with hospital discharge planners in order to reduce rehospitalization rates.

In this program, COA looks at what social determinants could cause a person to be readmitted to a health care facility after their initial discharge and they remove those barriers.

“The beauty of this program is that it is a coaching model. It teaches people to feel empowered and to be more proactive with their own health care,” said Burke.

It is crucial that people have an advocate by their side not only while they are in the hospital, but also when they get out. COA serves as this advocate.

Volume 20

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Ways to Protect Elder Clients from Financial Exploitation The confluence of an exploding aging population with trillions of dollars in assets has propelled a crisis in elder financial exploitation. The 85+ age group is the fastest growing demographic of all age groups.

What can you do to protect your client from elder frauds, scams and exploitation? Here are five things to consider to protect your client from frauds and scams: 1. Ask your client to bring a trusted family member or friend to their next appointment. It is important to discuss concerns and next steps in protecting the client.

2. Set up cross-communication with other financial and medical institutions that your client might use.

You want to take an integrated and systemic approach to monitor health issues and financial transactions.

3. Make sure the family takes measures to monitor incoming mail and phone calls for possible fraud and scams. Decision making is impeded by dementia and some physical disabilities. Financial caregivers need to be aware of credit card spending and check cashing.

4. Check security measures with online banking and bill paying.

5. Utilize newer regulations such as the Model Act, FINRA rules and the Senior Safety Act to put a pause on a transaction to investigate its legitimacy.

Want to connect to COA’s services or participate in their workplace caregiver survey? Call 513.721.1025 or visit www.help4seniors.org.

Ideas to scam elders of their assets are getting more sophisticated.

Professionals, family and friends must be diligent in their efforts to thwart the perpetrators.

Patricia Faust, MGS

Gerontologist/Brain Aging, Brain Health Specialist

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health.wealth.life.

forward thinking

how primary care visits shape your health plan Below are highlights from a recent HORANalytics® analysis on how plan members’ primary care physician (PCP) visits impact an employer health plan.

WHAT IS THE DIFFERENCE IN CLAIMS COST (PER MEMBER PER YEAR) FOR A MEMBER WHO RECEIVED A PCP VISIT?

$6,225

with Annual Primary Care Visit

VS

WHAT IS THE ANNUAL CLAIMS TREND DIFFERENCE? With Annual PCP Visit Without Annual PCP Visit

DO PCP VISITS IMPACT COSTS FOR SPECIFIC CONDITIONS?

Musculoskeletal

11.5% 5%

Cardiovascular 10%

15%

Gastrointestinal Cancer

Do you know how primary care visits are impacting your health plan?

Call 800.544.8306 to schedule a deep dive into your data with HORANalytics®.

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Amounting to an 11% difference in annual claims ($686 per member per year).

DO SPOUSES PLAY A ROLE IN THE COST DIFFERENTIAL?

Members with annual PCP visits had lower costs associated with the following conditions:

7.4%

0%

$6,911

without an Annual Primary Care Visit

Spouses without an annual PCP visit cost 21% more than spouses with an annual PCP visit.

+21%

THIS WAS BROUGHT TO YOU BY

SM

Volume 20

forward thinking

At HORAN, our mission is to help employers provide a better quality of life for employees and their families. This mission drives our investment in the HORAN Financial Analyst think tank. The think tank is fueled by the team’s ability to analyze claims data to guide clients and drive action. We call this HORANalytics®.

Primary care visits shape your health plan. The value of an annual primary care physician (PCP) visit is that pertinent information is gathered and updated, medications are reconciled, appropriate screenings are ordered and needed vaccines are administered. It provides an opportunity for individuals to increase the likelihood of proactively addressing chronic conditions and other health concerns. HORANalytics® found that when individuals do not receive an annual primary care visit, the average additional cost for employers is 11% more per member per year. In fact, data illustrates that although those with annual PCP compliance have a riskier demographic and chronic condition profile, regular PCP engagement helps their annual costs remain lower.

To underscore these findings, HORAN interviewed Richard Shonk, MD, Chief Medical Officer and Barbara Tobias, MD, Medical Director both from The Health Collaborative. Dr. Shonk provides clinical direction and strategy for The Health Collaborative and leads the Comprehensive Primary Care (now CPC+ Program) which is the largest primary care payment demonstration project in the state. Dr. Tobias is a family physician and Interim Chair of the Department of Family and Community Medicine at the University of Cincinnati College of Medicine. As the Medical Director of The Health Collaborative, Dr. Tobias also provides leadership and support to physicians and practices in public reporting, payment reform, quality improvement, population health and practice transformation initiatives.

Q: HOW DOES THIS DATA COMPARE TO WHAT YOU SEE IN YOUR WORK BOTH REGIONALLY AND NATIONALLY?

Q: ARE THERE SITUATIONS THAT ARE MORE EFFECTIVELY MANAGED BY SPECIALTY VS. PRIMARY CARE?

BARBARA TOBIAS (BT): I found this data really exciting.

This reflects the data that we saw with Comprehensive BT Primary Care (CPC) Classic in 2016, which was a model that provided population-based care management fees and shared savings opportunities to primary care practices to allow them to provide more comprehensive, coordinated primary care services. It also reflects a previous study performed by a physician at a local hospital which reported that if an individual saw a primary care physician - even just once in the course of a year – it significantly lowered the number of specialty visits that were needed. Being able to see similar results over time is impactful to show the value of annual primary care visits.

For active phases of treatment, such as oncology, care is better served by a specialist. From a holistic perspective, the primary care physician should remain involved to ensure continuity of care. As it relates to survivorship, end of life care and after active phases of treatment, patients should transition back to their primary care physician because they are more equipped to handle their care and manage costs more effectively.

Q: WHAT RECOMMENDATIONS HAVE YOU SEEN BE SUCCESSFUL THAT EMPLOYERS CAN IMPLEMENT THAT WOULD INCENT AND/OR CHANGE BEHAVIOR?

The most common conditions that we would see are undiagnosed hypertension, diabetes, early cancer and depression. These can be a catastrophe in the making.

Through an annual PCP visit, we are more likely to catch these early to better navigate treatment. Depression across all ages is becoming more and more common and can aggrevate these other conditions if undiagnosed.

Spouses result in a 21% increase in cost if they fail to receive an annual primary care visit. Employers should explore BT broadening their communication to family members.

Often times, it is the partner or spouse that handles the caretaker responsibility to maintain the health of the family.

RICHARD SHONK (RS): If employers stay the course in payment reform in CPC+ we will see even better RS results. We need to get the word out that there are a multitude of ways to access primary care. Employers need to start communicating to their employees that primary care is a gateway to their health. They need to show evidence that by doing so you will be much further ahead in staying healthy and maintaining chronic conditions so they do not escalate. Employers can also look for ways to help primary care physicians by exploring alternative payment models, such as CPC.

RS

Q: ARE THEIR CERTAIN CONDITIONS THAT ARE MORE PREVELANT FOR INDIVIDUALS THAT DO NOT RECEIVE ANNUAL PCP VISITS?

RS

The body is not made of separate, non-communicating parts - neither should your health care. Care needs to be comprehensive and coordinated. When operating in a vaccum, all the things that can go wrong will go wrong when treating illnesses. We need to recognize the value of a holistic approach to health care.

BT

INDIVIDUALS WHO RECEIVE ANNUAL PCP VISITS are TWO TIMES MORE LIKELY TO GET AGE APPROPRIATE SCREENINGS. Source: HORANalytics®

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health.wealth.life.

WORKING KNOWLEDGE

RETIREMENT PLAN DESIGN CHOICES:

WHY YOU MAY BE UNDERESTIMATING YOUR EMPLOYEES It is unlikely that an employee will knock on the door of the human resources department and ask for more money to be taken out of their paycheck, but waiting for employees to begin saving for retirement on their own may be a costly mistake.

Plan design choices such as automatic enrollment and automatic escalation can affect not only people’s willingness to begin saving but also how successful they are in saving.

However, employers may avoid these features because they fear employee push back.

The data tells a different story. Plans with automatic features have employee populations that feel better prepared for retirement, and employees who retire on time can help lower future health care costs for employers.

Rest assured, automatic features are not mandatory. An employee who would prefer to manage their retirement savings differently can always opt out of the plan.

While employees may lack the initiative to start saving for retirement on their own, strategic plan design choices can ultimately boost employee confidence and preparedness for retirement.

BACK TO (PLAN DESIGN) SCHOOL - ENROLL TODAY! Still have questions about your retirement plan design? HORAN is hosting a webinar on August 21 from 12:00 - 1:00 p.m.

For more information or to register, visit www.horanassoc.com/education/seminars.

BOOST CONFIDENCE IN RETIREMENT READINESS

95% SATISFIED 95% of automatically enrolled participants were satisfied.

EXPECT TO RETIRE

80%

80% of participants with both automatic enrollment and automatic escalation expect to retire when they want.

33%

WOULD NOT BE SAVING FOR RETIREMENT

33% of participants said if they had not been automatically enrolled, they probably would not have started saving for retirement.

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Survey conducted by J.P. Morgan Asset Management. J.P. Morgan’s findings are based on a survey of 1,295 participants that Matthew Greenwald & Associates conducted in January 2018.

TRENDING NOW

Q&A

Volume 20

with ANDY FRIEDMAN

Andy Friedman is one of the nation’s most sought-after speakers on all things political. An expert on political affairs, Andy is known for predicting the outcomes of Washington tax and fiscal deliberations and providing financial advisors and investors with strategies to consider in light of the political landscape.

Andy spoke in front of an audience of HORAN clients and friends of the firm on April 3, 2019. He took time to sit down with us prior to the event to provide his bipartisan perspective on today’s political landscape.

How will the new “divided congress” affect the dynamics in Washington?

It is going to be acrimonious between the two sides. Democrats will want to make good use of their oversight function which allows them to look into the administration’s policies, such as the immigration program, and into the President himself.

This function gives them the right to subpoena administration officials to testify under oath. President Trump will presumably push back against these requests.

This oversight could effect the value of different sectors. For example, the new chair of the House Committee on Financial Services, Maxine Waters, is investigating several large banks.

As a result, we could see an effect on the performance of financial services stocks.

There will also be extensive hearings in the technology area on data privacy and Russian interference. Again, we might see an effect on equity values in the technology sector.

How might this political environment affect the markets?

Broadly, investors and businesses have been happy with market performance since the Trump administration was elected.

Businesses like lower taxes and less regulation because they allow business profits and stock values to go up.

However, hearings in the House could bog down the administration. If administrative officials have to keep answering subpoenas and giving testimony, it will take up time, which makes it harder for the administration to work on initiatives. The markets may not like the interference with the President’s pro-business initiatives.

Additionally, Congress has to deal with the debt limit. Congress authorizes the U.S. government to borrow up to a certain amount. The government will need to borrow more around September. The markets will want Congress to act before then to allow the U.S. to meet its obligations.

Are there any positive outcomes we might expect this year?

Both sides have an interest in designating substantial funds to repairing the country’s infrastructure, such as roads, bridges and broadband telecommunications. The public seems to agree this is necessary, as it has not been a focus in a long time. The question is how to fund the program. Do we pay for the expenditure perhaps by raising the gas tax or by cutting spending elsewhere? Those things will be surmountable if both parties really want to invest in this initiative together.

This discussion is general in nature and is provided for informational purposes only. There is no guarantee as to its accuracy or completeness. Individuals should consult their own financial advisors before entering into any investment or similar arrangement.

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health.wealth.life.

WELLNESS WORKS

Community EMBODIES SPIRIT OF

WELLNESS When you explore The City of Piqua, you are surrounded by the sense of a close-knit and humble community. In addition to having a well-fostered environment for its citizens to live, the City has been recognized as a Bicycle Friendly Community* because of their many beautiful outdoor trails.

Piqua takes great pride in these elements of their culture and works hard to emulate this spirit in their workplaces.

Piqua began its wellness journey by implementing a corporate wellness program. City Leadership and Human Resources partnered together to ensure that employees were aware of the wellness program’s mission which was directly linked to the City’s business model.

“Ultimately our business strategy is to serve the citizens of Piqua. We are all very committed to the public servant philosophy. We need to provide services to citizens in the most fiscally responsible manner,” said Catherine Bogan, Human Resources Director at The City of Piqua.

By developing a wellness program, the City started down a path of ensuring they were getting the most out of their insurance dollars.

Catherine Bogan Human Resources Director at The City of Piqua

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*Source: The League of American Bicyclists Photography by Brittany Van Horn

WELLNESS WORKS

Volume 20

The City utilizes a menu of activities to incentivize engagement in their program such as wellness coaching, participation in 5k runs, well-being assessments and receiving appropriate age and gender exams in order to earn monetary contributions into their Health Savings Account (HSA) or Health Reimbursement Account (HRA).

In 2018, Employer Association (EA), Medical Mutual’s wellness affiliate, awarded the City with the 2018 Outstanding EA Wellness Member award. Piqua earned a one-month premium holiday for reaching Level 3 in the EA program – equivalent to more than $200,000 in savings.

The City demonstrated their commitment to their employees by applying the savings they received from the EA to the employee’s portion of their insurance premium.

The City offers a highly competitive High Deductible Health Plan (HDHP) design structure. Piqua contributes $2,000 towards the employee’s $4,000 deductible, and employees are also able to earn an additional $1,000 through wellness activities on a family plan. This leaves employees responsible for only $1,000 of their deductible. 80% of employees take full advantage of this wellness program benefit.

Piqua’s strong communication, engaged employees and high participation levels all contribute to their wellness success.

Piqua also consistently shows their dedication to wellness in very tangible ways such as using their carrier wellness reimbursements to install a fitness facility in their main building and by providing standing desks for employees.

“We strive to address our own wellness state and risk factors through strategic planning, rather than reacting too quickly to industry trends. We designed the program in a holistic manner to really bring it home for employees,” said Bogan. “HORAN is our expert, our go-to, our educator and our analyst. They provide us not just with reporting but they also give context and a true, in-depth analysis of our data that allows us to identify our risk areas and proactively find ways to address them.”

For nearly a decade, HORAN has partnered with the City of Piqua to create a better quality of life for their employees and families.

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health.wealth.life.

WORKING KNOWLEDGE

What Should I Do With My Estate?

Q&A with Mark Weber

Mark Weber (pictured left), principal with Silverstone, is a recognized financial consultant to business owners and executives. Mark has more than 30 years of experience and is widely recognized for his work in business transition planning and estate planning. Mark recently authored The Legacy Spectrum. The book is an essential guide when wrestling with the questions of how much is enough for your lifetime security, what amount is right for your heirs to lead productive lives and how much you might commit to create a charity legacy.

What advice do you have for a family who is just beginning to put together an estate plan?

Form a team of professional advisors that can grow with your family through the years. Normally this team includes: • A financial planner to help budget and save money • An insurance agent who can help identify and insure risks that could derail a plan • An attorney to document the estate plan • An accountant that can help you keep as much of your income as possible How does the desire to leave a legacy play into passing on an inheritance to the next generation?

You first need to determine what legacy you wish to leave.

For some, that is simply a request to benefit a charitable organization. Others may want children to share their values and become good stewards of the inheritance they receive.

An estate holder must be clear on what they hope to achieve with their accumulated wealth and then the advisor must understand how to mold a plan to accomplish those goals.

This cannot be achieved by a simple conversation. The success in passing a legacy takes concerted effort on behalf of the wealth owner with the help of professional advisors.

What example of success have you seen in a family who followed your guide to passing on wealth with thought and meaning?

There was a father who wanted to teach his three sons the value of money and hard work. He began to hold annual family meetings that initially evolved around finances such as how to use credit or debit cards, budget, invest, incorporate insurance into planning, prepare for taxes, wills and trusts.

Rather than lecture, the father gave his sons examples of his own life and errors he had made.

As the father began to transfer assets to his sons, he worked with them to manage the inheritance through a Limited Liability Company (LLC). The boys learned their father’s investment philosophies and about philanthropy. Eventually the sons began giving charitably as well.

By the time the sons were in their 40s, they were well equipped to handle the full inheritance they would receive from their parents. The sons now hold similar family meetings with their own children. This is an example of a legacy of good stewardship that the parents left to their children, and now will pass onto their grandchildren.

The lesson here is it took time. The first-generation parents met with their children for over 25 years on a consistent basis and now that effort is paying off.

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Volume 20

TRENDING NOW

beyond wealth A projected 29 million more households will take the standard deduction for the 2018 tax year than did in 2017. The standard deduction was increased by the Tax Cuts and Jobs Act (TCJA) at the end of 2017 and now 88% of filers are expected to use it. These taxpayers will no longer receive an income tax deduction for their gifts to charity.

+29

Million Households

A projected 29 million more households will take the standard deduction for the 2018 tax year than did in 2017.

The value of donor advised funds

However, the personal benefits do not end with the tax deduction. Once funded, a donor advised fund creates tremendous opportunity for engaging your children and grandchildren. There are several technical lessons to be learned in the management of a donor advised fund. Furthermore, and perhaps more importantly, it provides a forum for discussing the values important to your family.

Many view donor advised funds as the source of their charitable giving for a certain number of years - especially if they’ve utilized the above “bunching” strategy. Therefore, the fund needs to last. Spending too much in any one year can jeopardize future giving. Here is an opportunity to discuss budgeting, consumption smoothing and the need to plan for the years ahead.

In response, we have helped numerous clients open donor advised funds in the last year. The funds allow you to make a large contribution at once and spread out donations to charities over time. The contribution is large enough that your total itemized deductions are greater than the standard deduction. In the year of the contribution, you itemize and in following years, you take advantage of the higher standard deduction.

The money in the donor advised fund is invested. Depending on the size and custodian, it may be managed by the family’s investment advisor or in a model portfolio. Watching the fund’s investment activity can spur discussions on types of securities, asset allocation, risk and reward, or at the least, how to read an account statement. A donor advised fund can provide a hands-on introduction to investing to those who might not yet have assets to invest.

Additional tax benefits can be had by contributing appreciated securities, private business interests, life insurance or other valuable property to a donor advised fund – and we’ve navigated clients through these donations too.

Incorporating younger generations in the distribution decisions creates a space for sharing your family’s ideals and values. Share your own history in charitable giving, what giving means to you, which organizations you support

Anna K. Pfaehler, CFP®, AEP® Director of Financial Planning

and why. Involve younger generations in recommending and selecting charities. This process can be informal conversations, or you can require them to hone their presentation skills and pitch their ideas to the group - whatever level of engagement works for your family. Over time you can revisit how the charities have benefited and used your donations and whether to support them again.

A family setting can supercharge the already emotional topic of money.

Charity can be a neutral way to start talking about money while sidestepping some of the trickier conversations, at least to start.

If you’ve opened a donor advised fund or are thinking of doing so, I encourage you to look beyond the tax benefits and leverage the opportunities it provides to groom younger generations to be good stewards of wealth.

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health.wealth.life.

WORKING KNOWLEDGE

Insurance Policy Reviews

Made Simple

The Why & When

The Why There are many things that we do each year to ensure the safety of our families such as performing regular maintenance on our cars, changing batteries in smoke detectors and visiting our primary care physician. We do this to provide safety and well-being to us and our loved ones.

Among your annual checklist, consider it an opportunity to review your insurance policies.

An insurance review is a comprehensive study of your existing coverage to make sure it still fits your needs.

Like other investments in your portfolio, life insurance policies are complicated financial tools that need to be monitored. The goal is for your life insurance policy to be there for your beneficiaries when they need it most. It is vital to review your insurance and take any necessary corrective action.

The When Conducting an annual review is an opportunity to assess your plan and identify any gaps in coverage resulting from a life event.

What is a life event? Marriage, birth of child, divorce, retirement, job change, etc.

When you experience life changes, you may need to adjust your plan to meet your new wishes and desires. For example, you may consider: • Transferring the current policy cash value to a new life insurance policy with lower costs and/or more robust features. For example, there are life insurance policies that also provide funds for long-term care needs.

• Donating the policy to a charity which may entitle you to a tax deduction.

• Adjusting the policy to reflect your changing needs and goals.

Technology and medical advances have positively impacted the life insurance industry resulting in lower prices for consumers. For example, if your health has improved, you may qualify for a reduced premium. In addition, interest rate fluctuations may impact your policy performance. A review will determine available options to consider based upon how these factors affect your policy.

Keep it Simple

HORAN can help perform an annual review to provide you with a clear picture of your current coverage, any shortfalls in your plan or any suggested changes. If there are any gaps, we can offer recommendations to rectify the situation. If it turns out that you are properly covered, then it was time well spent to ensure peace of mind for you and your loved ones.

It allows you to answer questions such as: • Do you need to update your beneficiaries?

• Have you experienced any health changes that could impact your policy?

• Do you still need the life insurance policy?

Jodee Deutsch

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Case Design Specialist, Registered Representative

Volume 20

TRENDING NOW

CLIENT SUCCESS STORY

THE CENTER FOR LOCAL GOVERNMENT BENEFITS POOL

Background: Consortiums allow agencies with similar benefits philosophies to create a benefit pool in order to help all involved achieve better results in the long-term. The key to success is balancing what is best for all versus what is best for the individual agency. While this is a proven successful model, some agencies face challenges. HORAN’s role is to continue to keep those involved focused on the data and costs as well as develop strategies to achieve long-term success. The Center for Local Government Benefits Pool (CLGBP) is an example of this.

History & Overview: CLGBP partnered with HORAN on their medical plans in 2013 after building up a deficit of $3.7 million with their previous broker. Since 2013, HORAN has helped CLGBP add three new groups to the consortium and grow their reserves by $6.4 millon (-$3.7 million in 2013 to $2.7 million in 2018).

Vision: CLGBP is focused on improving public service delivery in the cities, townships and villages in the Greater Cincinnati area.

This is achieved by providing better access to health care leveraging economies of scale and commonality of choices.

3.7% Average Medical Renewal • Average medical renewal is 3.7% since 2013 • Dental renewal is 1% for three years • Average life renewal is 1.66% for six years

$6.4M Growth in Reserves

2.5% Fee Reduction

• Contributed to the growth of CLGBP reserves by $6.4 million (-$3.7 million in 2013 to $2.7 million in 2018)

• Decreased carrier admin each year (14% reduction in 2017) • Reduced administration fee by 2.5%

ACTIONS TO DRIVE RESULTS Stabilize Health Care Costs • Leveraged market bids • Utilized the predictive power of HORANalytics® using data to drive decisions

Improve Health • Developed a three year wellness strategy • Provided guidance and support for wellness program and incentives

Maintain Competitive Program • Conducted an actuarial and relative review of benefits and rates for medical plan

Reduce Fees • Identified duplicative programs • Reduced administration fees

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health.wealth.life.

WORKING KNOWLEDGE

CAREER. CULTURE. COMMUNITY. Why are you passionate about what you do at HORAN? My passion truly comes from educating people on a topic that is not usually the fan favorite – insurance. When a meeting ends by my client saying, “I have never known this much about insurance,” that is how I know I am not just being heard, but that they actually understand. It is my job to make my clients comfortable with their insurance decisions which is the second largest line item of a budget for most employers.

What elements of HORAN’s culture make you proud to work here?

I love that we serve both our clients and our community, which truly go hand-inhand. I think of my clients and coworkers as family and they echo that feeling. That

is a powerful statement; it drives my passion.

At HORAN, we strive to grow our careers; we contribute to and flourish from the culture; and we are committed to positively impacting the communities where we live and work.

Shannon Schumacher, CBC, Director, Employee Benefits, talks about the impact that Career.

Culture. Community. has had on her personally and professionally.

enough people to fill them.

What project has your class decided to How are you involved in your focus on? community?

Our focus is on workforce. We are looking Right now my largest involvement in the at how we can attract, recruit and retain community is through Northern Kentucky individuals to live and work in NKY. Chamber of Commerce’s Leadership Northern Kentucky (NKY). I am a member We have hopes to collaborate with the of the Leadership NKY Class of 2019.

Cincinnati USA Regional Chamber in order Leadership NKY is a program designed to shape our program similar to Hello to bring together community members Cincy, which is where people new to the to acquire a better region are introduced understanding of to the Cincinnati the strengths and community.

Leadership NKY has challenges in the region, and who can given me a greater collaborate in an effort How has this understanding of to address them. program impacted what workforce you professionally?

What have you When I ask my challenges really learned through the clients, “What is look like and I am program so far? something that able to address that One thing I have creates stress in your learned is that, just job?”, the response with my clients. like in Ohio, there is always around are many challenges the topic of finding around workforce. the right employees Kentucky faces and getting them challenges especially with the millennial to stay. Leadership NKY has given me a generation and even younger to get greater understanding of what workforce individuals to live and work in the state. challenges really look like and I am able to There are so many available jobs and not address that with my clients.

“

“

Shannon Schumacher, CBC Director, Employee Benefits

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Volume 20

TRENDING NOW

&

community 2019 Artswave Campaign

Achievements

HORAN's 2019 ArtsWave Campaign was one of our most successful to date. Employees raised over $35,800 (more than 110% of goal) with 100% participation. During the campaign employees participated in a variety of fun activities including an Italian dinner theatre, a luncheon with the Cincinnati Chamber Orchestra and trivia night. Our campaign concluded with a grand finale where employees enjoyed an art and theatre themed photobooth.

Team Outing at Cheers to Art

Supporting the American Heart Association's 2019 Heart Mini

Great Place to Work® HORAN was certified as a Great Place to Work by the independent analysts at Great Place to Work Institute®. HORAN earned this credential based on employees' anonymous responses to an extensive survey about their levels of trust, pride and camaraderie at work. Great Place to Work® reviewed the survey results of more than 52,000 employees from Certified hundreds of companies in the OCT 2018–OCT 2019 ranking process.

USA

Grand Finale Party following a successful 2019 ArtsWave Campaign

Celebrating HORAN's 29 year partnership with the Cincinnati Symphony Orchestra

Best Place to Work by the Dayton Business Journal Every year the Dayton Business Journal recognizes Dayton-area employers that have the most engaged workforces with the Best Places to Work award. Best Places to Work is based on the results of anonymous employee surveys, measuring employee trust in management and coworkers, work-force engagement and finding out how employees feel about management effectiveness, trust and commitment to professional development. The survey results are analyzed by an independent research company to determine winners in four categories based on company size.

HORAN is proud to have been named a 2019 honoree.

17

health.wealth.life.

Client Spotlight

Celebrating 20 years of Life Changing Work CTI Clinical Trial and Consulting Services, Inc. (CTI) is a Greater Cincinnati based organization making a global impact.

95% retention rate, year after year over the last 10 years, it is no secret that CTI values their people and that they have loyal, passionate employees.

CTI was founded in 1999 on a mission to improve the lives of chronically and critically ill patients. In their 20 year history as a full spectrum clinical trial and consulting service organization, CTI has contributed to more than 100 new drug and device approvals through global regulatory agencies.

“Being in the service industry, employees are 80% or 90% of our cost, but they are 100% of our revenues. As an organization we don’t forget that our employee’s minds, creativity and education are our product,” said Paul Ritter, Esq, Senior Vice President & Chief Legal Officer.

“Whether it is rare diseases, cancer or big health initiatives, a lot of aspects have come together to make it a really interesting time in the industry. Instead of treating diseases, we are actually curing them – which changes the paradigm completely. The next 20 years are going to be extremely impactful on society,” said Timothy Schroeder, Chief Executive Officer at CTI. In addition to being a leader in the clinical research space, CTI has developed an unparalleled workplace culture. With a

Dominic Franchini HORAN Relationship Manager for CTI

18

Kristen Pond HORAN Account Manager for CTI

For this reason, CTI pays special attention to the ways they can enhance the employee experience. This priority is shared by all levels of the organization beginning at the executive management level.

“Leadership is visible and accessible to everyone, even at the recruiting stage. Every job candidate meets or speaks with Tim before they are hired,” said Lisa Bostrom, Senior Director, Human Resources.

Now with more than 700 employees, the maintenance of the fundamental fabric of the organization is still as important as ever.

“Ultimately people want to know that what they do makes a difference. We rely on our managers to make sure people feel like they have a sense of purpose through mentoring, training and succession planning,” said Schroeder. “Before we were global, we wondered if our business model, mission and culture would translate internationally. While there are nuances to geography, regulations and religions, at the heart of it, people are all very similar. We have identified a

Volume 20

Client Spotlight

"We have identified a culture that works for us and we have scaled it.”

Timothy Schroeder, Chief Executive Officer at CTI

culture that works for us and we have scaled it.”

The culture CTI has cultivated goes beyond the walls of their offices. The organization has also developed numerous longlasting partnerships that they hold in high regard. HORAN provides support on a strategic level with a variety of benefits and long-term planning needs such as retirement and Medicare.

Timothy Schroeder

“Every year during annual renewal time, our leadership is always asking ‘what’s something new we can offer employees this year?’ HORAN helps us by bringing creativity and best practices to the table,” said Bostrom.

Lisa Bostrom

As a result of offering a comprehensive, evolving benefit package, CTI is well-positioned to remain on the cutting edge of employee satisfaction.

Chief Executive Officer

Senior Director, Human Resources

Paul Ritter, Esq

Senior Vice President & Chief Legal Officer

This working relationship stretches beyond the scope of business and that makes the partnership even better.

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PRESORTED STANDARD US POSTAGE PAID CINCINNATI OH PERMIT # 8093

4990 East Galbraith Road Cincinnati, Ohio 45236

THE BRIDGE SERIES

Bridging organizations and our community together On the first Friday of every month HORAN and Graydon invite community leaders to discuss topics such as art, community development, health and wellness, education and more.

Join us on the first Friday of every month 7:30 - 8:30 a.m.

Graydon on Main, 1421 Main Street, Cincinnati, Ohio 45202

Horan Securities, Inc. is a Registered Broker/Dealer and a Registered Investment Advisor, member FINRA/SIPC. Horan Wealth and Horan Capital Advisors are an SEC Registered Investment Advisor.

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. The information herein has been obtained from sources believed to be reliable, but we cannot assure its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Any reference to past performance is not to be implied or construed as a guarantee of future results. Market conditions can vary widely over time and there is always the potential of losing money when investing in securities.

800.544.8306 www.horanassoc.com

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