Courage is knowing what not to fear. -Plato
HR professionals really are tasked with a lot of major responsibilities when it comes to the modern organization. From hiring the right employee to helping with the on-boarding process and ensuring that everyone gets paid on time, human resource professionals really do have to put up with a lot. And, if we look at it, HR members are also tasked with keeping up with compliance.
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Advantages of an Employee Management System at Work
Safety of employees, customers ranks as top pandemic-related concern
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Safety of employees, customers ranks as top pandemic-related concern
An employee handbook is a detailed document that lists down all policies and guidelines that are specific and unique to your organization. The handbook sets clear expectations for employees in your organization and meets all the legal obligations required from your side, along with defining employee rights.
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Reasons to Have a Dedicated Employee Handbook
HSA Limits and Minimums
FINANCE.YAHOO.COM
HSA Limits and Minimums
COVID-19 Causing Workers To Take A Closer Look At Benefits
INSURANCENEWSNET.COM
COVID-19 Causing Workers To Take A Closer Look At Benefits, MetLife Says
3 Reasons an HSA Needs to Be Part of Your Retirement Plan
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3 Reasons an HSA Needs to Be Part of Your Retirement Plan | The Motley Fool
This article is the 15th and last in our series of 15 articles to help you in hiring for your organization. In our previous article we discussed the techniques and aspects of creating a decent onboarding process. In this article we take the process of hiring to its end with a final guide on tips you should follow for training new employees.
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Tips for Training New Employees
Firms’ Employee Benefit Offerings Reflect Pandemic-Reshuffled Priorities
INSURANCEJOURNAL.COM
Firms' Employee Benefit Offerings Reflect Pandemic-Reshuffled Priorities
The United States and many other countries across the globe are coming to terms with the fact that disabled workers aren’t entirely bad fits for an organization. They can prove to be beneficial for your organization in more ways than one and can aid the growth that you want as an organization.
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Reasons for Hiring Disabled Workers
Thought is the wind, knowledge the sail, and mankind the vessel. Augustus Hare
This article is the 9th in our series of 15 articles to help you with hiring for your organization. In our previous article we discussed the traits of an organized interview process. In this article we take the concept and process of interviewing even further and talk about some of the top tips of conducting an effective job interview.
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Tips on Conducting an Effective Job Interview
This article is the second in a series of 15 articles to help you with hiring for your organization. Previously, we studied tips to recognize the need to hire new employees, and today we will shed some light on ways to budget for recruitment and hiring.
JSBENEFITSGROUP.COM
Budgeting for Recruitment
This article is the second in a series of 15 articles to help you with hiring for your organization. Previously, we studied tips to recognize the need to hire new employees, and today we will shed some light on ways to budget for recruitment and hiring.
#BudgetingforRecruitment
JSBENEFITSGROUP.COM
Budgeting for Recruitment
This article is the 7th in our series of 15 articles to help you with hiring for your organization. In our previous article we discussed the advantages recruiters can enjoy by hiring from social media. In this article we take the concept and process of hiring even further and talk about some actionable tips for advertising your job openings to the right audience.
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Tips for Advertising Your Job Openings
This article is the first of a series of 15 articles to help you with hiring for your organization. The first step in the hiring process is to identify and recognize the need for new employees. Most employers fail to recognize the need for new employees and eventually end up losing out on possible growth opportunities.
JSBENEFITSGROUP.COM
Recognizing the Need for New Employees
This article is the first of a series of 15 articles to help you with hiring for your organization. The first step in the hiring process is to identify and recognize the need for new employees. Most employers fail to recognize the need for new employees and eventually end up losing out on possible growth opportunities.
#NeedforNewEmployees
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Recognizing the Need for New Employees
This article is the 13th in our series of 15 articles to help you with hiring for your organization. In our previous article we discussed some of the tips you can follow while delivering your interview results. In this article we take the process of hiring even further by discussing some benefits of organizing a decent onboarding process.
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Business Benefits of a Good Employee Onboarding Process
This article is the fourth in our series of 15 articles to help you with hiring for your organization. Previously in this series we looked at the tips and guidelines you should follow while hiring on a budget. In this article we look at the ways employers can follow to understand the requirements for a new position.
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Tips on Understanding the Requirements of Your New Position
This article is the fourth in our series of 15 articles to help you with hiring for your organization. Previously in this series we looked at the tips and guidelines you should follow while hiring on a budget. In this article we look at the ways employers can follow to understand the requirements for a new position.
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Tips on Understanding the Requirements of Your New Position
This article is the third in our series of 15 articles to help you with hiring for your organization. Previously we studied the importance of setting an annual budget for hiring and the steps or guidelines you can follow to get it done. In this article we shed some light on how businesses with a low budget can hire the best employees.
#TipstoHireonaLowBudget
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Tips to Hire on a Low Budget
Open Enrollment Do’s & Don’ts That Can Help Americans Save in 2021
https://www.cpapracticeadvisor.com/payroll/news/21160153/open-enrollment-dos-donts-that-can-help-americans-save-in-2021
CPAPRACTICEADVISOR.COM
Open Enrollment Do’s & Don’ts That Can Help Americans Save in 2021
Most businesses and organizations today do not consider Human Resources or HR to be their top priority. While you might function and even succeed without prioritizing or adding efficiency to your HR operations, it is necessary that you ensure progression in this regard as well.
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Warning Signs Your HR Policies Are Outdated
Most businesses and organizations today do not consider Human Resources or HR to be their top priority. While you might function and even succeed without prioritizing or adding efficiency to your HR operations, it is necessary that you ensure progression in this regard as well.
JSBENEFITSGROUP.COM
Warning Signs Your HR Policies Are Outdated
This article is the fifth in our series of 15 articles to help you with hiring for your organization. In our previous article we discussed the importance of identifying requirements for all new positions in your workplace. In this article we will introduce you to the job description and how you can craft the perfect one for a job opening.
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How to Write the Perfect Job Description
This article is the fifth in our series of 15 articles to help you with hiring for your organization. In our previous article we discussed the importance of identifying requirements for all new positions in your workplace. In this article we will introduce you to the job description and how you can craft the perfect one for a job opening.
#HowtoWritethePerfectJobDescription
JSBENEFITSGROUP.COM
How to Write the Perfect Job Description
HR Consultants and executives are an essential part of your business today. Not only do they establish the foundation for your organization, but they also help you hire employees that form the right fit with your brand image. Many times a company fails to capitalize on their growth potential, because they hire the wrong candidate. And, HR consultants have a major role to play in this.
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Tips for Choosing the Perfect HR Consultants
It's not the size of the dog in the fight, it's the size of the fight in the dog. Mark Twain
Health Insurance Tax filing requirement.
The minimum amount (or threshold) of income requiring you to file a federal tax return. 2019 filing requirements for most taxpayers: Gross income of at least $12,200 (individuals) or $24,400 (married filing jointly). Different thresholds apply for dependents, people 65 and older, and those who use other tax filing statuses (like married filing separately).
What do they mean by Preauthorization?
A decision by your health insurer or plan that a health care service, treatment plan, prescription drug, or durable medical equipment is medically necessary. Sometimes called prior authorization, prior approval or precertification. Your health insurance or plan may require preauthorization for certain services before you receive them, except in an emergency. Preauthorization isn’t a promise your health insurance or plan will cover the cost.
Another Reminder: ACA Open enrollment started on November 1st. Please contact us for a no-cost consultation!
ACA Open Enrollment has started. Health insurance can be really confusing. We are here to help you understand your options.
ACA Health Insurance Open Enrollment has started! Make sure to contact us with any questions.
HSA 101 - Contributions to your HSA can be made with pre-tax dollars, which reduces your taxable income.
“The way to get started is to quit talking and start doing.” –Walt Disney
November is Long Term Care Awareness Month. These days a game plan can come in many different products and strategies.
A lot of small and medium-sized enterprises work without a dedicated payroll system in place. A payroll system is considered by many entrepreneurs today to be an unnecessary expense that they can probably live without.
However, there will come a time during your operations when your company will no longer be able to efficiently operate without a new payroll system of its own.
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Warning Signs Your Company Requires a New Payroll System
Whole life insurance provides permanent protection for the whole of life, from the date of policy issue to the date of the insured's death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy's life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child's education, or cash surrender value if the policy is ever canceled.
Q: Can I buy health insurance that’s compatible with a health savings account (HSA) during open enrollment?
A: If you enroll in a high-deductible health plan (HDHP), you’ll be eligible to fund an HSA.
Keep your face always toward the sunshine - and shadows will fall behind you. Walt Whitman
Income Protection 101: A typical Individual Disability Income Protection plan starts to pay benefits after you have been off work for 1 to 6 months, and pays benefits for several years or until retirement age, depending on the policy.
Reminder Medicare AEP started on October 15th. It will run through December 7th, 2020!
If life were predictable it would cease to be life, and be without flavor. Eleanor Roosevelt
For most homeowners, the mortgage is the single largest source of personal debt. Mortgage protection insurance is a specialized life insurance policy designed to pay off that debt in the event of your death.
Term life insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 5 to 20 years. Other policy life periods are available, including one-year annual renewable term.
Reminder: Health Insurance Open Enrollment is underway. If you have any questions or need any help, please contact us!
The roots of education are bitter, but the fruit is sweet. Aristotle
Reminder ACA Health insurance open enrollment is in progress! Please contact us with any questions you might have!
Medicare Annual Enrollment runs through December 7th, 2020. Please contact us for a no-cost consultation.
Flexible Spending Account (FSA)
Is an arrangement through your employer that lets you pay for many out-of-pocket medical expenses with tax-free dollars. Allowed expenses include insurance copayments and deductibles, qualified prescription drugs, insulin, and medical devices. You decide how much to put in an FSA, up to a limit set by your employer. You aren't taxed on this money.
COBRA is a federal law that may allow you to temporarily keep health coverage after your employment ends, you lose coverage as a dependent of the covered employee, or another qualifying event. If you elect COBRA (Consolidated Omnibus Budget Reconciliation Act) coverage, you pay 100% of the premiums, including the share the employer used to pay, plus a small administrative fee.
Live as if you were to die tomorrow. Learn as if you were to live forever.” ― Mahatma Gandhi
What do they mean by employee benefit Waiting Period? The time that must pass before coverage can become effective for an employee or dependent who is otherwise eligible for coverage under a job-based health plan.
Original Medicare is a fee-for-service health plan that has two parts: Part A (Hospital Insurance) and Part B (Medical Insurance). After you pay a deductible, Medicare pays its share of the Medicare-approved amount, and you pay your share (coinsurance and deductibles).
Adults who own property together should have life insurance. Married or not, if the death of one adult would mean that the other could no longer afford loan payments, upkeep, and taxes on the property, life insurance may be a good idea. An example would be an engaged couple who took out a joint mortgage to buy their first house.
Understanding an HSA: A type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. HSA funds generally may not be used to pay premiums.
What do they mean by “Brand Name Drugs”. A drug sold by a drug company under a specific name or trademark and that is protected by a patent. Brand name drugs may be available by prescription or over the counter.
With Health Insurance what is the “Lifetime Limit” in a plan? A cap on the total lifetime benefits you may get from your insurance company. An insurance company may impose a total lifetime dollar limit on benefits (like a $1 million lifetime cap) or limits on specific benefits (like a $200,000 lifetime cap on organ transplants or one gastric bypass per lifetime) or a combination of the two. After a lifetime limit is reached, the insurance plan will no longer pay for covered services.
A typical Individual Disability Income Protection plan starts to pay benefits after you have been off work for 1 to 6 months, and pays benefits for several years or until retirement age, depending on the policy.
Rising life expectancy means that the potential need for "long-term care" grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities.
Live as if you were to die tomorrow. Learn as if you were to live forever.” ― Mahatma Gandhi
What do they mean by employee benefit Waiting Period? The time that must pass before coverage can become effective for an employee or dependent who is otherwise eligible for coverage under a job-based health plan.
Whole life insurance provides permanent protection for the whole of life, from the date of policy issue to the date of the insured's death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy's life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child's education, or cash surrender value if the policy is ever canceled.
I have a health savings account at work. Can I still contribute to my health savings account after I turn 65? Yes, as long as you haven’t enrolled in Medicare.
End of the year tax tips: Max out your HSA: Another method for lowering your taxable income is to contribute the maximum allowed to a Health Savings Account, which is generally $3,550 for individuals or $7,100 for families; an additional $1,000 catch-up contribution is allowed if age 55 or older. HSA contributions can be deducted through payroll, or direct contributions can be made to ensure the maximum is met.
For every minute you remain angry, you give up sixty seconds of peace of mind. -Ralph Waldo Emerson
What do they mean by “Brand Name Drugs”. A drug sold by a drug company under a specific name or trademark and that is protected by a patent. Brand name drugs may be available by prescription or over the counter.
With Health Insurance what is the “Lifetime Limit” in a plan? A cap on the total lifetime benefits you may get from your insurance company. An insurance company may impose a total lifetime dollar limit on benefits (like a $1 million lifetime cap) or limits on specific benefits (like a $200,000 lifetime cap on organ transplants or one gastric bypass per lifetime) or a combination of the two. After a lifetime limit is reached, the insurance plan will no longer pay for covered services.
Health Savings Account HSA Reminder: Unused funds that will roll over year to year. There's no "use or lose it" penalty.
Health Savings Account HSA Reminder: Contributions to your HSA can be made with pre-tax dollars, which reduces your taxable income. Any after-tax contributions that you make to your HSA are tax deductible.
Individual Disability Income Protection is a must for a business owner, and highly recommended for executives. If you are a business owner, you should consider purchasing both group and individual policies, if possible. As an executive, you should be sure to obtain group coverage if it is available. Only forty-three percent of large companies provide group long term disability insurance.
Need To Review Your Life Insurance Plan? Life insurance often needs to be adjusted after a big change like getting married, having a baby, starting a business, retiring and more. In these kinds of instances, you’ll want to schedule a life insurance review with us as soon as possible.
Whole life insurance provides permanent protection for the whole of life, from the date of policy issue to the date of the insured's death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy's life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child's education, or cash surrender value if the policy is ever canceled.
I have a health savings account at work. Can I still contribute to my health savings account after I turn 65? Yes, as long as you haven’t enrolled in Medicare.
2021 HSA contributions numbers for an individual with coverage under a qualifying high-deductible health plan (deductible not less than $1,400) can contribute up to $3,600 — up $50 from 2020 — for the year to their HSA. The maximum out-of-pocket has been capped at $7,000.
“With the new year comes a refueled motivation to improve on the past one.” -Anonymous
Disability Insurance 101: The term “substantial gainful activity” (SGA) is used to describe a level of work activity and earnings. Work is “substantial” if it involves doing significant physical or mental activities or a combination of both.
Quick End Of The Year Tax Tip! Estimate your tax liability and make any final estimated tax payments. This is especially important to small business owners that must pay taxes on any potential loan forgiveness.
Health Savings Account HSA Reminder: Unused funds that will roll over year to year. There's no "use or lose it" penalty.
Health Savings Account HSA Reminder: Contributions to your HSA can be made with pre-tax dollars, which reduces your taxable income. Any after-tax contributions that you make to your HSA are tax deductible.
Like most life insurance, mortgage protection insurance eases the financial burden of your loved ones. It is an affordable way of ensuring that your home is paid for no matter the circumstances. Cancer, stroke, heart attack, injury, death—your family will never be in jeopardy of losing its home as long as you put a custom mortgage protection insurance plan in place.
A health insurance special enrollment period is a time outside the yearly Open Enrollment Period when you can sign up for health insurance. You qualify for a Special Enrollment Period if you’ve had certain life events, including losing health coverage, moving, getting married, having a baby, or adopting a child.
With Health Insurance a “Prior Authorization” is an approval from a health plan that may be required before you get a service or fill a prescription in order for the service or prescription to be covered by your plan.
2021 HSA contributions numbers for an individual with family coverage under a qualifying high-deductible health plan (deductible not less than $2,800) can contribute up to $7,200 — up $100 from 2020 — for the year. The maximum out-of-pocket has been capped at $14,000.
2021 HSA contributions numbers for an individual with coverage under a qualifying high-deductible health plan (deductible not less than $1,400) can contribute up to $3,600 — up $50 from 2020 — for the year to their HSA. The maximum out-of-pocket has been capped at $7,000.
“With the new year comes a refueled motivation to improve on the past one.” -Anonymous
Original Medicare is a fee-for-service health plan that has two parts: Part A (Hospital Insurance) and Part B (Medical Insurance). After you pay a deductible, Medicare pays its share of the Medicare-approved amount, and you pay your share (coinsurance and deductibles).
Life insurance proceeds are usually not taxable if they are paid to a specifically named beneficiary, such as your spouse or children. The life insurance proceeds may become taxable, however, if you name your estate as the beneficiary. At that point, the proceeds become a part of your estate, and can be subject to estate taxes.
What can I use my FSA for?
You can spend FSA funds to pay deductibles and copayments, but not for insurance premiums. You can spend FSA funds on prescription medications, as well as over-the-counter medicines with a doctor's prescription. Reimbursements for insulin are allowed without a prescription.
A Health Insurance POS (Point of Service Plan) is a type of plan in which you pay less if you use doctors, hospitals, and other health care providers that belong to the plan’s network. POS plans also require you to get a referral from your primary care doctor in order to see a specialist.
A Health Insurance PPO (Preferred Provider Organization Plan) is a type of health plan that contracts with medical providers, such as hospitals and doctors, to create a network of participating providers. You pay less if you use providers that belong to the plan’s network. You can use doctors, hospitals, and providers outside of the network for an additional cost.
Like most life insurance, mortgage protection insurance eases the financial burden of your loved ones. It is an affordable way of ensuring that your home is paid for no matter the circumstances. Cancer, stroke, heart attack, injury, death—your family will never be in jeopardy of losing its home as long as you put a custom mortgage protection insurance plan in place.
Cash Value in Life Insurance is a component of a permanent life insurance policy that works like an investment or savings account. The cash value of the policy accumulates over the policyholder’s lifetime and can be withdrawn at any time or paid out upon the policyholder’s death.
Medicare Drug Coverage (Part D) is an optional benefit for prescription drugs available to all people with Medicare for an additional charge. This coverage is offered by insurance companies and other private companies approved by Medicare.
Did you know with a Health Savings Account (HSA), Contributions to your HSA can be made with pre-tax dollars, which reduces your taxable income.
With a Health Savings Account (HSA), You can pay for IRS-qualified medical expenses with funds from your HSA by using your debit card. You can also pay for part of all of your IRS-qualified medical expenses out-of-pocket and reimburse yourself later with HSA funds.
Original Medicare is a fee-for-service health plan that has two parts: Part A (Hospital Insurance) and Part B (Medical Insurance). After you pay a deductible, Medicare pays its share of the Medicare-approved amount, and you pay your share (coinsurance and deductibles).
Life insurance proceeds are usually not taxable if they are paid to a specifically named beneficiary, such as your spouse or children. The life insurance proceeds may become taxable, however, if you name your estate as the beneficiary. At that point, the proceeds become a part of your estate, and can be subject to estate taxes.
What does my doctor meaning by “Coordination of Benefits”? It’s a way to figure out who pays first when 2 or more health insurance plans are responsible for paying the same medical claim.
Reminder a Health Savings Account (HSA) is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. HSA funds generally may not be used to pay premiums.
Fast Fact: Self-insurance is also called a self-funded plan. This is a type of plan in which an employer takes on most or all of the cost of benefit claims. The insurance company manages the payments, but the employer is the one who pays the claims.
Don't judge each day by the harvest you reap but by the seeds that you plant. -Robert Louis Stevenson
Cash Value in Life Insurance is a component of a permanent life insurance policy that works like an investment or savings account. The cash value of the policy accumulates over the policyholder’s lifetime and can be withdrawn at any time or paid out upon the policyholder’s death.
Medicare Drug Coverage (Part D) is an optional benefit for prescription drugs available to all people with Medicare for an additional charge. This coverage is offered by insurance companies and other private companies approved by Medicare.
The Biden Administration has announced that the ACA Marketplaces will re-open for a special enrollment period (SEP) from February 15 through May 15, 2021. Several states that operate their own exchanges have indicated that they will also institute SEPs over a similar period.
Overwhelmed by the changing world of Health Insurance? Contact us today to let us review your situation.
A person who never made a mistake never tried anything new. Albert Einstein
Key person (employee) insurance is a particular type of life insurance policy taken out by a company on one of their employees, in which the company is the beneficiary in the case of that employee's untimely demise.
What does my doctor meaning by “Coordination of Benefits”? It’s a way to figure out who pays first when 2 or more health insurance plans are responsible for paying the same medical claim.
Reminder a Health Savings Account (HSA) is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. HSA funds generally may not be used to pay premiums.
What is an Out of Network Copayment? It’s a fixed amount (for example, $30) you pay for covered health care services from providers who don't contract with your health insurance or plan. Out-of-network copayments usually are more than in-network copayments.
I believe every human has a finite number of heartbeats. I don't intend to waste any of mine. Neil Armstrong
Reminder your 1099 SA form: This form captures distributions from health reimbursement accounts like HSA's and MSA's.
The Affordable Care Act requires certain employers with at least 50 full-time employees (or equivalents) to offer health insurance coverage to its full-time employees (and their dependents) that meets certain minimum standards set by the Affordable Care Act or to make a tax payment called the ESRP.
The Biden Administration has announced that the ACA Marketplaces will re-open for a special enrollment period (SEP) from February 15 through May 15, 2021. Several states that operate their own exchanges have indicated that they will also institute SEPs over a similar period.
Overwhelmed by the changing world of Health Insurance? Contact us today to let us review your situation.
In all things of nature there is something of the marvelous. Aristotle
Accelerated benefits, also known as “living benefits,” are life insurance policy proceeds paid to the policyholder before he or she dies. The benefits may be provided in the policies themselves, but more often they are added by riders or attachments to new or existing policies.
2021 HSA contribution limits have been announced. The maximum out-of-pocket has been capped at $7,000. An individual with family coverage under a qualifying high-deductible health plan (deductible not less than $2,800) can contribute up to $7,200 — up $100 from 2020 — for the year.
What do they mean by “Out of pocket maximum/limit?” It’s the most you have to pay for covered services in a plan year. After you spend this amount on deductibles, copayments, and coinsurance for in-network care and services, your health plan pays 100% of the costs of covered benefits.
What is an Out of Network Copayment? It’s a fixed amount (for example, $30) you pay for covered health care services from providers who don't contract with your health insurance or plan. Out-of-network copayments usually are more than in-network copayments.
I believe every human has a finite number of heartbeats. I don't intend to waste any of mine. Neil Armstrong
All our dreams can come true, if we have the courage to pursue them. Walt Disney
If you run a business that was hit by the pandemic, you may find your estimated tax payments were either overpaid or underpaid compared to normal. Now that 2020 is in the books, run a quick projection to ensure you are not surprised with an unexpected tax bill when you file your tax return.
If you received unemployment benefits in 2020, you need to report these benefits on your tax return as taxable income. Check to see if either federal or state taxes were withheld from unemployment payments you received. If taxes were not withheld, you may need to write a check to the IRS when you file your tax return.
ERISA applies to private-sector companies that offer pension plans to employees. This includes businesses that: Are structured as partnerships, proprietorships, LLCs, S-corporations and C-corporations. No matter how your employer has structured his or her business, it is covered by ERISA if it is a private entity.
Reminder: You can enroll in Marketplace health coverage from February 15 through May 15 due to the coronavirus disease 2019 (COVID-19) emergency.
In all things of nature there is something of the marvelous. Aristotle
Are you an independent contractor or an employee? As the pandemic continues, many long-time employees are now picking up jobs as contractors. In the meantime, states like California are trying to force the definition of employees upon companies. Getting it wrong could cost you plenty in the way of Social Security, Medicare taxes, and other employment related taxes.
The accelerated benefits option or rider in a life insurance policy provides that all or a portion of the policy’s proceeds will be paid to the insured upon the occurrence of specified events. These include such things as the diagnosis of a terminal illness, the need for long-term care or the onset of a medically incapacitating condition such as a heart attack, stroke or cancer treatment. The life insurance company will deduct the accelerated benefits payment from the death benefit it ultimately pays to the beneficiary.
COBRA is a federal law that may allow you to temporarily keep health coverage after your employment ends, you lose coverage as a dependent of the covered employee, or another qualifying event. If you elect COBRA (Consolidated Omnibus Budget Reconciliation Act) coverage, you pay 100% of the premiums, including the share the employer used to pay, plus a small administrative fee.
Essential Health Benefits are a set of 10 categories of services health insurance plans must cover under the Affordable Care Act. These include doctors’ services, inpatient and outpatient hospital care, prescription drug coverage, pregnancy and childbirth, mental health services, and more. Some plans cover more services. Plans must offer dental coverage for children. Dental benefits for adults are optional. Specific services may vary based on your state’s requirements. You’ll see exactly what each plan offers when you compare plans.
All our dreams can come true, if we have the courage to pursue them. Walt Disney
If you run a business that was hit by the pandemic, you may find your estimated tax payments were either overpaid or underpaid compared to normal. Now that 2020 is in the books, run a quick projection to ensure you are not surprised with an unexpected tax bill when you file your tax return.
A PPO Health insurance plans is a type of health plan that contracts with medical providers, such as hospitals and doctors, to create a network of participating providers. You pay less if you use providers that belong to the plan’s network. You can use doctors, hospitals, and providers outside of the network for an additional cost.
A cafeteria plan is a separate written plan maintained by an employer for employees that meets the specific requirements and regulations of Section 125 of the Internal Revenue Code. It provides participants an opportunity to receive certain benefits on a pretax basis. Participants in a cafeteria plan must be permitted to choose among at least one taxable benefit (such as cash) and one qualified benefit.
A Flexible Spending Account (FSA) Is an arrangement through your employer that lets you pay for many out-of-pocket medical expenses with tax-free dollars. Allowed expenses include insurance copayments and deductibles, qualified prescription drugs, insulin, and medical devices. You decide how much to put in an FSA, up to a limit set by your employer. You aren't taxed on this money. If money is left at the end of the year, the employer can offer one of two options (not both): You get 2.5 more months to spend the left over money. You can carry over up to $500 to spend the next plan year.
Reminder: You can enroll in Marketplace health coverage from February 15 through May 15 due to the coronavirus disease 2019 (COVID-19) emergency.
Are you an independent contractor or an employee? As the pandemic continues, many long-time employees are now picking up jobs as contractors. In the meantime, states like California are trying to force the definition of employees upon companies. Getting it wrong could cost you plenty in the way of Social Security, Medicare taxes, and other employment related taxes.
The accelerated benefits option or rider in a life insurance policy provides that all or a portion of the policy’s proceeds will be paid to the insured upon the occurrence of specified events. These include such things as the diagnosis of a terminal illness, the need for long-term care or the onset of a medically incapacitating condition such as a heart attack, stroke or cancer treatment. The life insurance company will deduct the accelerated benefits payment from the death benefit it ultimately pays to the beneficiary.
Important Reminder: You can enroll in Marketplace health coverage from February 15 through May 15 due to the coronavirus disease 2019 (COVID-19) emergency.
Fast Fact: You may qualify for a Health Insurance Special Enrollment Period to enroll any time if you’ve had certain life events, including losing health coverage, moving, getting married, having a baby, or adopting a child.
“When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps.” -Confucius
Health Savings Account FAQ – What happens if you do use your HSA money?
If you withdraw HSA funds and don't use them to pay for qualified medical expenses, you'll pay income tax and a penalty. Unlike an FSA, there's no “use it or lose it” provision. There's no deadline to reimburse yourself for medical expenses.
A PPO Health insurance plans is a type of health plan that contracts with medical providers, such as hospitals and doctors, to create a network of participating providers. You pay less if you use providers that belong to the plan’s network. You can use doctors, hospitals, and providers outside of the network for an additional cost.
A cafeteria plan is a separate written plan maintained by an employer for employees that meets the specific requirements and regulations of Section 125 of the Internal Revenue Code. It provides participants an opportunity to receive certain benefits on a pretax basis. Participants in a cafeteria plan must be permitted to choose among at least one taxable benefit (such as cash) and one qualified benefit.
“Logic will get you from A to B. Imagination will take you everywhere.” -Albert Einstein
Life insurance may be one of the most important purchases you'll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children's education, protect your spouse's retirement plans, and much more. If you're considering securing you and your family’s financial future, we would be happy to review your current situation and offer a few ideas on how you can protect it!
Accelerated benefits, also known as “living benefits,” are life insurance policy proceeds paid to the policyholder before he or she dies. The benefits may be provided in the policies themselves, but more often they are added by riders or attachments to new or existing policies.
Important Reminder: You can enroll in Marketplace health coverage from February 15 through May 15 due to the coronavirus disease 2019 (COVID-19) emergency.
Fast Fact: You may qualify for a Health Insurance Special Enrollment Period to enroll any time if you’ve had certain life events, including losing health coverage, moving, getting married, having a baby, or adopting a child.
“When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps.” -Confucius
Nothing great was ever achieved without enthusiasm. Ralph Waldo Emerson
Confused about your Health Insurance options? Make sure to contact us today for a no cost consultation.
What do they mean by the Health Insurance waiting period? The time that must pass before coverage can become effective for an employee or dependent who is otherwise eligible for coverage under a job-based health plan.
Why do I need medigap insurance? You still have to pay deductibles and co-payments. Most people buy a Medicare supplement (medigap) policy to pay those costs, plus Part D prescription-drug coverage because Medicare generally doesn’t cover drugs. Or you can sign up for a private Medicare Advantage plan, which provides both medical and drug coverage.
Nearly 1 in 5 (19%, or 6 million) Medicare beneficiaries with traditional Medicare had no supplemental coverage in 2019. These 6 million beneficiaries are fully exposed to Medicare’s cost-sharing requirements and lack the protection of an annual limit on out-of-pocket spending, unlike beneficiaries enrolled in Medicare Advantage.
“Logic will get you from A to B. Imagination will take you everywhere.” -Albert Einstein
Never leave that till tomorrow which you can do today. Benjamin Franklin
Life insurance may be one of the most important purchases you'll ever make. In the event of a tragedy, life insurance proceeds can help pay the bills, continue a family business, finance future needs like your children's education, protect your spouse's retirement plans, and much more. If you're considering securing you and your family’s financial future, we would be happy to review your current situation and offer a few ideas on how you can protect it!
Question: Is my disability income taxable?
Answer: Money received from worker's compensation for sickness or illness is not subject to income tax. Amounts received under a private accident policy for which you pay the premiums are also nontaxable. To the extent your employer pays the insurance premiums, your benefits will be subject to tax.
Fast fact: A deductible is the amount you pay for covered health care services before your insurance plan starts to pay. With a $2,000 deductible, for example, you pay the first $2,000 of covered services yourself. After you pay your deductible, you usually pay only a copayment or coinsurance for covered services.
A flexible benefits plans is a benefit program that offers employees a choice between various benefits including cash, life insurance, health insurance, vacations, retirement plans, and child care. Although a common core of benefits may be required, you can choose how your remaining benefit dollars are to be allocated for each type of benefit from the total amount promised by the employer. Sometimes you can contribute more for additional coverage. Also known as a Cafeteria plan or IRS 125 Plan.
Nothing great was ever achieved without enthusiasm. Ralph Waldo Emerson
