tag:blogger.com,1999:blog-203913562024-03-05T03:10:29.805-08:00California Employee Benefits from AMSINSURE.COMWhere employers stay informed of benefits, companies, state and federal legislation, payroll and HR portals.AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.comBlogger605125tag:blogger.com,1999:blog-20391356.post-56064222732723325102018-06-14T11:47:00.000-07:002018-06-14T11:47:01.510-07:00Assessing Your Retirement Resources <div class="content">
<span class="drop_cap">H</span>ow resourceful can you be during your retirement? Determining <em>where</em> your retirement money will come from is an integral part of planning for retirement. Most people draw on three main sources of income: <strong>Social Security</strong>, <strong>employer-sponsored plans</strong>, and<strong> personal retirement savings</strong>. Each offers important resources that can help you fund the lifestyle you seek in retirement. </div>
<div class="subtitle">
Social Security </div>
<div class="content">
Social Security offers a retirement benefit to workers and their spouses. You can start receiving benefits as early as age 62 (considered early retirement) or wait until you reach the <strong>full retirement age</strong> of 65 to 67 (depending upon your year of birth). The benefits you receive are based on the income you have earned over the course of your life, subject to a maximum amount. You can calculate how much you can expect to receive by visiting the Social Security Administration (SSA) website at <a href="http://www.ssa.gov/">www.ssa.gov</a>. </div>
<div class="content">
Social Security benefits will most likely fall short of meeting all of your retirement needs. The maximum benefit for a person who retires in 2016 at full retirement age is $2,639 per month; the benefit for a nonworking spouse is considerably less. For most people, Social Security provides only a base level of income. Therefore, you may require a retirement plan that includes additional sources of income. </div>
<div class="subtitle">
Employer-Sponsored Plans </div>
<div class="content">
Employer-sponsored plans are a staple of retirement income for many individuals. Many employers offer benefit packages that include retirement savings options, such as defined benefit plans, 401(k) plans, 403(b) plans (for nonprofit organizations), and Savings Incentive Match Plans for Employees (SIMPLEs). Here's how the plans work: </div>
<ul>
<li class="content">With a <strong>defined benefit plan</strong>(also called a traditional pension), retirement benefits are generally based on a variety of factors, including salary, length of service, and a benefit formula that averages the employee's earnings over a prescribed period of years. In some instances, you, as an employee, may make additional contributions. To receive benefits, you generally must be employed for a certain number of years and reach the normal retirement age, typically age 65. When you retire, you may have options as to how and when you collect your benefits, such as in monthly payments or in one lump sum. </li>
<li class="content">A <strong>401(k) plan</strong>, offered by many private employers, provides you with the opportunity to contribute part of your salary, with restrictions, into a retirement account. Your employer may match your contributions, up to a predetermined percentage and subject to a maximum. For example, if your employer matches your contributions by 50%, for every dollar you put into the fund, your employer will add $.50. In 2016, you can contribute up to $18,000, and those age 50 and over can contribute an additional $6,000. Your contributions are pretax, and any potential earnings are tax deferred, so payment of taxes will not commence until you begin taking distributions. If you withdraw money from your 401(k) before age 59½, you will incur a 10% Federal income tax penalty, except under certain qualifying circumstances (such as death or disability).</li>
<li class="content">A <strong>403(b) plan</strong> is a 401(k)-type plan designed for employees of certain educational and nonprofit organizations. Your contributions are pretax, and potential earnings grow tax deferred. The contribution limit in 2016 is $18,000, with catch-up contributions of up to $6,000 allowed for those age 50 and older. At retirement, you pay ordinary income tax on your distributions. </li>
<li class="content">The <strong>Roth 401(k)</strong>, which is available through sponsoring employers, incorporates elements of both traditional 401(k) plans and Roth IRAs, a type of personal retirement savings plan. Your contributions are made with after-tax dollars, but potential earnings grow tax free and distributions are tax free, provided you are at least age 59½ and have owned the account for five years. You may contribute a maximum of $18,000 per year ($24,000 for those age 50 and older); that limit includes any contributions to a traditional 401(k) account. Matching contributions made by your employer must be invested in the traditional side of the 401(k) account, not the Roth. Under the Small Business Jobs Act of 2010, participants in traditional 401(k) plans are now permitted to roll over funds into Roth accounts within their plans, if available. Any eligible funds transferred to Roth 401(k) accounts are taxed in the year of conversion. Some 403(b) plans may also offer a Roth option.</li>
<li class="content"><strong>SIMPLEs</strong> are used by small businesses with 100 or fewer employees. A SIMPLE plan allows you to contribute up to $12,500 to a SIMPLE IRA or SIMPLE 401(k) in 2016. If you are age 50 or older, you may contribute an additional $3,000. Employer contributions, which are mandatory, can be in the form of either a 2% contribution to all eligible participants or a matching contribution that is generally 100% of the first 3% of compensation. Your contributions are pretax, and you defer payment of taxes until you begin taking withdrawals.<br /> Because retirement savings options often differ from one employer to another, it is important for you to understand the specifics of your company's benefit package. Contact your employer's benefit coordinator for more information. </li>
</ul>
<div class="subtitle">
Personal Retirement Savings </div>
<div class="content">
Personal retirement savings may be the key to achieving your financial goals. Common complements to Social Security and employer-sponsored plans include the following: </div>
<ul>
<li class="content"><strong>Traditional IRAs</strong> allow you to set money aside in a tax-deferred account. Depending on your income and whether or not you participate in an employer-sponsored retirement plan, you may be eligible to take an income tax deduction. In 2016, the maximum contribution for all IRAs (traditional, Roth, or both) is $5,500, and those age 50 and older can contribute an additional $1,000. Even if you don't qualify for a deduction, your contributions have the potential to grow tax deferred; you pay taxes on withdrawals and avoid tax penalties if you are at least age 59½. </li>
<li class="content"><strong>Roth IRAs</strong> permit earnings to grow tax free and distributions to be taken tax free, provided you have owned the account for five years and are at least age 59½. However, your initial contributions are not tax deductible. The contribution limits are the same as with traditional IRAs, including the guidelines for "catch-up" contributions, in the aggregate. In 2016, only taxpayers whose adjusted gross income (AGI) falls below certain levels ($117,000 a year for single filers, and $184,000 for joint filers) are eligible to contribute after-tax dollars to a Roth IRA. </li>
</ul>
<div class="content">
With a sound assessment of your income resources, you can begin to plan for the retirement you want. The choices you make today can influence your future financial independence. Starting now puts time on your side. </div>
AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-64017138535029043442018-06-14T11:44:00.002-07:002018-06-14T11:44:48.995-07:00Family Business – Laying the Groundwork for Success<h1>
Is your growing business still a one-person operation? As your company continues to grow and the workload increases, it is easy to find yourself wearing too many hats and not having enough hours in the day to accomplish everything that needs to be done. At such a turning point, many small business owners turn to their families for help.</h1>
<h2>
Explore the Possibilities</h2>
Involving family members in your business isn't a course of action to take lightly. If you are considering this option, it is best to approach it as seriously and professionally as you would any other business venture. Begin by exploring the following questions with your family and key advisors: <br />
<ul>
<li>Do family members want to be involved in the business?</li>
<li>What are their individual interests, talents, and areas of expertise?</li>
<li>What positions would they hold within the company?</li>
<li>How would they be compensated?</li>
<li>How well do they interact with one another?</li>
<li>Who would be best qualified to succeed you if you were to step down or something unexpected were to happen to you?</li>
<li>What ownership shares would both participating and non-participating family members receive? </li>
</ul>
<h2>
Elements of a Succession Plan</h2>
Once you've determined that family members are interested in becoming involved in the business and have the skills and talents to contribute, consider developing a <strong>succession plan</strong> that details strategies for transferring business assets or selling the business. With the help of your advisors, consider such factors as your age and health; the ages of your spouse and children, as well as their interests, talents, and expertise; and the expected growth rate of your business. <br />
Next, formalize your succession plan with a funded <strong>buy-sell agreement</strong>. This legal contract will obligate family members or other parties to buy out your share of the business for a predetermined price should you die or become disabled. Buy-sell agreements are typically funded with <strong>life insurance</strong>. If left unfunded, family members or the company (depending on the type of your agreement) may not have the cash or the borrowing ability to buy out your interest. This could put an end to your company. <br />
Ownership can also be shared with family members through a gifting strategy. You may be able to reduce gift and estate taxes by using your <strong>annual gift tax exclusion</strong> ($14,000 for single filers and $28,000 for joint filers in 2015 and 2016) and your lifetime <strong>applicable exclusion amount</strong> of $5,430,000 in 2015 and $5,450,000 in 2016. Careful planning is essential to help ensure that these gifts aren't drawn back into your estate. <br />
Ideally, a succession plan should also include a business plan with short-, medium-, and long-term goals. The business plan must be based on realistic budgets and financial forecasts that are compared to actual results on a consistent basis and adjusted for changing conditions.<br /> Remember, business advisors and other non-family members can also play a key role in the success of your company. Inviting non-family members to serve on your board of directors can open the door to fresh ideas and new perspectives. Non-family members may also be more objective, allowing them to help mediate family disputes involving the business. <br />
<h2>
Ensure Your Legacy</h2>
A well-designed succession plan can help lay the groundwork for the successful development of your family business. It can support your company's growth and help ensure its continuity. Consult your qualified life insurance professional to help ensure that your plan meets your overall objectives. AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-52330583181334053942018-06-14T11:39:00.001-07:002018-06-14T11:39:52.054-07:00 Online Recruitment Strategies for Business Owners<span class="drop_cap">M</span>any growing businesses face the ongoing challenge of recruiting qualified employees for open positions. When it comes to identifying and screening potential workers, business owners typically rely on strategies ranging from tapping informal networks or outsourcing their company's hiring needs to a staffing agency. The Internet has also become an integral part of recruitment. <br />
The Internet offers efficiency because it reaches a wide audience and is popular with many job seekers who sign up for daily e-mail job alerts from recruitment websites. Electronic job postings generally allow employers to post detailed job descriptions for long periods of time. In an online ad, you may also be permitted to include a link to your company website, where you can post more in-depth information about the position and your organization. <br />
While posting jobs online is only one of several recruitment channels available, you may find that posting on job boards and emailing targeted candidates is faster, more efficient, and less expensive than placing print ads or paying a new hire fee to a staffing agency. Depending on the size and scope of your recruitment needs, you may want to explore recruiting software with tools for posting online ads, scheduling interviews, evaluating applicants, getting job referrals, and communicating with candidates. <br />
<h2>
Getting Started</h2>
Before you begin the recruitment process, regardless of your strategies, it's important to clearly identify the needs of your business and how new employees can best contribute to your company's success. For example, you may be inundated with paperwork and phone calls, and decide to hire an administrative assistant. You would make a detailed outline of all the responsibilities required of an assistant and how the tasks should be completed. You would also need to consider the skills and experience a qualified candidate should have to do the job well. Simply wanting help isn't enough—create a list of the performance expectations that you can use as a starting point in your search for the right candidate. You may find that recruiting software can help you analyze your needs and write an appropriate job description for an ad. <br />
To start, make the most of your own website. If hiring new employees is a priority for the growth of your business, prominently feature employment information on your home page. At the very least, be sure that visitors can easily locate your career opportunities page. Be sure to use descriptive language that will attract potential applicants. Include information about whom to contact for further details and how to submit resumes. Recruiting software can also help you design and manage the recruitment function of your website. <br />
<h2>
Internet Job Boards</h2>
Determining which third-party Internet recruitment sites would be the most appropriate can be challenging. There are countless job posting sites, and more are added every day. While posting ads on well-known national job sites may allow you to reach large numbers of applicants, you may end up being overwhelmed with more resumes than you can read—let alone respond to—particularly if the job is entry level. <br />
To reach a more targeted group of job seekers, look for employment sites based in your geographic area or sites dedicated to your type of business. If the position you are seeking to fill requires specialized skills, advertise on sites that are frequented by workers in that field. If you belong to any professional or industry associations, check out their websites to see if they have a section for job posting. You may also be able to post positions at little or no cost on the job boards of educational institutions or state and local employment agencies. <br />
To get the best results from your electronic posting, take advantage of the keyword and location filters supplied by the website. These filters help ensure that your ad is seen by the type of job seekers you are targeting. <br />
Be aware, however, that not all Internet employment sites offer the same level of service. Spend some time browsing potential sites, making sure that the posted information is up to date, the site is easy to navigate, and the search engine operates smoothly. To find out if the job seekers who use a particular site are likely to meet the required qualifications, you can purchase access to the site's resume database. The site may also be able to provide information about the number of visitors it receives and how much time they spend on the site. If you are still uncertain about whether to post an ad on a particular job board, ask yourself if you would use the site if you were job hunting. <br />
<h2>
Using Social Media </h2>
Besides using job boards, take advantage of the speed and convenience of posting job openings on social media sites, such as LinkedIn and Facebook. Qualified candidates who may not necessarily visit online job boards may be more inclined to check out social networking sites for job openings. <br />
In addition, you may want to email your job description directly to your network of professional contacts, and ask them for referrals. This can be a very effective way to find good candidates. Some recruiting software packages also scour the web for potential candidates, and can automatically email people whose posted résumés match the job description. <br />
Whatever recruitment strategies you choose, it will be well worth the time, effort, and resources to find and hire the right person. Taking on a new employee is an investment in your business—choose carefully and that investment will deliver impressive returns. As Internet job boards become a mainstay for job seekers, you may find that online recruitment strategies can be a faster, more efficient, and less expensive way to recruit top candidates.AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-25779417783551700722017-03-12T20:20:00.003-07:002017-03-12T20:20:56.865-07:009 Drivers of High Healthcare Costs in the U.S<br />
<br />
The Commission's report outlined many findings, including the main drivers of high healthcare costs in the U.S. Here are the nine primary drivers, according to the report.<br />
<strong>1. Physician, facility and drug costs.</strong> Data from the Organization for Economic Cooperation and Development have consistently showed the average unit costs for U.S. physicians, hospitals, facilities and drugs are the highest in the world.<br />
<strong>2. Expensive technologies and procedures.</strong> When Americans do receive treatment, they often choose the most expensive technologies and procedures. For example, MRIs in the United States occur twice as often compared with the average country in OECD data.<br />
<strong>3. Fragmented and uncoordinated care.</strong> Because care providers often treat the same patient with little consultation, unnecessary care, errors and dissatisfaction proliferates.<br />
<strong>4. Lack of cost consideration from patients.</strong> There is an assumption among patients that the most expensive care leads to the best quality, but expensive care has no correlation with quality. Patients have limited capabilities to participate in the cost decision making process of their care.<br />
<strong>5. Fee-for-service.</strong> Hospitals and physicians are reimbursed for every service they provide, which often leads to a focus on volumes instead of a focus on care.<br />
<strong>6. High administrative expenses.</strong> The morass of health insurers and billing processes cost the U.S. healthcare system billions in wasted costs every year.<br />
<strong>7. Unhealthy behaviors.</strong> Chronic illnesses — like heart disease, cancer and diabetes — cause about 70 percent of all deaths in the United States, and they are the most expensive to treat. A majority of chronic illnesses stem from unhealthy behaviors.<br />
<strong>8. Expensive end-of-life care.</strong> The last year of an American's life is the most expensive for medical treatment, and the unnecessary procedures and repeated hospitalizations provide little value to the patient and the system at large.<br />
<strong>9. Provider consolidation.</strong> Hospitals and health systems are merging and acquiring each other at a feverish pace, and the same goes for physician groups. Studies have shown that although provider consolidation leads to some economies of scale, the increased market power leads to higher prices and oligopolistic behaviors.<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike>AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-90937031367537622172017-03-08T12:08:00.002-08:002017-03-08T12:08:16.117-08:00Health Care, Need to follow ACA rules until there is a change.<span style="font-family: "Arial","sans-serif"; font-size: 10pt; margin: 0px;">House Republicans
have released their first draft of a bill to "repeal and replace" the
Affordable Care Act (ACA). It is important to understand that <strong><span style="font-family: "Arial","sans-serif"; margin: 0px;">significant changes</span></strong> to
this proposed bill are expected. <strong><span style="font-family: "Arial","sans-serif"; margin: 0px;">Until
such time as a "repeal and replace" bill is signed into law, your
clients must comply with all existing ACA requirements to avoid penalties for
noncompliance.</span></strong> HR360 has prepared a news alert that you may
choose to email your clients in order to clarify their understanding of the
process that has begun with the first draft of the "repeal and
replace" bill.</span><b></b><i></i><u></u><sub></sub><sup></sup><strike></strike>AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-40806835661577920032017-03-07T10:20:00.002-08:002017-03-07T10:20:24.650-08:00Life and Health News from AMS<table border="0" cellpadding="10" cellspacing="0" style="width: 100%px;"><tbody>
<tr><td><strong><span class="style8" style="color: #d31145; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: small;">What to Consider When Choosing a Place to Retire </span><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: medium;"><br /></span></strong><span style="color: #d31145; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: x-small;"><strong><img align="left" alt="benefits gap" hspace="5" src="https://www.smartspublishing.com/dart/lhia_dart/article_images/lhia_1703_article1intro.jpg" vspace="5" /></strong></span><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: x-small;">When planning for your retirement, where you’ll live will be one of your biggest and most important decisions. <br /><br /> According to AARP, most Americans “retire in place.” They enjoy being near family, friends and their current amenities. Those who want change can be satisfied by frequent vacations or stays at a getaway home. <a href="https://www.smartspublishing.com/dart/lhia_dart/lhia_1703/lhia_1703_art1.html">Read on for details.</a> </span></td></tr>
<tr><td><span class="style9"><strong><span class="style8" style="color: #d31145; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: small;">Take Charge – DIY Healthcare Cost Reduction</span></strong></span><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: x-small;"><br /><strong><span style="color: #d31145;"><img align="left" alt="vision insurance" height="110" hspace="5" src="https://www.smartspublishing.com/dart/lhia_dart/article_images/lhia_1703_article2intro.jpg" vspace="5" width="174" /></span></strong></span><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: x-small;">Although healthcare costs are expected to grow modestly in 2017, you still can be hit with some high medical bills. <a href="https://www.smartspublishing.com/dart/lhia_dart/lhia_1703/lhia_1703_art2.html">Read on for details.</a></span></td></tr>
<tr><td><strong><span class="style8" style="color: #d31145; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: small;">Ensuring a Good Life for Your Family with Life Insurance</span><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: medium;"><br /></span></strong><span style="color: #d31145; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: x-small;"><strong><img align="left" alt="life insurance" height="110" hspace="5" src="https://www.smartspublishing.com/dart/lhia_dart/article_images/lhia_1703_article3intro.jpg" vspace="5" width="174" /></strong></span><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: x-small;">Once you’ve decided you want to purchase life insurance to protect your family, you have more decisions to make. For example, how much life insurance coverage do you need, and how much will it cost? <a href="https://www.smartspublishing.com/dart/lhia_dart/lhia_1703/lhia_1703_art3.html">Read on for details.</a></span></td></tr>
<tr><td><strong><span class="style8" style="color: #d31145; font-family: Verdana, Arial, Helvetica, sans-serif; font-size: small;"> Retired? Need a Dentist? Here Are Your Options </span><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: medium;"><br /></span></strong><span style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: x-small;">Medicare does not cover dental procedures, unless they are part of a medical emergency and you receive care in a hospital. That means Medicare enrollees usually must pay for dental care out-of-pocket. <a href="https://www.smartspublishing.com/dart/lhia_dart/lhia_1703/lhia_1703_art4.html">Read on for details.</a></span></td></tr>
</tbody></table>
<b></b><i></i><u></u><sub></sub><sup></sup><strike></strike><br />AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-77649387008376445502016-11-02T18:58:00.003-07:002016-11-02T18:58:58.735-07:00ACA Employer Mandate Penalties Over The Next Ten Years Projects Billions
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<span style="font-family: "Helvetica","sans-serif"; mso-fareast-font-family: "Times New Roman";"><a href="https://www.linkedin.com/comm/groups/2954829/2954829-6199316773460783106?midToken=AQGMv4Ea0MMtuA&trk=eml-b2_anet_digest-hero-15-hero%7Edisc%7Ename%7E0&trkEmail=eml-b2_anet_digest-hero-15-hero%7Edisc%7Ename%7E0-null-ffl1r%7Eiv18g4wr%7Ehw"><span style="color: #333333; font-size: 10pt; text-decoration: none; text-underline: none;">Caren Adams, MBA, Employee Benefits</span></a><o:p></o:p></span></div>
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<span style="font-family: "Helvetica","sans-serif"; mso-fareast-font-family: "Times New Roman";"><a href="https://www.linkedin.com/comm/groups/2954829/2954829-6199316773460783106?midToken=AQGMv4Ea0MMtuA&trk=eml-b2_anet_digest-hero-20-hero%7Edisc%7E0&trkEmail=eml-b2_anet_digest-hero-20-hero%7Edisc%7E0-null-ffl1r%7Eiv18g4wr%7Ehw"><b><span style="color: #333333; font-size: 8.5pt; text-decoration: none; text-underline: none;">ACA Employer Mandate Penalties Over The Next Ten Years Projects
Billions</span></b></a><o:p></o:p></span></div>
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AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-21590564630476187312016-09-13T22:44:00.003-07:002016-09-13T22:44:57.848-07:00Managing Your Benefits When Changing Jobs<h1>
<span style="font-size: small;"><span class="drop_cap1"><strong><span style="color: #c78523;">S</span></strong></span>tarting a new job can be exciting. But, as you look forward to your new opportunity, consider carefully how you will manage your employer-provided benefits while transitioning from one workplace to another.</span> </h1>
When you leave a job, your employee benefits generally end, unless you elect to continue them. While you may receive benefits from your new employer, they will most likely differ from your previous employer's benefits package. So, if there are any benefits you want to take with you, for example, accumulated savings in a 401(k) plan or similar retirement account, you will need to decide how to manage those funds before you exit.<br />
<h2>
Insurance Conversions</h2>
Your new employer may not offer health insurance, or there could be a waiting period before health coverage begins, which sometimes can be from 30 to 90 days. To avoid becoming uninsured, even for a short period of transition, explore the possibilities of continuation or conversion under your former employer's health insurance. <br />
Under a Federal law known as the Consolidated Omnibus Budget Reconciliation Act (COBRA), you are permitted to continue as a member of your previous company's health plan for up to 18 months after termination of employment, unless you are terminated for cause. Under COBRA, you are responsible for paying the entire premium, including the employer's contribution to the insurance, making COBRA premiums generally expensive. However, premiums may be less than you would pay for an individual policy. To continue coverage under COBRA, you must advise your employer that you are electing COBRA coverage. <br />
COBRA continuation rights may not apply if you work for an employer with fewer than 20 employees. But, you may be able to convert your group health insurance policy to an individual policy without having to undergo a separate application for individual coverage. There may also be "interim" or "short term" policy options that could provide coverage for a couple of months for people between jobs. Or, you may need to secure individual health insurance coverage with a new provider that is not tied to your place of employment.<br />
You may also have the option of converting other types of employer-sponsored insurance into individual policies. Depending on the group plan, you may be permitted to convert <strong>life insurance</strong>, <strong>disability income insurance</strong>, or <strong>long term care insurance</strong>. Be sure to talk with your benefits administrator about all your options.<br />
<h2>
Retirement Plan Rollovers</h2>
If you have a retirement savings account in your current employer's 401(k) plan or comparable account, you will have the choice of reinvesting, transferring, or cashing in the funds. <br />
To keep your retirement savings on track, you may want to consider rolling over the funds into another qualified retirement savings account, such as a rollover IRA. There are two ways to roll over funds. With an indirect rollover, your former employer makes the distribution payable to you, less 20%, which is withheld for Federal taxes. You must then reinvest the distribution into an IRA or other qualified plan within 60 days. In order to achieve a tax-free rollover, you must reinvest the full distribution amount, which includes the 80% you receive in cash, as well as 20% from your own funds to cover the amount that is withheld. Your withheld funds are refunded after you file your tax return, provided your rollover occurred within the 60-day time limit. Failure to reinvest the 20% withheld may result in income tax and a tax penalty if you are under the age of 59½. <br />
To avoid the 20% withholding requirement, you may request a direct rollover to an IRA set up in your name or another qualified plan. Be aware that not all qualified plans accept this type of transfer. Because this method is considered a distribution option, spousal consent and other similar participant and beneficiary rules of protection may apply. <img align="right" height="208" hspace="22" src="https://www.amsinsure.com/newsletters/financial/p3.jpg" vspace="22" width="312" /><br />
Another option is to roll over your funds from your previous employer's retirement plan into your new company's plan. In some cases, however, it may make sense to leave the funds where they are. Ask both employers about restrictions on these options, as well as any tax implications. <br />
You have the option to take the funds in your 401(k) account as a cash distribution. For most people, however, this is not the best choice. After cashing in, you owe taxes on the funds, and you may also be required to pay a 10% tax penalty if you are under age 59½. Further, you forfeit the long-term benefits associated with tax-deferred earnings, making it more difficult to build the financial resources for your retirement income. <br />
Your decisions regarding benefits when changing jobs can have a great impact on your financial future. Before making such important decisions, be sure to discuss your circumstances with the benefit administrators at both companies and consult your professional advisors.AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-72402068719839842102016-07-19T13:16:00.003-07:002016-07-19T13:16:46.334-07:00Physician shortages affect health plan network size<span style="mso-fareast-font-family: "Times New Roman";"><o:p><span style="mso-fareast-font-family: "Times New Roman";"><a href="http://r.smartbrief.com/resp/hMtHBZbLuvCVAKuyCidKqSCicNfMte?format=standard" target="_blank"><b><span style="color: #166c95; font-family: "Helvetica","sans-serif"; text-decoration: none; text-underline: none;">Physician shortages affect health plan network size</span></b></a></span></o:p></span>
<span style="color: black; font-family: "Helvetica","sans-serif"; font-size: 10.5pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Certain
regions of the country have shortages of primary care physicians,
psychiatrists, obstetricians, gynecologists and general surgeons, and those
shortages may hinder health plans' ability to form high-value networks,
according to a new report from AHIP. Policy proposals that could alleviate the
issue include expanded telemedicine use and broadening the scope of practice
for nurse practitioners and physician assistants.</span>AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-45681003634407669262016-07-19T10:30:00.001-07:002016-07-19T10:30:46.426-07:00California Obamacare rates to rise 13%<table style="-webkit-text-stroke-width: 0px; color: black; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; width: 630px; word-spacing: 0px;"><tbody>
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<h1>
<a href="http://e.latimes.com/a/hBXjl2jB8hLWGB9QBbLAAHsYNLg/exmp1" style="color: black; font-size: 20px;">California Obamacare rates to rise 13%</a></h1>
<div class="email-date" style="margin-bottom: 12px;">
Los Angeles Times | July 19, 2016 | 10:04 AM</div>
<br />
Premiums for coverage through the Covered California health exchange will rise by an average of 13.2% next year, officials announced today. The increase is more than three times that of the last two years and is bound to raise debate in an election year.<br />
<a href="http://e.latimes.com/a/hBXjl2jB8hLWGB9QBbLAAHsYNLg/exmp1">Read more>></a></div>
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AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-63397989601950082852016-07-08T12:01:00.002-07:002016-07-08T12:01:09.277-07:00Question: Would you please provide us with your comments regards the use of online estate planning documents?<h2>
<strong>Answer: </strong>In estate planning, one size does not fit all. Over the years, I have found that no two families are alike. Each family has unique issues and online documents typically cannot address those issues. If your issues are overlooked or ignored, your estate plan will probably not work the way you intended. Most online documents lack the proper customization you need to address these overlooked or ignored issues.</h2>
<div style="padding-bottom: 2em;">
<ul>
<li>For example, when you begin the online document process, the software will ask you for basic information such as who you want to serve as your children’s guardian under your Will. After careful consideration, you determine that you want your sister and her husband (your brother-in-law) to serve as co-guardians of your children under your online Will. After completing and signing your Will, you think your children will be properly cared for if something happens to you. However, do you want your brother-in-law raising your children if he and your sister get divorced or if your sister passes away? As a named co-guardian, your brother-in-law can present a strong case to the court that he should raise your children pursuant to the Will. Although it was your intention for him to raise your children with your sister, the Will does not address what happens upon death or divorce. An estate planning attorney should be able to recognize this co-guardian issue and could implement the appropriate contingency in your Will that would remove him as guardian upon your sister’s death or divorce. If you use online documents to name your children’s guardian, you might be unaware of this issue or unable to customize your documents to address that concern.</li>
</ul>
<ul>
<li>Furthermore, a lack of customization with online documents might cause the inclusion of wrong provisions in your documents. One essential estate planning document is the financial power of attorney (POA). This document allows your designated agent to make financial decisions for you on your behalf. A POA usually contains large amounts of standard boilerplate provisions that can be confusing to some people and may not be applicable to your situation. For example, buried in your online POA might be a provision that allows your agent to make unlimited gifts to anyone. For some, unlimited gifting might be necessary. For others, unlimited gifting simply gives your agent a wonderful opportunity to deplete all of your assets. Unfortunately, elder abuse is very common and it’s usually done by those who are appointed as POA.</li>
</ul>
Online document providers are not attorneys and do not counsel and recommend what provisions you should have in your documents. Online providers do provide an option for you to consult with an attorney. Will that attorney practice near you and be available to meet with you face to face? Will you be able to select an attorney that has the experience in estate planning that you need?<br />
In conclusion, those who use online estate planning documents might think that estate planning is as simple as filling names into blanks. In reality, estate planning is complicated and needs to be customized to your specific needs even in the simplest of situations. Simply filling in blanks can cause chaos for your loved ones down the road. Online estate planning websites want you to believe that you have peace of mind that your affairs will be in order because ignorance is bliss! It has been often said that every attorney who represent himself or herself is a fool.</div>
AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-47181402430447887282016-06-16T10:32:00.001-07:002016-06-16T10:32:10.338-07:00As Health Care Costs Continue to Rise, Retirees Hoping to Rely Solely on Social Security Better Think Again
<br />
<h3 style="line-height: 12pt; margin: 0in 0in 0pt;">
<i><span style="color: #182b49; font-family: "Arial","sans-serif"; font-size: 12pt; font-weight: normal; mso-fareast-font-family: "Times New Roman";">June 2016<o:p></o:p></span></i></h3>
<br />
<h2 style="line-height: 16.5pt; margin: 0in 0in 0pt;">
<span style="color: #182b49; font-family: "Arial","sans-serif"; font-size: 15pt; mso-fareast-font-family: "Times New Roman";">As Health Care Costs Continue to Rise,
Retirees Hoping to Rely Solely on Social Security Better Think Again<o:p></o:p></span></h2>
<span style="color: #182b49; font-family: "Arial","sans-serif"; font-size: 10.5pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Your clients may have an idea of how they want
to spend their retirement years, and let's face it, it is a lot more fun to
think about warm weather and golf clubs than prescription drugs and medical
bills. No wonder only 12% of working Americans have taken any steps toward
addressing medical expenses in retirement. I mean, that's what Social Security
is for, right? <strong><span style="font-family: "Arial","sans-serif";"><a href="http://www.mktg.selectaccount.com/e/105322/-social-security-better-think-/hg8mk/45259716"><span style="color: #6ba539;">Click here to read more.</span></a></span></strong></span>AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-20861116636773857402016-06-13T07:07:00.000-07:002016-06-13T07:07:02.788-07:00Insurers Expected To Raise 2017 Premiums Significantly
<br />
<h3 style="line-height: 13.5pt; margin: 11.25pt 0in 3.75pt;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 13pt; mso-fareast-font-family: "Times New Roman";">.<o:p></o:p></span></h3>
<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 9pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">(6/12, Alonso-Zaldivar, Murphy)
reports that healthcare insurance premiums are expected to increase next year
“because major insurers have taken significant financial losses” under the
Affordable Care Act due to lower than expected enrollment, new customers
requiring more care than anticipated, “and a government system to stabilize the
markets had problems.” The article says some 10 million consumers will receive
subsidies through the ACA, but those who earn “more than $47,520 for an
individual and $97,200 for a family of four” will not qualify. In addition,
those who obtain private insurance “outside of HealthCare.gov or a state
marketplace” are not eligible for subsidies, regardless of their income. </span>AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-58403980456682897362016-06-10T07:20:00.003-07:002016-06-10T07:20:45.295-07:00Insurers’ Actuaries Explain Need For Higher Premiums For ACA Plans.
<br />
<h3 style="line-height: 13.5pt; margin: 11.25pt 0in 3.75pt;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 13pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span> </h3>
<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 9pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">The <a href="http://mailview.bulletinhealthcare.com/mailview.aspx?m=2016061001nahu&r=3509179-f096&l=001-3e6&t=c"><span style="color: #0e4d96;">New York Times</span></a> <a href="http://mailview.bulletinhealthcare.com/mailview.aspx?m=2016061001nahu&r=3509179-f096&l=002-7c9&t=c"><nobr><span style="text-decoration: none; text-underline: none;"><img alt="Share to Facebook" border="0" height="14" id="_x0000_i1025" src="http://cdn.bulletinintelligence.com/c/common/icon_facebook_16x14.gif" width="16" /></span></nobr></a><nobr><a href="http://mailview.bulletinhealthcare.com/mailview.aspx?m=2016061001nahu&r=3509179-f096&l=003-28a&t=c"><span style="text-decoration: none; text-underline: none;"><img alt="Share to Twitter" border="0" height="14" id="_x0000_i1026" src="http://cdn.bulletinintelligence.com/c/common/icon_twitter_16x14.gif" width="16" /></span></a></nobr> (6/9, Pear, Subscription Publication)
reports that actuaries typically garner little attention, yet “as they crunch
the numbers for their Affordable Care Act business, their calculations are
feeding a roaring national debate over insurance premiums, widely used to gauge
the success of President Obama’s health care law.” Insurers in most states have
submitted their rates for 2017, and many of them are seeking double-digit
increases. State officials are still considering the requests, but the Obama
Administration says those rates are often reduced significantly, and ACA
subsidies will help to keep them low. The article mentions the Geisinger Health
Plan, which requested a 40 percent rate increase, and whose chief actuary Kurt
J. Wrobel says the rates are influenced by new Federal rules, recent losses,
and an ever-changing marketplace. </span>AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-35235668544122859752016-06-01T16:25:00.003-07:002016-06-01T16:25:26.439-07:00From our HR Client Newletter
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<h2 style="margin: 0in 0in 4.5pt;">
<span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman";">Question about Money Matters </span><span style="mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></h2>
<div style="margin: 0in 0in 0pt;">
<span style="font-family: "Arial","sans-serif";">Do
we have to require our employees who are being switched from exempt to
non-exempt to take their lunch breaks if they prefer to eat while working?<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0in; mso-padding-alt: 0in 0in 0in 0in; mso-yfti-tbllook: 1184; width: 718px;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background-color: transparent; border: rgb(0, 0, 0); padding: 18.75pt 0in;">
<h2 style="margin: 0.83em 0in;">
<span style="color: #32b8de; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman";">Answer from Kara, one of our HR Pros </span><span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></h2>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
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filled="f" stroked="f">
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</v:shapetype><v:shape id="_x0000_s1026" type="#_x0000_t75" alt="" style='position:absolute;
margin-left:0;margin-top:0;width:92.25pt;height:97.5pt;z-index:251658240;
mso-wrap-distance-left:0;mso-wrap-distance-top:0;mso-wrap-distance-right:0;
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mso-position-horizontal-relative:text;mso-position-vertical-relative:line'
o:allowoverlap="f">
<v:imagedata src="http://www.myhrsupportcenter.com/hr_pro_images/191600"/>
<w:wrap type="square"/>
</v:shape><![endif]--><!--[if !vml]--><img align="left" src="http://www.myhrsupportcenter.com/hr_pro_images/191600" v:shapes="_x0000_s1026" /><!--[endif]--><span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman";">Thank you for the question. The
FLSA does not require private employers to provide rest periods for
employees, so the answer is dependent on state law. Often state-mandated meal
periods can be waived if the employee would prefer to work through them, but
a few states do not allow this practice. If your state does allow the meal
period to be waived, it may require that the employee agree to it in writing.
Whether or not the state requires this documentation, we strongly recommend
it. The written agreement shows that any employees who skipped a meal period
did so freely.<br />
<br />
As long as you are within the bounds of state law, you are free to do
whatever works best for your organization. For instance, if customers expect
you to be open from 9:00 am to 5:30 pm, but employees are asking to work
through (and thereby waive) their 30-minute lunch period so they can leave at
5:00 pm, there is nothing saying you must honor this request. But if it makes
sense to let employees work through lunch so you can power down computers and
turn off the lights 30 minutes earlier at the end of the day, you’re free to
do that as well. Just make sure that you consistently apply your policies and
that you document the legitimate business reasons when making any exceptions
for a particular employee.<br />
<br />
If you have any additional questions, please let us know. We look forward to
assisting you again soon!<o:p></o:p></span></div>
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<i><span style="color: black; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman";">Kara practiced
employment and bankruptcy law for five years before joining us, and was a
Human Resources Generalist at a mid-size Civil Engineering and Architecture
firm for two years prior to that. As an attorney she worked on many wage and
hour and discrimination claims in both state and federal court. She holds a
Bachelor of Arts degree in Liberal Studies from Oregon State University and
received her law degree from Lewis and Clark Law School. </span></i><i><span style="mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></i></div>
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<hr align="center" size="2" width="100%" />
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AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-11018236356518789922016-05-31T15:50:00.002-07:002016-05-31T15:50:44.942-07:00Majority of millennials not participating in 401(k) plans
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<b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";"><a href="http://link.email.benefitnews.com/click/6837715.25927/aHR0cDovL3d3dy5iZW5lZml0bmV3cy5jb20vbmV3cy9tYWpvcml0eS1vZi1taWxsZW5uaWFscy1ub3QtcGFydGljaXBhdGluZy1pbi00MDEtay1wbGFucz91dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fY2FtcGFpZ249ZWJuX25ld19yZXRpcmVtZW50LW1heSUyMDMxJTIwMjAxNiZlaWQ9YmFlMjA5NmQ2NjYxMzE2MGRjZTkxZTNmNWRiNThmYTk/52f3a183c16bcfa46f285fdbC15fe9170" target="_blank"><span style="color: black;">Majority of millennials not
participating in 401(k) plans</span></a><o:p></o:p></span></b></div>
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<tr style="height: 2.25pt; mso-yfti-irow: 1;">
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<span style="font-size: 1pt; mso-fareast-font-family: "Times New Roman";"> <o:p></o:p></span></div>
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<tr style="mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
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<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman";">Women, in particular, are lagging in
earnings and in the amount of income they’re saving for retirement, according
to research from T. Rowe Price.<a href="http://link.email.benefitnews.com/click/6837715.25927/aHR0cDovL3d3dy5iZW5lZml0bmV3cy5jb20vbmV3cy9tYWpvcml0eS1vZi1taWxsZW5uaWFscy1ub3QtcGFydGljaXBhdGluZy1pbi00MDEtay1wbGFucz91dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fY2FtcGFpZ249ZWJuX25ld19yZXRpcmVtZW50LW1heSUyMDMxJTIwMjAxNiZlaWQ9YmFlMjA5NmQ2NjYxMzE2MGRjZTkxZTNmNWRiNThmYTk/52f3a183c16bcfa46f285fdbD15fe9170" target="_blank"><span style="color: #0a5485; font-size: 8.5pt; text-decoration: none; text-underline: none;"><br />
</span><span style="color: #0a5485; font-size: 8.5pt;">READ MORE »</span></a><o:p></o:p></span></div>
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AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-65561402175417353172016-05-31T09:32:00.002-07:002016-05-31T09:32:46.143-07:00Employers advised to proceed with caustion on wellness
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<div class="MsoNormal" style="margin: 0in 0in 0pt; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly;">
<b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";"><a href="http://link.email.benefitnews.com/click/6834509.70503/aHR0cDovL3d3dy5iZW5lZml0bmV3cy5jb20vb3Bpbmlvbi9lbXBsb3llcnMtYWR2aXNlZC10by1wcm9jZWVkLXdpdGgtY2F1dGlvbi1vbi13ZWxsbmVzcz91dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fY2FtcGFpZ249ZWJuJTIwZGFpbHktbWF5JTIwMzElMjAyMDE2JmVpZD1iYWUyMDk2ZDY2NjEzMTYwZGNlOTFlM2Y1ZGI1OGZhOQ/52f3a183c16bcfa46f285fdbC261dee9e" target="_blank"><span style="color: black;">Employers advised to proceed with
caution on wellness</span></a><o:p></o:p></span></b></div>
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<span style="font-size: 1pt; mso-fareast-font-family: "Times New Roman";"> <o:p></o:p></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman";">A program’s structure can determine which
laws apply and federal agencies and courts are not always in agreement as to
what is required for compliance. <a href="http://link.email.benefitnews.com/click/6834509.70503/aHR0cDovL3d3dy5iZW5lZml0bmV3cy5jb20vb3Bpbmlvbi9lbXBsb3llcnMtYWR2aXNlZC10by1wcm9jZWVkLXdpdGgtY2F1dGlvbi1vbi13ZWxsbmVzcz91dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fY2FtcGFpZ249ZWJuJTIwZGFpbHktbWF5JTIwMzElMjAyMDE2JmVpZD1iYWUyMDk2ZDY2NjEzMTYwZGNlOTFlM2Y1ZGI1OGZhOQ/52f3a183c16bcfa46f285fdbD261dee9e" target="_blank"><span style="color: #0a5485; font-size: 8.5pt; text-decoration: none; text-underline: none;"><br />
</span><span style="color: #0a5485; font-size: 8.5pt;">READ MORE »</span></a><o:p></o:p></span></div>
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AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-19502460538266688862016-05-23T10:25:00.000-07:002016-05-23T10:25:35.096-07:00Encouraging an employee to leave a group plan for a Medicare Supplement can be costly to the employer
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<b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";"><a href="http://link.email.benefitnews.com/click/6780230.30535/aHR0cDovL3d3dy5lbXBsb3llZWJlbmVmaXRhZHZpc2VyLmNvbS9vcGluaW9uL2Jld2FyZS1vZi1jbXMtZGF0YS1tYXRjaC1sZXR0ZXJzP3V0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9jYW1wYWlnbj1lYmFfZXhjaGFuZ2VzX2ZpbmFsLW1heSUyMDIzJTIwMjAxNiZlaWQ9YmFlMjA5NmQ2NjYxMzE2MGRjZTkxZTNmNWRiNThmYTk/52f3a183c16bcfa46f285fdbC777ee97f" target="_blank"><span style="color: black;">Beware of CMS data match letters</span></a><o:p></o:p></span></b></div>
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<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman";">Remind clients now that encouraging an
employee to take Medicare versus staying on the group health plan is a
potential minefield, says adviser David C. Smith.<a href="http://link.email.benefitnews.com/click/6780230.30535/aHR0cDovL3d3dy5lbXBsb3llZWJlbmVmaXRhZHZpc2VyLmNvbS9vcGluaW9uL2Jld2FyZS1vZi1jbXMtZGF0YS1tYXRjaC1sZXR0ZXJzP3V0bV9tZWRpdW09ZW1haWwmdXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9jYW1wYWlnbj1lYmFfZXhjaGFuZ2VzX2ZpbmFsLW1heSUyMDIzJTIwMjAxNiZlaWQ9YmFlMjA5NmQ2NjYxMzE2MGRjZTkxZTNmNWRiNThmYTk/52f3a183c16bcfa46f285fdbD777ee97f" target="_blank"><span style="color: #0a5485; font-size: 8.5pt; text-decoration: none; text-underline: none;"><br />
</span><span style="color: #0a5485; font-size: 8.5pt;">READ MORE »</span></a><o:p></o:p></span></div>
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AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-90948903000870415602016-05-18T14:11:00.001-07:002016-05-18T14:11:45.538-07:00Final FLSA White Collar Exemption Rules Announced
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<b><span style="color: #008ab2; font-family: "Arial","sans-serif"; font-size: 15pt; mso-fareast-font-family: "Times New Roman";">Final FLSA White
Collar Exemption Rules Announced<o:p></o:p></span></b></div>
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Today the Department of Labor announced the new salary threshold for certain
employees to qualify as exempt from minimum wage and overtime under the Fair
Labor Standards Act’s White Collar Exemptions. <br />
<br />
Effective December 1, 2016, the new minimum salary level will be $47,476 per
year ($913 per week). Up to 10% of this income may come in the form of
non-discretionary bonuses, incentive pay, or commissions, as long as that
portion of the compensation is paid at least quarterly. In the event that an
employee does not earn enough in bonuses and commissions to meet the full
minimum salary requirement, a catch-up payment can be made by the employer
once a quarter.<br />
<br />
The minimum salary requirement applies to all white collar workers who are
classified as exempt executive or administrative employees, and to many who
are classified as exempt professional employees. As anticipated, the duties
tests for the White Collar Exemptions have not changed.<br />
<br />
Under the new rules, this salary threshold will increase every three years.
It will be set at the 40th percentile of weekly earnings among full-time
salaried (not necessarily exempt) employees in the country’s lowest income
region – currently the South. It is expected that the next change, which will
be effective January 1, 2020, will increase the minimum salary to
approximately $51,168. <br />
<br />
The new rule also increases the minimum salary threshold for the Highly
Compensated Employee (HCE) exemption from $100,000 per year to $134,004 per
year. This exemption can be used when an employee carries out a limited
number of executive, administrative, or professional duties, but is very
well-compensated. The new rule sets the HCE threshold at the 90th percentile
of all full-time salaried workers nationally. This number will also increase every
three years, and is expected to rise to approximately $147,524 on January 1,
2020.<br />
<br />
Some state laws create different minimum salary levels. When state laws
differ from the FLSA, an employer must comply with the standard most
beneficial to employees. Presently, the federal minimum salary level is
higher than any state-mandated minimum, and therefore must be followed. <br />
<br />
In preparation for the new rule, we have created the following materials, all
of which can be found in the HR Support Center:<o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal" style="line-height: 14.25pt; margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";">FLSA Changes: Decision Making Guide<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 14.25pt; margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";">FLSA Changes: Implementation Guide<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 14.25pt; margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";">2 Minute HR trainings on the new rule, the executive,
administrative, and professional exemptions, and the salaried non-exempt
classification<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 14.25pt; margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";">A memo requesting that employees track their hours
for planning purposes <o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 14.25pt; margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";">A letter to employees regarding their classification
change<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 14.25pt; margin: 0in 0in 0pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "Arial","sans-serif"; font-size: 10.5pt; mso-fareast-font-family: "Times New Roman";">A guide to calculating overtime for non-exempt
employees who receive non-discretionary bonuses or commissions<o:p></o:p></span></li>
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AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-56057330186582436572016-05-12T15:09:00.002-07:002016-05-12T15:09:48.862-07:00Americans underestimate cost of home care and nursing home.
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<b><span style="color: #00274c; font-family: "Arial","sans-serif"; font-size: 14pt; mso-fareast-font-family: "Times New Roman";"><a href="http://email.insurance-forums.com/wf/click?upn=QDSG51C7hhTbITTnFB47Qz7M1-2BjSH82cYlP0BNTePCaWOMAZitK8qu-2FwjIF-2FtB3QoWweXma2ZX68lFDtbJVHQkmzt8Q53vB6qCZ9-2BrO8trpGfI9n4jUHYIxPdA3EteNcwQE0vzsOCo1YJ-2B75C4WHwBek0uyAsFcFhYEf2-2B9-2BbxpOBtKkWOLJGZrVGKLEdIbSSo2d3VDU5zJ13D-2FCkDJ-2FfqCIshzi42tyEqX7vIzdrsJKZEMEsQabvECUayNnPGWpHthUHOeKqfFkPXjApbtvM81o6s1FFJY34a-2FMcpnL5VRI9Frs4MtmmTVX4gyjrRMnYusf56-2BYMBlEzvhcYyFu-2B5nv5d61Z4qmoxra7ZyI2W8-3D_C87QdOahkZaQIfLEBVhlAUjdLjphgVO4jgRBVhgaAoj33ArDg9zWt3EbK5PASP-2Bm-2BpTwaVjlF-2FR-2B6CUELqlYBtdsFdv-2FSIzq-2F-2FdDNEbofpFWZKqH4VUUNObCiakvyXhCr8wibDrqlEEsNFRrE8kbywnyDqIx8GcOdtwfhZsi0lJ-2BoaFeOOYa7Ib4quoHVxhYOTXsdEzYnbmEWMFIffxWwyiXhCuCxpqTNcB8aQRyeppO-2F5FWM8BurX88lY8MXuKiBDyVw6U1kouPdcwYtqDyGvaw-2FVH3dU0pxAeZAlEX1UZYQwVDPrd2MJxi4nvP-2F-2FBgf0AXkZVXBoY3fbfMJWynzW9lLzXnAjIaIijnBVUiE4VEThZKrwbsiZsEQEB1sMAurOm7e3adAdr8AZiXBBpqtx9Uzp6lIXv-2Bqy6Ml8-2FnXWM6e-2FM1XUMNYHOWG1NqWtaXzI-2F2wvLLP8A5DDV1ovCruToM1LIzciCW6Oht7F-2B7z5YgvnjRbRskmZoVE0tYnVTM" target="_blank" title="Americans underestimate cost of home care by nearly 50%, while nursing home room now tops $92,000 per year"><span style="color: #00274c; text-decoration: none; text-underline: none;">Americans
underestimate cost of home care by nearly 50%, while nursing home room now
tops $92,000 per year</span></a><o:p></o:p></span></b></div>
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<span style="color: #687e63; font-family: "Arial","sans-serif"; font-size: 9pt; mso-fareast-font-family: "Times New Roman";">Huge disparity exists between what consumers think costs
are and what they actually are, while Genworth’s just-released annual
“Cost of Care” benchmark study finds cost of a private nursing home room
now at $92,378 annually.<o:p></o:p></span></div>
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<span style="color: #687e63; font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman";"> <o:p></o:p></span></div>
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<b><span style="color: white; font-family: "Helvetica","sans-serif"; font-size: 10pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"><a href="http://email.insurance-forums.com/wf/click?upn=QDSG51C7hhTbITTnFB47Qz7M1-2BjSH82cYlP0BNTePCaWOMAZitK8qu-2FwjIF-2FtB3QoWweXma2ZX68lFDtbJVHQkmzt8Q53vB6qCZ9-2BrO8trpGfI9n4jUHYIxPdA3EteNcwQE0vzsOCo1YJ-2B75C4WHwBek0uyAsFcFhYEf2-2B9-2BbxpOBtKkWOLJGZrVGKLEdIbSSo2d3VDU5zJ13D-2FCkDJ-2FfqCIshzi42tyEqX7vIzdrsJKZEMEsQabvECUayNnPGWpHthUHOeKqfFkPXjApbtvM81o6s1FFJY34a-2FMcpnL5VRI9Frs4MtmmTVX4gyjrRMnYusf56-2BYMBlEzvhcYyFu-2B5nv5d61Z4qmoxra7ZyI2W8-3D_C87QdOahkZaQIfLEBVhlAUjdLjphgVO4jgRBVhgaAoj33ArDg9zWt3EbK5PASP-2Bm-2BpTwaVjlF-2FR-2B6CUELqlYBtdsFdv-2FSIzq-2F-2FdDNEbofpFWZKqH4VUUNObCiakvyXhCr8wibDrqlEEsNFRrE8kbywnyDqIx8GcOdtwfhZsi0lJ-2BoaFeOOYa7Ib4quoHVxhYOTXsdEzYnbmEWMFIffxWwyiXhCuCxpqTNcB8aQRyeppO-2F5FWM8BurX88lY8MXuKiBDyVw6U1kouPdcwYtqDyGvaw-2FVH3dU0pxAeZAlEX1UaZG-2Fpb84JWUNgZSjejaxJm0-2F4ECFvg6sYA-2BHHehA18aupLMNw8k73bcVB3YF11bxoDIuvpsEjHyLHKCnv7cUTaqmuCYLyaNaizkjUsBdNU9NeQZNXnNEsHvh2Cs2y-2Fj0S6MA9hZKSTSU9RoD3GU3Bm-2F6b-2B1FEpbDr0xJ-2FurABLMsAF9QOjaOS6rQH-2FuVEPyjnZfZGp-2FNKQm-2BiFxfSFOOqV" target="_blank"><span style="color: white; font-size: 7.5pt; text-decoration: none; text-transform: uppercase; text-underline: none;">VIEW ARTICLE</span></a>
<o:p></o:p></span></b></div>
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AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-53979857552817244362016-04-19T12:47:00.003-07:002016-04-19T12:47:54.210-07:00Employees report difficulty navigating healthcare options
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<td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0in;" valign="top"><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 10pt; mso-fareast-font-family: "Times New Roman";">Benefits issues can lead to diminished
productivity, finds new research, as workers spend an average of three and a
half hours a month dealing with healthcare issues at work. <a href="http://link.email.benefitnews.com/click/6541792.10055/aHR0cDovL3d3dy5lbXBsb3llZWJlbmVmaXRhZHZpc2VyLmNvbS9uZXdzL2VtcGxveWVlcy1yZXBvcnQtZGlmZmljdWx0eS1uYXZpZ2F0aW5nLWhlYWx0aGNhcmUtb3B0aW9ucz91dG1fbWVkaXVtPWVtYWlsJnV0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fY2FtcGFpZ249ZWJhX25ld19oZWFsdGhfY2FyZS1hcHIlMjAxOSUyMDIwMTYmZWlkPWJhZTIwOTZkNjY2MTMxNjBkY2U5MWUzZjVkYjU4ZmE5/52f3a183c16bcfa46f285fdbDf20f0422" target="_blank"><span style="color: #0a5485; font-size: 8.5pt; text-decoration: none; text-underline: none;"><br />
</span><span style="color: #0a5485; font-size: 8.5pt;">READ MORE »</span></a><o:p></o:p></span>
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AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-55712662008625270172016-04-04T21:25:00.001-07:002016-04-04T21:25:26.487-07:00California Passes Minimum Wage Hike
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<b><span style="color: white; font-family: "Arial","sans-serif"; font-size: 11.5pt; mso-fareast-font-family: "Times New Roman";">California Law Alert<o:p></o:p></span></b></div>
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<b><span style="color: white; font-family: "Arial","sans-serif"; font-size: 11.5pt; mso-fareast-font-family: "Times New Roman";">April 4, 2016<o:p></o:p></span></b></div>
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<b><span style="color: #008ab2; font-family: "Arial","sans-serif"; font-size: 15pt; mso-fareast-font-family: "Times New Roman";">California Passes
Minimum Wage Hike<o:p></o:p></span></b></div>
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Today Governor Jerry Brown signed a bill that will incrementally raise the
California minimum wage to $15 per hour over the next seven years. Below is
the schedule of increases by size of employer.<br />
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Employers with 26 or more employees:<br />
1. $10.50 – January 1, 2017<br />
2. $11.00 – January 1, 2018<br />
3. $12.00 – January 1, 2019<br />
4. $13.00 – January 1, 2020<br />
5. $14.00 – January 1, 2021<br />
6. $15.00 – January 1, 2022<br />
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Employers with 25 or fewer employees:<br />
1. $10.50 – January 1, 2018<br />
2. $11.00 – January 1, 2019<br />
3. $12.00 – January 1, 2020<br />
4. $13.00 – January 1, 2021<br />
5. $14.00 – January 1, 2022<br />
6. $15.00 – January 1, 2023<br />
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The bill allows the governor to delay a particular increase for one year in
the event of a budget crisis or an economic downturn. With these increases,
California joins New York in becoming the first states to pass legislation
that will result in a statewide minimum wage of $15 per hour.<o:p></o:p></span></div>
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AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-18462820495744315582016-01-21T10:29:00.002-08:002016-01-21T10:29:33.324-08:00The ACA: What’s been repealed, delayed or retained By <a href="http://ebn.benefitnews.com/sdm/zack-pace-1451.html">Zack Pace</a><br /><span class="story-date">January 20, 2016</span><br />
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</aside>Commentary: As you’ve no doubt noticed, the federal government made sweeping legislative and regulatory changes to the Affordable Care Act during the fourth quarter of 2015. During the last two weeks of December, I felt like I was drinking from a six-inch fire hose. How about you?<br />
For 2016 planning purposes, I began making a list of the key items that have been repealed or delayed and those that we should continue to keep a keen eye on. With this list now complete, I thought I’d share.<br />
<strong>Repealed provisions</strong><br />
1. Free-choice vouchers. Remember those? They were repealed back in 2011.<br />
2. Form 1099 reporting. Remember how much added administrative work this provision would have created?<br />
3. The $2,000-deductible ceiling. This provision coupled with Repealed Provision No. 5 (below) was scheduled to create a perfect storm this year for employers with 51 to 100 employees. <br />
4. The automatic enrollment mandate. Reportedly, our elected representatives pressed for this provision’s repeal not because of its administrative infeasibility but because of the projected loss in tax revenue from increased salary reductions via Section 125 plans. Seriously.<br />
5. The mandatory expansion of small group to 100 employees. I wish I had a quarter from everyone that joked, “Hey, Zack – they named an ACA after you!” How thrilling.<br />
<strong>Delayed provisions </strong><br />
1. ACA nondiscrimination requirements. While these TBD rules were delayed indefinitely some time ago, some insiders expect finalization relatively soon. Sections 125 and 105(h) nondiscrimination rules remain alive and well.<br />
2. The Cadillac tax. This excise tax is delayed until 2020. Per industry insiders, it seems awfully likely that this tax will be repealed before then. We’ll see. For those employers that began a multiple-year incremental mitigation strategy (aka glide path), they’ll need to decide if that strategy ought to be put in moth balls for a couple of years. Keep in mind that many employers can likely keep this excise tax at bay until 2022 by simply ending the flexible spending account, making health savings account contributions post-tax and eliminating their richest medical plan. 2022 is six years from now. Who knows where we’ll be by then. When it comes to increased taxation on employer- sponsored health plans, the more immediate concern, apparently, is that Section 125 becomes a bargaining chip during the budget negotiations next year between Congress and the new administration.<br />
<strong>Lingering provisions of keen importance </strong><br />
1. Annually determining large-employer status. To determine status for 2016, ask your accountant to run Treasury’s formula to determine how many full-time employees plus full-time equivalents your firm averaged in the previous calendar year. Employers with 50 or more are generally subject to shared responsibility. Employers in most states with 51 or more are generally not subject to the fair health insurance premium rules (only fully insured plans are subject to these latter rules). Can anyone explain to me why they didn’t simply select 50 or 51 for both definitions?<br />
2. Employer shared responsibility. Didn’t we make this topic a little more complicated than it needed to be? It turns out that it’s relatively easy to eliminate this penalty risk by offering to all employees that work 30 hours or more a week a low-cost plan (relatively speaking) that meets minimum value and that has an employee contribution rate for single coverage that meets the federal poverty-level safe harbor (i.e., less than around $93 per month). We can offer this “ACA easy button” plan, continue offering the normative health plans employees prefer and call it a day. Of course, for those employers with seasonal and/or variable-hour employees, tracking complications remain.<br />
3. Eliminating opt-out credits. Under pending regulations, employers that offer cash to those employees that waive the health plan will find it harder to satisfy the affordability requirements of employer shared responsibility. See No. 5 in the below further reading list for more detail.<br />
4. ACA reporting. Also known as Form 1095-C/1094-C reporting. The topic du jour.<br />
5. The market reform rules. For example: elimination of pre-existing condition limitations, age 26 expansion, out-of-pocket limit ceiling, 100% coverage for preventive services (grandfathered plans are exempt from these latter three). If your health plan is fully insured, the insurer should have made these changes. If your plan is self-funded, the TPA should have. Either way, double-check.</div>
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AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-27892443346746721792016-01-21T10:26:00.001-08:002016-01-21T10:26:03.181-08:00Employers advised to prepare for questions on ACA reporting form<h1>
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By <a href="http://ebn.benefitnews.com/sdm/andrea-davis-932.html">Andrea Davis</a><br /><span class="story-date">January 21, 2016</span> </div>
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As employers prepare to distribute Forms 1095 to employees by the newly extended IRS deadline of March 31, they should brace for increased questions from employees about the new forms.<br />
In <a data-destination="n-16-4.pdf" href="https://www.irs.gov/pub/irs-drop/n-16-4.pdf" target="_blank">Notice 2016-4</a>, issued by the IRS on Dec. 28, the agency extended the deadlines for both providing individuals with the reporting forms required as part of the Affordable Care Act and for filing them with the IRS, although it also said “employers and other coverage providers are encouraged to furnish statements and file the information returns as soon as they are ready.”<br />
In the year-end notice, “the IRS indicated to employers that there’s going to be no more extensions,” says Laura Kerekes, chief knowledge officer with ThinkHR Corporation. “This is already more generous than what the initial filing extension was. The feeling is that you better get these done and into the government.”<br />
<span style="font-size: 11.84px; line-height: 1.5;">The IRS notice also provides guidance to those who might not receive a 1095-C by the time they file their 2015 tax returns, saying people can rely on information they’ve already received from their employer outlining whether they’re enrolled in employer-sponsored coverage or not.</span><br />
“That’s pretty important for employers to just make note of and maybe get ahead of with communication to their employees to say the filing deadlines have been extended so the company will not have your 1095-C done,” says Kerekes, adding employers can let employees know “this is the information we've already provided you, you can rely on it when you're working on your taxes and filing by your April 15 deadline.”<br />
And while employers with more than 50 full-time employees need to compile data for the new forms to demonstrate employee healthcare coverage offerings under the ACA, two-in-five employers say they are unfamiliar with these forms altogether, finds a recent study from ADP.<br />
“The good news is that 60% were highly or very familiar with the 1094-C and were working on it,” says Vic Saliterman, senior vice president and general manager of ADP’s healthcare reform business. “The fact that, given the nature of the way the law is written and the penalty, 40% were not familiar [with the forms] was certainly concerning.”<br />
More than half (52%) of midsized businesses and 45% of large employers are unsure if they’re at risk of violating ACA compliance requirements this year and nearly one-in-five employers think they are at risk of not complying with Form 1095-C requirements, according to the ADP report.</div>
AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0tag:blogger.com,1999:blog-20391356.post-40426836346491940542016-01-11T14:33:00.006-08:002016-01-11T14:33:57.539-08:00Understanding the retiree benefit of HSAs<h1>
<span style="font-size: small;">In this age of high-deductible healthcare plans, industry experts say employers and employees should increasingly consider the benefits of health savings accounts as a retiree benefit. HSAs, they say, offer cost-shifting benefits for employers and employees that advisers should be educating clients about.“Retiree benefits are going through a dramatic change,” says Seth Ravine, chief revenue officer of the Tampa, Fla.-based Acclaris. “Employers are looking for ways to cut costs, and retirees are feeling the brunt of that.”</span></h1>
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According to Mercer’s latest data from the Inside Employees' Minds Survey, there is a growing concern about healthcare expenses in retirement. The survey also found most employees between the ages of 35 and 64 place a high value on an employer’s retirement benefits and low healthcare costs, ranking them as the second and third most valued elements of the employment deal, behind base pay.<br />
A high-deductible healthcare plan coupled with an HSA is a way for employers to cut healthcare costs for the company, yet still satisfy employee retirement and healthcare needs, experts say.<br />
<strong>Also see:</strong> “<a href="http://eba.benefitnews.com/gallery/eba/7-things-employers-and-employees-dont-know-about-hsas-2746806-1.html">7 things employers and employees don’t know about HSAs</a>.”<br />
“The individual or employee is going to have to take on more control and financial burden than any other previous generation,” Ravine says.<br />
“A high-deductible healthcare plan has short term and long-term gains,” he says, adding that advisers should work with employers to understand the short term and long-term goals.<br />
“Most employers will see the short-term drops of healthcare costs immediately, but you haven’t actually changed the trend of your healthcare liability,” he says. “What HSAs can do long term is, if employees start them early, invest in them early, and learn how to utilize them — including when to draw from HSAs and when it is best to pay out of pocket — now you’re giving real dollars to individuals. At the same time you’re giving yourself as the employer the ability to push more costs onto employees.”<br />
<strong>Education</strong><br />
Educating employees about what an HSA is and how it can be used as a tool for meeting healthcare costs in retirement is key, experts say.<br />
“Most Americans are unprepared for healthcare costs in retirement, and an HSA is the best way to save for that,” said Eric Roberts, a consultant at Nyhart Actuary & Employee Benefits, during a recent webcast hosted by the Healthcare Trends Institute.<br />
“If you have already made it into the retiree population and haven’t had the ability to open an HSA, you’re in a tight spot,” says Ravine. “Once you’re on Medicare, you can’t contribute to an HSA anymore, but the next generations have a real chance to utilize HSAs in their retirement.”<br />
Still, employers and employees hold several misconceptions about how an HSA works, indicating a need for adviser help to understand them, including how an HSA differs from an FSA and an HRA.<br />
Employees have a lack of awareness surrounding several HSA features and benefits, says HSA custodian company HealthEquity. For example, for some employees and employers the fact that HSA funds roll over and are not “use it or lose it,” is not common knowledge, the company says.<br />
Many consumers also don’t know that after age 65, you can withdraw money from an HSA for any type of purchase (not just medical expenses) without penalty.<br />
<span>If used for other expenses, the amount withdrawn will be taxable as income but will not be subject to any other penalties. Individuals under age 65 who use their accounts for non-medical expenses must pay income tax and a 20% penalty on the non-qualified withdrawal.</span><br />
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<span>By <a href="http://eba.benefitnews.com/sdm/melissa-a-winn-990.html">Melissa A. Winn</a><br /> </span><br />
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AMSINSURE.COMhttp://www.blogger.com/profile/12282495172679503183noreply@blogger.com0