Archive for the ‘Employers’ Category
Monday, October 5th, 2009
Health Savings Account plans, high deductible health plans, have the added benefits of tax deductions. Unused balances can be carried over to following years, thus allowing you to save money tax free. Since an HSA allows you to purchase a high-
deductible insurance plan with lower premiums, it an excellent way to save money on healthcare. Add to that the fact your contributions to the fund are tax free, you can enjoy considerable
tax savings. Finally, since the interest is tax free and tax deferred, you can also use Health Savings Accounts to supplement retirement income.
For those with Health Savings Account Plans, please note the following contribution limits for 2010:
• For individual coverage, the maximum contribution is $3,050
• For family coverage, the maximum contribution is $6,150
• In addition to the maximum contribution amount, catch-up contributions
of $1,000 may be made by or on behalf of individuals age 55 or older and
younger than 65
If you have more than one HSA account, these limits are going to be applicable for all the accounts together.
Permanent link to this post (182 words, estimated 44 secs reading time)
Tags: health insurance, health savings accounts, pre-tax
Posted in Employees, Employers, Family, Individual, Resources | Comments Off
Friday, August 14th, 2009
Small Businesses are definitely hit the hardest when it comes to premium rates. However, recent studies have shown that incorporating ancillary benefits, such as life, disability, and dental benefits, ensures employees are not only healthy and happy – but loyal as well. A MetLife study showed that 73% of employees who felt adequately covered were happy with their job. On the other hand, those employees who felt that their coverage left them too exposed, were not. Only 22% of such employees stated that they were satisfied with their job.
Productivity is also greatly affected by health benefits. If an employee knows that the coverage is there when they need it, they will push further for their employer. With economic times at their tightest, knowing that they will not incur large medical or dental bills, or leave their family without protection if something should happen to them, means employees can focus on the task at hand. In these cases, everyone benefits!
Though the economy is in tough shape right now, Employers may find that a bit more out of pocket costs for their employees will result in a return of happy, healthy, and productive workers in the end.
Permanent link to this post (201 words, estimated 48 secs reading time)
Tags: added benefits, health plan, preventative care, wellness
Posted in Employees, Employers, Group | Comments Off
Monday, July 6th, 2009
Recent studies show an alarming trend in California. General Practice physicians are in dwindling supply, and at the lower end of “per capita need”. As fewer and fewer younger physicians enter this field, the inadequacies will become even more dire. On the other hand, specialists seem to be in abundance, but are not distributed throughout the state in an equal manner. Both Specialists and General Practice doctors tend to congregate more in the urban areas, leaving the rural areas without the medical care they need. Add to that the insult of few new general practice recruits, and their current provider population getting older, these individuals can be in real trouble.
Hopes for getting a quick and long term recovery would mean a few things from the state. The first step, of course, would be to get more physicians to study in the field of primary care. This can be done with the help of grants, financial support, and better residency training programs in all fields of general medicine. Providing financial compensation to these new primary care providers would also help to establish care where we most need it. By making it easier to practice in the hard hit areas will ensure that no Californian is without the physicians they need. The only way to achieve this, however, is to make sure that both the patient and doctor are adequately taken care of.
Permanent link to this post (234 words, estimated 56 secs reading time)
Tags: health insurance, network provider
Posted in Employees, Employers, Family, Group, Individual | Comments Off
Saturday, June 20th, 2009
Once you or your loved one has been diagnosed with a chronic health condition, the most important thing is to become self-aware and gain the ability to manage the impact that this illness will have on your life. The first step is to understand your illness. In doing so you will gain the upper hand in preventing further complications.
Most insurance carriers offer nurse lines specific to your illness and access to support groups. Such groups can be vital for both physical and emotional support, resulting in overall improved health. Subjects covered include:
This is a preview of
Educating the Patient With a Chronic Disease
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Read the full post (220 words, estimated 53 secs reading time)
Tags: Chronic Condition, wellness
Posted in Employees, Employers, Family, General, Individual, Resources | Comments Off
Friday, May 29th, 2009
For those individuals who are turning 65, the world of Medicare may seem overwhelming. We are here to help you understand the four parts to Medicare Health Insurance. Original Medicare is the federal health insurance program available to people 65 years of age or older. Medicare is also available to younger people with certain disabilities and people with end-stage renal disease – permanent kidney failure living with dialysis or a transplant; it’s sometimes called ESRD.
Tags: health insurance, medicare
Posted in Employees, Employers, General, Individual, Resources | Comments Off
Monday, May 18th, 2009
Small business owners in California received extra protection under the law for their rights with group health insurance when the law AB 1672 was passed in 1992. This new requirement required that group health insurance carriers provide coverage for employees covered under a group health plan, even if they have a pre-existing condition. This new law meant that insurance companies may not deny coverage, and if there is an exclusion period for a pre-existing condition, it must be kept to six months to one year. If an employee was covered by a health plan before joining the group health plan offered by their new employer, this coverage must count towards this exclusion period, as long as the employee’s coverage was enacted within 62 days of losing the previous policy.
This is a preview of
Assembly Bill 1672 & What it means for Small Business Plans
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Read the full post (191 words, estimated 46 secs reading time)
Tags: group health, pre-existing
Posted in Employees, Employers, Group | Comments Off
Friday, May 15th, 2009
When it comes to Health Savings Account health plans, one of most common questions we hear is what is a qualified medical expense? As you know, you can use your savings account to cover expenses that are not covered by your health plan, though there are limitations as to what does and does not fall under the definition of eligible medical expense. According to the IRS Publication 502, Medical and Dental Expenses, the general purpose of the health savings account is to cover “Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body.” Such items that would fall under this category include:
This is a preview of
What Qualifies as a Tax-Deductible Medical Expense?
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Read the full post (374 words, estimated 1:30 mins reading time)
Tags: health insurance, health savings accounts, pre-tax
Posted in Employees, Employers, Family, General, Individual | Comments Off
Friday, May 8th, 2009
The IRS has instituted a provision in Section 125 of their code. This provision allows for a simple change in your company’s payroll process that reduces your taxable payroll. Every premium contribution your employees make will be deducted from your overall taxable payroll amount. Here’s what you and your employees can expect with a Premium Only Plan or POP.
Employer Benefits
Lower Taxes – Every small business owner needs to take advantage of every tax break they can find. By using a POP plan, you are immediately lowering your taxes, which means that you can turn this additional revenue into more options for your business.
This is a preview of
Savings with a Premium Only Plan (Section 125)
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Read the full post (350 words, estimated 1:24 mins reading time)
Tags: group health, pre-tax
Posted in Employers, Group | No Comments »
Wednesday, May 6th, 2009
In February of 2009, President Obama signed into law the American Recovery and Reinvestment Act. Designed as part of the economic stimulus bill, this also provides some major assistance to COBRA coverage for certain individuals. Some of the major points to this bill are:
- Will provide for a federal subsidyon the COBRA continuation coverage premiums for qualified beneficiaries due to involuntary termination of employment between Sept. 1, 2008 and Dec. 31, 2009 (Assistance Eligible Individuals)
- Qualified beneficiaries will include the covered employee, the covered employee’s spouse, and covered employee’s dependent children. This means that the spouse or dependents of the involuntarily terminated employee will be eligible for benefits even if the employee does not elect COBRA.
Tags: COBRA, group health
Posted in Employees, Employers, Federal, Group, Laws | Comments Off
Thursday, April 30th, 2009
Businesses, especially those with fewer than 5 employees, are really bearing the brunt of the rate increases. However, there are still options out there to save you and your employee’s money.
Carriers are constantly revising their portfolios to meet your needs. For example, Anthem Blue Cross expanded its portfolio to include four new HMO options.
Other ways to save on your Group Health Coverage may be to consider adding on the Section 125 Premium Only Plan. This allows employees to pay certain medical expenses (i.e. their portion of the premium) before taxes are deducted from your paycheck. This increases the employee’s take home pay, and reduces Employer taxes.
Tags: group health
Posted in Employees, Employers, Group | Comments Off
