Tag: Group Benefits

Important Tax Planning Alert for Employees: IRS Releases Revised Form W-4

The Internal Revenue Service recently released the revised version of Form W-4 to comply with the new tax rates established as part of the Tax Cuts and Jobs Act of 2017. Determining the right amount of withholding can be somewhat of a challenge. In order to help Employees avoid any unforeseen surprises, Employers are advised to request their employees complete the new Form W-4 so their withholdings can be calculated correctly going forward. Read More

Health Savings Accounts (HSA’s)

Health Savings Accounts (HSA's) What if you could tuck money away and let it grow tax free until retirement? Sounds like an IRA or 401(k) plan, right?  Well you can add to those plans with the "Medical IRA" better known as a Health Savings Account (HSA).  In this case you can put money away and earmark it solely for unreimbursed medical expenses that are subject to a specific kind of employer sponsored Group Insurance policy… Read More

Reimbursement Plans

Why in the world would you reimburse employees more than your insurance plan covers? After all, isn't that why you have a plan to begin with?  Well that's true, but in some years doesn't it seem like you are paying more than you are getting out of it?  Why not lower the benefits considerably?  If that hurts the employees too much, you can help them out by covering the cost of some of their claims. … Read More

Human Resource – PEO Plans

  Economies of scale can be achieved by pooling many services together.  Professional Employer Organizations (PEOs) use all the benefits of HR management through an HRIS (Human Resource Information System) and combine these with many employee benefit products including health insurance.  A large pool of employees gives them the purchasing power to provide highly competitive pricing. Read More

Premium Refund Plans

Whenever you pay out money and then get some of it back, it's a good thing right?  So how do we do it? For mid-sized companies "self-insurance" has become kind of an ugly word. If claims are low you save; if they are high, you are likely to pay more than you would on a "regular" policy.  Ouch! If you are "participating" in the risk, you stand to pay less overall in the good years. … Read More

Patient Protection and Affordable Care Act – ACOs

With the elections now over, it is time to refocus on the many upcoming laws and tax changes. One of the major changes that will affect our business clients is the Patient Protection and Affordable Care Act (PPACA or sometimes called "Obamacare"). There are many aspects to the PPACA that can be confusing and overwhelming. Therefore, as a service to our valued clients we will be sending out a series of educational emails over the… Read More