As 2011 comes to a close, it is important to be sure you are making the most of your Health Savings Account, and getting the maximum tax benefits allowable by the IRS.
Primarily it is important to be aware of the total amount of funds contributed this year since you are allowed to contribute $3,050 for individuals and $6,150 for families in 2011. Any unused funds roll over tax free for use in 2012.
Since Health Savings Account plans have the unique feature of allowing account holders to use funds to pay for ‘Qualified Medical Expenses,’ or certain approved medical/health services not ordinarily covered by health insurance plans, December is a very busy time of the year for people to go in for any ancillary health appointments such as dental work, vision services, etc. because account holders wait and see how much money remains in their HSA account so they can use a portion of the remaining balance in the account to pay for any of these Qualified Medical Expenses.
In addition to checking your contribution limits to maximize your tax savings and using account funds to pay for any medical bills and additional approved medical services, it is also smart to be sure you have indemnified yourself for any prescriptions or medical services that you have not paid for with your account. Taking advantage of reimbursing yourself for any qualified medical expense paid for with means other than your HSA debit card will help you maximize tax savings as well.
Click to read more helpful tips from Optum Health Bank, and please consult your certified accountant with any tax related questions or concerns.
- Lauren Bruen Nicholson
“The loss of a key person can be a major blow to a small business if that person is the key contact for customers and suppliers and the management of the business. Loss of the key person may also make the running of the business less efficient and result in a loss of capital.
Losses caused by the death of a key employee are insurable. Such policies will compensate the business against significant losses that result from that person’s death or disability. The amount and cost of insurance needed for a particular business depends on the situation and the age, health and role of the key employee.
Key employee life insurance pays a death benefit to the company when the key employee dies. The policy is normally owned by the company, which pays the premiums and is the beneficary. Contact an insurance agent or broker whose specializes in key employee insurance for more on how much it may cost for your company.”
Click to read more, or contact Jessica DiDio Lamoureux for more information.
(Source: Insurance Information Institute)
FEMA’s Disaster Assistance Program has extended coverage for affected Individuals, Families, and Businesses after a ‘major disaster’ declaration in the state of New York. Some of the key parts of the assistance program are as follows:
- Rental payments for temporary housing for those whose homes are unlivable. Initial assistance may be provided for two months for homeowners and renters. Assistance may be extended if requested after the initial period based on a review of individual applicant requirements. (Source: FEMA funded and administered.)
- Grants for home repairs and replacement of essential household items not covered by insurance to make damaged dwellings safe, sanitary and functional. (Source: FEMA funded and administered.)
- Grants to replace personal property and help meet medical, dental, funeral, transportation and other serious disaster-related needs not covered by insurance or other federal, state and charitable aid programs. (Source: FEMA funded at 75 percent of total eligible costs; 25 percent funded by the state.)
- Unemployment payments up to 26 weeks from the date of the disaster declaration for workers who temporarily lost jobs because of the disaster and who do not qualify for state benefits, such as self-employed individuals. (Source: FEMA funded; state administered.)
- Low-interest loans to cover residential losses not fully compensated by insurance. Loans available up to $200,000 for primary residence; $40,000 for personal property, including renter losses. Loans available up to $2 million for business property losses not fully compensated by insurance. (Source: U.S. Small Business Administration.)
- Loans up to $2 million for small businesses, small agricultural cooperatives and most private, non-profit organizations of all sizes that have suffered disaster-related cash flow problems and need funds for working capital to recover from the disaster’s adverse economic impact. This loan in combination with a property loss loan cannot exceed a total of $2 million. (Source: U.S. Small Business Administration.)
- Loans up to $500,000 for farmers, ranchers and aquaculture operators to cover production and property losses, excluding primary residence. (Source: Farm Service Agency, U.S. Dept. of Agriculture.)
- Other relief programs: Crisis counseling for those traumatized by the disaster; income tax assistance for filing casualty losses; advisory assistance for legal, veterans benefits and social security matters.
To apply online, click www.DisasterAssistance.gov or call 1-800-621-FEMA
Virtually every business, institution and public entity depends on equipment to keep operations going and income flowing. Today, equipment breakdown is a more common and greater risk. Most equipment now contains sensitive and fragile technology that is easily damaged. More equipment is mission critical so breakdowns bring operations – and income – to a halt. And increased system complexity and interdependency mean a breakdown elsewhere can impact you. Yet standard property insurance excludes the risks unique to equipment.
Here are some claim examples of where equipment breakdown coverage is needed:
Electrical Loss at an Office Building: Electrical arcing destroyed three main electrical panels and left an office building without power. Temporary measures were taken to restore power to tenants – particularly to an accounting firm that was in the height of its tax season crunch.
Total Loss: $ 1,597,389
Business Equipment and Service Loss at a Service Station:
A power surge damaged a service station’s electronics, including the computerized diagnostic system, telephone, paging system and the security system.
Total Loss: $ 33,388
Mechanical Loss at a Machine Shop: A power surge from a utility line damaged two computer circuit boards, halting a metal shearing operation for nearly a week. Materials and workers were sent to another plant several hundred miles away to meet production requirements.
Repair Cost: $ 9,485
Extra Expense: $ 42,541
Total Loss: $ 52,026
All businesses need equipment breakdown insurance. Click for more information: http://www.hsb.com/HSBGroup/Equipment_Breakdown_Basics.aspx or contact Jessica DiDio Lamoureux.
When the forecast calls for severe weather, ie: hurricane/tropical storm whirling up the coast, the initial response is to take immediate action in preparing for the storm both by securing your property, home or business, and stocking up on necessary items.
Often there is so much fear associated with the possibility of damage and maintaining safety and comfort during the severe weather, that once the storm has passed there is an immediate urgency to rush back to ‘normalcy.’ It is important to make a few very important observations and carry out simple tasks in order to prevent what could potentially be a more destructive loss.
Trusted Choice, an organization that supports independent agencies and establishes a guide for best business practices, has posted an excellent article on how to prevent losses both before and after a hurricane has passed.
Please click and scroll down to read more about what to do after the storm has passed.
If you are like most, the news of the advancing Hurricane Irene makes us think of things like disaster planning. If I am a homeowner, where are the flashlights? Do I have enough clean water and canned foods, or gasoline for the car? If you are a business, you are thinking about backup power, data backup, and adequate insurance to cover your business.
Be sure to check out this pamphlet from PIA - ‘Surviving The Storm- A Guide to Hurricane Preparedness.’ This is a very helpful resource for information in regards to helping prepare for an Impending hurricane.
Stay Safe!
Any company that has a computer network and maintains confidential information is exposed to cyber risk.
“Many security breaches are due to old-fashioned human error,” said Richard Billson, vp-proposition development for Zurich North America Commercial, in New York. No matter the economic sector in which they’re employed, risk managers are on the front line of defense against this peril, he said.
Top perils include hacking, laptop loss containing client data, backup tape loss, staff mistakes such as data leaks, denial-of-service attacks, and business partner mishaps and breaches, said Mark Greisiger, president of Gladwyne, Pa.-based NetDiligence, which provides cyber risk management and information security services and is the marketing arm of Network Standard Corp.
Click to read more, or contact Jessica DiDio Lamoureux for more information.
Gold & Silver Values
With it becoming more difficult to obtain a decent return on your money and protect what you have from a dollar that has been losing purchasing power, its time to think outside the box. Most people are now aware that gold and silver (real money) have been increasing in value due to the endless printing of fiat currency around the world. Is it time to protect yourself like you do with the various Insurance and Bond products we offer? I think so!
Since silver is the most affordable between gold and silver this is where I suggest you give due consideration. In 2009 according to Kitco silver had a low of $10.51 an ounce to a high of $19.18 with an average price of $14.67 . In 2010 the low was $15.14 with a high of $30.70 and an average of $20.19. In 2011 as of the date of this writing a low of $26.68 with a high of $48.70 and an average of $34.81.
Will it keep moving higher or is it to late to consider? I believe if you cost average (buying a little each month) you will have an investment that will protect you in these changing times.
A trusted site for buying physical silver is www.apmex.com. For getting a better understanding of the true value of silver you should visit the following sites:
(Sources: www.goldsilver.com, www.kitco.com, www.goldmoney.com, www.silver-investor.com)
I hope this information has been helpful and is given as guidance only with no guarantee.
Article by Peter Reeves
This year’s flood season could be one of the worst in the history of the United States. The threat continues this summer as the forecast indicates there may be above average rainfall in the upcoming months.
Click to read more, or contact Sandra Sanchez for more information regarding flood insurance.
4 Health Reform Changes to Expect at Your Doctor’s Office
For decades upon decades Americans have been accustomed to a highly-utilized, technologically advanced health care system in the United States. As the the system has evolved with the introductions of breakthrough medical innovations, the demand for this level of care has made the incline in health care costs inevitable in order to stay abreast of these new technologies and advancements.
In order to maximize the health care infrastructure as a whole, there are many changes that are being made- both today and in the future, to increase the efficiency and quality of necessary medical care. A few of these changes we will alll most likely see first-hand from our health care providers within the next few years to come.
Click to read more, or contact Lauren Bruen Nicholson with questions.
(Source: U.S. News and World Report)
