Posts made in January, 2013

IRS Introduces New W-2 Reporting Requirements

Posted by on Jan 30, 2013 in Broker Development, Human Resources | 0 comments

  Beginning with the 2013 batch of W-2 forms, the Internal Revenue Service is introducing a new series of reporting requirements. Pursuant to the Patient Protection and Affordable Care Act of 2010, employers must include the following information in Box 12 on their W-2 forms to the employee and to the IRS: Major medical plan coverage Flexible Savings Account values for the plan year (in excess of Section 125 salary reduction contributions). Employer-funded or salary-reduction plans from hospital indemnity plans Coverage for domestic partners (if included in gross income) If you charge a...

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Employers Responding to the Lure of Private Health Insurance Exchanges

Posted by on Jan 29, 2013 in Broker Development, Employee Benefit Program, Health, News | 0 comments

  Large companies are increasingly exploring the use of private health insurance exchanges as a means of controlling costs, according to a number of HR industry observers. Under a private insurance exchange arrangement, an employer privately contracts with one or more insurance carriers, each competing for the business by discounting insurance premiums for members of the group. In turn, the employer then provides each employee with a certain number of dollars with which they can buy coverage listed on the private exchange. This arrangement may offer some large employers the twin benefits of...

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20 States Opting Out of Health Insurance Exchanges. What Now?

Posted by on Jan 15, 2013 in Employee Benefit Program, Health, Human Resources | 0 comments

  Any small business owner who’s landed a big sale knows the feeling: The good news is, we got the contract! The bad news is, we got the contract! That’s what the Obama Administration is confronting now that we are deep into the implementation phase of the Affordable Care Act. For a while, there was some wiggle room: Mitt Romney promised to repeal the Act if he could get the votes in the Senate. And for a while it looked like he might win. But the election went to Obama, and so there was no avoiding the issue: The Affordable Care Act requires that health insurance...

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Group Personal Liability Umbrella: the Perfect Benefit for Highly Paid Partners and Employees

Posted by on Jan 11, 2013 in Employee Benefit Program, Life | 0 comments

  If your firm is looking to hire, keep, or just looking to financially protect your highly paid partners, employees or members, a group personal liability umbrella is something to seriously consider.  This is no different than having each individual get his/her own personal liability insurance, but it is for groups and is paid for by the business. The group personal liability umbrella may also be purchased by non-profits for their members as well as by a group of family members. Sophisticated and highly paid individuals know the value of this coverage.  They need to protect themselves...

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Want Employee Loyalty? Educate Them!

Posted by on Jan 9, 2013 in Broker Development, Employee Benefit Program | 0 comments

  A recent Harris Interactive Study, commissioned by prominent disability insurance carrier Unum, found that employees who receive frequent and thorough education on their available benefits are also more likely to view their employer positively, and to feel that their employer values them. The survey establishes a positive correlation between employees understanding of their benefits and productivity. Among the recommendations from the study: Give employees time to study their benefits. The study found that workers who had at least three weeks to review their benefits were much more likely...

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