Income Protection

Why Cancer is an Important Consideration When it Comes to Disability Claims

Posted by on May 30, 2013 in Employee Benefit Program, Income Protection | 0 comments

  For 12 years in a row, cancer topped the list as the main reason for long-term disability claims with some employee benefits providers. The second cause on the list was back problems. Cancer claims made up about 16 percent of the company’s long-term disability claims. However, back problems made up about 15 percent of claims. For short-term disabilities, maternity leave was the most common reason at almost 19 percent. Non-back injuries made up close to 11 percent of short-term disability claims. May is Disability Insurance Awareness Month. When this month arrives, it is a good time...

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Estate Taxes for 2013 and Beyond

Posted by on Mar 13, 2013 in Human Resources, Income Protection, News | 0 comments

  The dust has finally settled – for the moment. And Congress has stabilized the estate tax situation, which has been in a state of uncertainty since the so-called “Bush Tax Cuts” formally expired in 2010. The deal is this: The worst-case scenario in which all estates north of $1 million would have been hit with a confiscatory 55 percent tax on the excess was averted. That’s great news for anyone with a good sized home, a small business or family farm and/or a decent-sized retirement fund. Instead, lawmakers came up with a top tax rate on estates of 35 percent,...

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The Internal Revenue Service’s New Contribution Limits

Posted by on Nov 12, 2012 in Income Protection, Retirement | 0 comments

The Internal Revenue Service recently announced that contribution limits for employees who have certain types of plans were raised. The affected plans include 403(b), 401(k) and some 457 plans. In addition to this, thrift savings plans sponsored by the government were also affected. For these plans, the contribution limits were raised by $500. Catch-up limits for people who are 50 years of age or older and participate in these plans remained the same. Since the cost of living increased enough to warrant an adjustment, the IRS decided it was time to change the limits for several types of...

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FSA Salary Reduction Capped at $2,500, Starting January

Posted by on Oct 4, 2012 in Employee Benefit Program, Income Protection | 0 comments

Changes are coming to flexible spending accounts. Under the Patient Protection and Affordable Care Act (PPACA), a new $2,500 limit will be imposed on salary reduction contributions to health flexible spending arrangements, commonly known as FSAs. FSAs are popular perks that allow employees to divert income on a pre-tax basis to an account that they can use to buy certain services, including health care. They are particularly useful for employees who have regular health expenses that they incur each year, since they allow them to buy these needed health services with pre-tax dollars. Under...

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Executive Long-Term Care Plans Are Growing in Popularity for Small and Medium-Sized Businesses

Posted by on Aug 10, 2012 in Employee Benefit Program, Income Protection | 0 comments

Providing executives with long-term care (LTC) coverage is becoming increasingly more prevalent. Small and medium-sized companies realize that offering LTC benefits can help them attract and retain quality senior managerial staff. In the past, these employees would have been lost in a bidding war with a larger company who could offer the employee a bigger paycheck. As medical costs continue to skyrocket and individuals face the likelihood of living well into their eighties and nineties, however, employees are foregoing larger salaries in favor of benefits, such as LTC coverage. There are...

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Investing at an Early Age

Posted by on Jun 13, 2012 in Income Protection | 0 comments

You’ve probably been told at least a few times in your life that you should be putting money aside “for a rainy day”, but perhaps it hasn’t yet crossed your mind to begin planning, specifically, for your future retirement. If you think it’s too early, or if you feel you’re not yet ready, financially … think again. Even with a certain amount of debt from car payments, student loans, and living expenses, there are several different ways that a young person can invest their money (and their time) wisely. While it’s true that some people begin investing later in life and still...

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