Supplemental Coverage Helps Employers and Employees Make the Most of Life Insurance Benefits
While most companies provide some basic level of life insurance coverage to employees, it’s almost certain not to be enough to adequately protect an employee’s family in the event of the employee’s death. Most employer plans cover employees at the rate of one-times annual salary. Even for employees with a high annual salary, the benefits wouldn’t take care of their beneficiaries’ needs for very long.
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They’re More Valuable Than You Think – Planning for the Premature Death of a Business Partner
You make decisions about how to spend money,
the direction you want to go, and spend vast amounts of time with this person.
No, it’s not your spouse - it’s your business partner. Your business partner is a huge asset to your business. How do you protect your business in case your business partner dies? Planning ahead for this scenario can be one of the most important things you do to protect your business.
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Disability Buy-Up Improves Income Protection for Highly Compensated Employees
Group long-term disability (LTD) coverage
represents a valuable benefit offering for employees. However, for high-wage
earners, there is a danger that the group LTD plan will not replace an adequate
percentage of an employee’s compensation. Disability buy-up coverage can supplement the group LTD plan and provide executives and other high-wage earners with a more secure income replacement level.
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Guidance Clarifies Who Is Eligible to Participate in an HSA
Health Savings Accounts (HSAs) offer individuals who are covered by a high-deductible health plan (HDHP) a tax-favored way to save for and pay for medical expenses. In guidance issued in July 2004 (Notice 2004-50), the IRS has clarified what it means to be “covered by” an HDHP, addressing issues such as: employees who have a choice among health plans; Medicare-eligible individuals; disease-specific supplemental insurance; discount card plans; individuals who are covered by employee assistance programs (EAPs) and disease management (DM) and wellness programs; and employees who first become covered under an HDHP mid-month.
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