IRS Gives Employees More Time to Spend FSA Dollars
Health care flexible spending accounts (HCFSAs) offer employees the opportunity to pay for health care expenses with pre-tax dollars. An employee participating in a HCFSA chooses the amount to contribute on an annual basis, and that amount is deducted, without tax withholding, throughout the year from the employee’s paycheck. As the employee incurs health care expenses that are not covered by insurance, he or she receives reimbursements from the HCFSA, still without paying taxes on the disbursed amounts.
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HSA Enrollment Exceeds 1 Million; Plans Cut Premium Cost, Attract All Ages
As of March 2005, more than 1 million people were covered by health savings accounts (HSAs), according to a survey conducted by America’s Health Insurance Plans (AHIP), a national association representing nearly 1,300 companies that offer health insurance (and other types of) coverage to individuals, employers, and public purchasers. This represents more than a doubling of HSA enrollment over the last six months, since September 2004 when AHIP last reported HSA enrollment figures.
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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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Life Insurance is Key to Protecting Your Human Assets
Every business, no matter what the size, has certain people that are crucial to its success. Nowhere is this more evident than in a small business. These key people are the ones whose absence would put the company in jeopardy because they are involved in every aspect of the operation. Because their value is immeasurable, it is vital to cover these people with key man insurance.
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