Serving over 200 companies and more than 2000 families since 1988

2882 Sand Hill Rd. Ste. 119 - Menlo Park, CA 94025 - (650) 854-8963 - (800) 564-4476
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Posts made in October, 2018


Ask people about their financial concerns these days, and you’ll notice that most have something in common: We all tend to worry about the same things! For many of us, the cost of healthcare (particularly rising health insurance premiums) will fall near the top of our priority list. At the same time, you might also hear that retirement is a common concern. The, of course, there are taxes. What if we told you there might be one way to address all three of these concerns? With regard to health insurance, many of you face a dilemma: Pay higher premiums for a low-deductible plan, or opt for the lower premiums on a high-deductible plan. The first choice can strain some budgets, while the other leaves you vulnerable to large medical bills before your insurance kicks in to cover the rest. That’s why health savings accounts (HSAs) are becoming more popular. With this type of account, you can save money to be used toward qualified healthcare expenses. So, you don’t have to worry about meeting your deductible when you have money in the bank. Since the funds roll over from year to year, you can enjoy peace of mind knowing that you’re prepared for this occasion in the future. What if you never use all of the funds in your account? Don’t worry; that money isn’t lost. You can keep rolling it over all the way into retirement. At that point you can use the funds for certain expenses like Medicare premiums, dental care, vision check-ups and supplies, medications, and more. Essentially, an HSA could actually help you save a bit more for retirement! At the same time, the money you’re stashing in your HSA can be deducted from your paycheck on a pre-tax basis. That means you lower your overall income tax liability just a bit, and you don’t have to pay taxes on the money you set aside for qualified medical expenses. As you can see, a health savings account is a way to “kill two birds with one stone” – except, in this case, it’s three birds! A health savings account is only eligible to certain people who are enrolled in lower-premium, high-deductible healthcare plans. Give us a call to learn more about this money-saving opportunity, and we can help you decide if an HSA is right for...

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As a business owner, Fall will become a busy time for you. As you guide employees through their health insurance enrollment choices, remember that this task is more than a courtesy. You are required by law to issue certain reminders to them, such as this one regarding Medicare Part D. Essentially, this notice applies to employees who are eligible for Medicare. If you provide prescription drug coverage to these workers, you must provide notice informing them whether your drug plan is creditable or non-creditable. “Creditable” means that the prescription plan provided by the employer is equivalent to, or richer than, the level of coverage provided by Medicare Part D. “Non-creditable” mean that your provided plan will offer, on average, less coverage for prescription drugs than Part D would provide. This is called the Medicare Part D Disclosure Notice, and you must provide it to all Medicare-eligible employees before the Annual Enrollment Period begins on October 15, 2018. This notice will allow your Medicare-eligible employees the opportunity to evaluate their options, and enroll in Part D prescription drug coverage if they so desire. If these employees do not maintain creditable prescription drug coverage for more than 62 days from their initial Medicare enrollment period, they will be subject to a late enrollment penalty if they later choose to enroll in Part D. This enrollment penalty is permanent, so allowing these employees the opportunity to make this decision is of utmost importance. Second, if you do provide prescription drug coverage to Medicare-eligible employees, you must submit an online disclosure to the Centers for Medicare and Medicaid Services (CMS) each year, and any time a change in coverage affects creditable status. The deadlines for providing this notice are as follows: Within 60 days of the start of the coverage year Within 30 days after termination of prescription drug coverage Within 30 days after changes in creditable coverage status If you have further questions about either of these notices, please contact us for more information. We can guide you through the process, and help you evaluate all of your health insurance options as Open Enrollment and the Annual Election Period get underway this...

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