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Did you know that it may be possible for your money and assets to be tied up in probate court—a year is not uncommon—if you were to die? That’s why it’s important to review the beneficiaries of your life insurance policies and to verify that they will be paid to a named beneficiary (a person) … Continued
According to the Internal Revenue Service (IRS), no permission or authorization to set up either an FSA or HSA account is required. Both accounts are intended to help provide you with financial assistance regarding medical care costs. An FSA (flexible spending account) is set up by your employer. An HSA (health savings account) is held … Continued
On August 31, 2017, Federal District Court Judge Amos Mazzant overturned the Fair Labor Standards Act (FLSA) Final Overtime Rule that would have doubled the annual salary level to qualify for exemption from overtime from $23,660 to $47,476. The same judge issued an injunction stopping implementation of the final rule nine months ago, and the … Continued
The U.S. Department of Labor has issued compliance guidance for benefit plans, employers and employees, and service providers who are impacted by Hurricane Harvey. The guidance generally provides relief from various ERISA requirements and time limits for entities in the disaster area. This follows the Internal Revenue Service (IRS) announcement extending certain filing dates, including … Continued
On August 22, 2017, in AARP v EEOC, a federal court found that regulations allowing employers to offer large incentives under workplace wellness programs were arbitrary. The court did not vacate (nullify) the rules due to concerns about disrupting employers’ existing programs. Instead the court has ordered the responsible agency, the Equal Employment Opportunity Commission … Continued
The many fees associated with medical insurance can be confusing. Premiums are the fees paid for medical coverage for a specific benefit period. In addition to premiums, other out-of-pocket expenses include co-payments and deductibles, all of which vary with the insurance you have. Medical Insurance Premiums As with car insurance or home insurance, a medical … Continued
We recently reported (OSHA Online Portal for Electronic Submission of Injury and Illness Reports Opens August 1) that OSHA was offering an online portal to report information on workplace injuries. Earlier this week, OSHA suspended use of the portal due to a possible security breach. At this time, OSHA reports that one employer’s data was … Continued
It was a world-famous heart surgeon, Dr. Marius Barnard, who created critical illness insurance, as he saw how the financial stress that accompanied cancer, heart attack and stroke was killing his patients. This type of insurance typically gives you a lump-sum cash payment if you are diagnosed with one of the illnesses specified in your critical … Continued
OSHA Injury Tracking Application Electronic Portal As of August 1, 2017, the Occupational and Safety Health Administration’s (OSHA) new electronic portal, the Injury Tracking Application (ITA), is available for employers to file web-based reports of workplace injuries or illnesses. Under OSHA’s electronic recordkeeping rule, covered employers with at least 250 employees must submit the following … Continued
First, the basics. If you still owe someone, or love someone, yes, you need life insurance. Now, let’s dig a little deeper and look at the other reasons you may still need life insurance after 65. 1. You’re still the “Bank of You.” 63% of parents over 55 are still supporting their children and or … Continued