Monday, December 20, 2010
Simple Payroll Solutions
M.J.F. offers payroll services through Simple Payroll Solutions. You may ask why does an insurance agency offer such a poduct? It is a tool we use for our new Pay As You Go Workers Compensation Product in New York and New Jersey.
You are probably asking why leave companies like A.D.P. or other well known payroll companies. The reason is we can place your workers compensation and deduct it through your payroll. The advantage is Simple Payroll Solutions does not charge a fee for your payroll service, which automatically saves you money and we only need the first month premium to bind. Most companies require large premium deposits upfront, this also creates financial leverage or liquidity for your business. Secondly, you are now paying for actual payroll and not estimated payroll. No need for an audit at year end because the premium will be accurate. No refunds due the company and no additional premium required on estimated payroll that comes up short.
Then we can review your other insurance policies to save you additional premium and make sure you are properly insured. It's a win win for the business owner all around.
Contact us today to schedule an appointment to discuss our Simple Payroll Solution product and start saving money. It's the perfect way to start off the New Year! You work hard for your money and deserve to reap the benefits. Why should you just hand over fees for unnecessary fees to another company.
www.mjfinsuranceagency.com
866-983-8726
You are probably asking why leave companies like A.D.P. or other well known payroll companies. The reason is we can place your workers compensation and deduct it through your payroll. The advantage is Simple Payroll Solutions does not charge a fee for your payroll service, which automatically saves you money and we only need the first month premium to bind. Most companies require large premium deposits upfront, this also creates financial leverage or liquidity for your business. Secondly, you are now paying for actual payroll and not estimated payroll. No need for an audit at year end because the premium will be accurate. No refunds due the company and no additional premium required on estimated payroll that comes up short.
Then we can review your other insurance policies to save you additional premium and make sure you are properly insured. It's a win win for the business owner all around.
Contact us today to schedule an appointment to discuss our Simple Payroll Solution product and start saving money. It's the perfect way to start off the New Year! You work hard for your money and deserve to reap the benefits. Why should you just hand over fees for unnecessary fees to another company.
www.mjfinsuranceagency.com
866-983-8726
Health Savings Accounts - HSA Health Insurance Plans
What is an HSA?
A Health Savings Account, or HSA combines high deductible health insurance with a tax-favored savings account, similar to a 401(k). Money in the savings account helps pay the deductible. If the deductible is met, the insurance starts paying. Money left in the savings account earns interest and is yours to keep or spend on qualified medical expenses. There is no “use it or lose it” restriction with an HSA.
What are qualified medical expenses?
HSA savings can be used to pay for many types of medical expenses beyond what is covered by your insurance plan. These expenses include dental services, vision, alternative medicine, long-term care services, prescription drug and certain over-the-counter drugs.
Who is eligible for an HSA?
Anyone who is not entitled to Medicare can accumulate tax-favored savings for healthcare needs. You must have a qualified high deductible plan to receive the benefits. The current minimum deductible amounts are $1,100 for a single and $2,200 for a family. HealthPlanOne clearly identifies plans that qualify for HSA tax savings accounts. Simply use our Refine Search tool to include only HSA’s.
There are 2 steps to setting up an HSA:
Select and apply for a qualified HSA health plan
Wait for your application to be approved
Set up an HSA tax favored savings account with your insurance carrier or our affiliate.
If you contribute money to your HSA account, your health coverage could be FREE!
Assume that you are a self-employed individual. You purchase an HSA policy and make a significant tax-free contribution. The resulting tax savings might pay for the health care premium!
It would work like this. You purchase an individual HSA policy with a $2,500 deductible for $1,400 per year. You then contribute the maximum $2,500 to your HSA account. The tax savings would be $1,380, very close to the cost of a high deductible medical policy: Annual Cost Tax Bracket Tax Savings
Insurance Premium $1,400 45% $630
HSA Contribution $2,500 30% $750
Total Savings $1,380
Even if you incur $500 health care expenses for the year, you still will have paid for the cost of the policy with tax savings and have $2000 of your savings in an tax preferred, investment account.
The example assumes you have a combined federal and state tax rate of 30% and an additional self-employed payroll tax of 15%. Tax rates will differ based on your situation.
To find out which plans qualify for HSA treatment, simply search the plans and then use our Refine Search tool to include only HSA's
For more information contact us at
www.mjfinsuranceagency.com
A Health Savings Account, or HSA combines high deductible health insurance with a tax-favored savings account, similar to a 401(k). Money in the savings account helps pay the deductible. If the deductible is met, the insurance starts paying. Money left in the savings account earns interest and is yours to keep or spend on qualified medical expenses. There is no “use it or lose it” restriction with an HSA.
What are qualified medical expenses?
HSA savings can be used to pay for many types of medical expenses beyond what is covered by your insurance plan. These expenses include dental services, vision, alternative medicine, long-term care services, prescription drug and certain over-the-counter drugs.
Who is eligible for an HSA?
Anyone who is not entitled to Medicare can accumulate tax-favored savings for healthcare needs. You must have a qualified high deductible plan to receive the benefits. The current minimum deductible amounts are $1,100 for a single and $2,200 for a family. HealthPlanOne clearly identifies plans that qualify for HSA tax savings accounts. Simply use our Refine Search tool to include only HSA’s.
There are 2 steps to setting up an HSA:
Select and apply for a qualified HSA health plan
Wait for your application to be approved
Set up an HSA tax favored savings account with your insurance carrier or our affiliate.
If you contribute money to your HSA account, your health coverage could be FREE!
Assume that you are a self-employed individual. You purchase an HSA policy and make a significant tax-free contribution. The resulting tax savings might pay for the health care premium!
It would work like this. You purchase an individual HSA policy with a $2,500 deductible for $1,400 per year. You then contribute the maximum $2,500 to your HSA account. The tax savings would be $1,380, very close to the cost of a high deductible medical policy: Annual Cost Tax Bracket Tax Savings
Insurance Premium $1,400 45% $630
HSA Contribution $2,500 30% $750
Total Savings $1,380
Even if you incur $500 health care expenses for the year, you still will have paid for the cost of the policy with tax savings and have $2000 of your savings in an tax preferred, investment account.
The example assumes you have a combined federal and state tax rate of 30% and an additional self-employed payroll tax of 15%. Tax rates will differ based on your situation.
To find out which plans qualify for HSA treatment, simply search the plans and then use our Refine Search tool to include only HSA's
For more information contact us at
www.mjfinsuranceagency.com
Buying Health Insurance - How to Get the Best Health Insurance Plan for You
Buying health insurance is one thing, but buying the best health insurance for you can be tricky, especially when there are so many options and so many factors to consider. Before you get health insurance, you will probably want to create a health insurance comparison sheet. You can break down each plan by cost and benefit. Below are some important constituents that make up health insurance plans.
Important items to consider when buying health insurance:
The hospital and physicians that are in the network of the plan you choose.
You can start your health insurance comparison by asking yourself if you have a favorite hospital or physician. You'll want to make sure they are included in the network of any plan you consider purchasing.
Doctor visit copay.
When you get health insurance, a number that will often come into play is your plan's copay. The copay is the amount you will pay each time you visit the doctor.
Prescription benefit and copay.
Some plans do not include prescription drug benefits-you'll want to keep this in mind while you make your health insurance comparison. If coverage is included, the copay is the amount you will pay per prescription. The copay often differs depending on whether the drug is generic, preferred, or brand name. Before buying health insurance, you should calculate your current and estimated future cost of medications and determine your best value.
Annual deductible.
This is the annual amount of medical expenses that you are responsible for before your insurance begins paying. Usually, prescription drug copays mentioned above do not go towards this deductible.
Coinsurance.
Another factor you will want to consider in your health insurance comparison is the plan's coinsurance--the amount your carrier expects you to pay toward your medical expenses-typically this is 20-30% for in-network providers. The coinsurance amount is typically 20% high for out-of-network providers. The coinsurance maximum is the limit on how much coinsurance you might have to pay each year.
Out of pocket annual maximum.
Buying health insurance will always involve some amount of out of pocket maximum. The out of pocket maximum is the most you will be expected to incur annually. It is the sum of your deductible and maximum coinsurance amount.
Contact us for a quote at
www.mjfinsuranceagency.com
Lifetime maximum coverage.
After you get health insurance, your plan will pay out a certain amount over your lifetime. Typically this number is $1 million to $5 million. With the high cost of medical care it can be beneficial to have a higher coverage amount.
Premium.
Perhaps the most basic number to consider before buying health insurance, your premium is the amount you must pay each month for your policy. Premium is impacted by all of the attributes above. For instance, if you get a health insurance plan with a higher deductible policy, your premium will be lower, but you will have to pay more money out of pocket before your insurance kicks in.
HSA Qualified Plans.
HSA's are high deductible health plans which enable you to put money aside pre tax to pay for certain medical expenses. Most people like to weigh the costs and benefits of HSA's in their health insurance comparison.
Remember, it is one thing to get health insurance, but it is another to be sure you are purchasing the best available plan. If you have any questions about any of the above factors, a broker can walk you through each item.
Important items to consider when buying health insurance:
The hospital and physicians that are in the network of the plan you choose.
You can start your health insurance comparison by asking yourself if you have a favorite hospital or physician. You'll want to make sure they are included in the network of any plan you consider purchasing.
Doctor visit copay.
When you get health insurance, a number that will often come into play is your plan's copay. The copay is the amount you will pay each time you visit the doctor.
Prescription benefit and copay.
Some plans do not include prescription drug benefits-you'll want to keep this in mind while you make your health insurance comparison. If coverage is included, the copay is the amount you will pay per prescription. The copay often differs depending on whether the drug is generic, preferred, or brand name. Before buying health insurance, you should calculate your current and estimated future cost of medications and determine your best value.
Annual deductible.
This is the annual amount of medical expenses that you are responsible for before your insurance begins paying. Usually, prescription drug copays mentioned above do not go towards this deductible.
Coinsurance.
Another factor you will want to consider in your health insurance comparison is the plan's coinsurance--the amount your carrier expects you to pay toward your medical expenses-typically this is 20-30% for in-network providers. The coinsurance amount is typically 20% high for out-of-network providers. The coinsurance maximum is the limit on how much coinsurance you might have to pay each year.
Out of pocket annual maximum.
Buying health insurance will always involve some amount of out of pocket maximum. The out of pocket maximum is the most you will be expected to incur annually. It is the sum of your deductible and maximum coinsurance amount.
Contact us for a quote at
www.mjfinsuranceagency.com
Lifetime maximum coverage.
After you get health insurance, your plan will pay out a certain amount over your lifetime. Typically this number is $1 million to $5 million. With the high cost of medical care it can be beneficial to have a higher coverage amount.
Premium.
Perhaps the most basic number to consider before buying health insurance, your premium is the amount you must pay each month for your policy. Premium is impacted by all of the attributes above. For instance, if you get a health insurance plan with a higher deductible policy, your premium will be lower, but you will have to pay more money out of pocket before your insurance kicks in.
HSA Qualified Plans.
HSA's are high deductible health plans which enable you to put money aside pre tax to pay for certain medical expenses. Most people like to weigh the costs and benefits of HSA's in their health insurance comparison.
Remember, it is one thing to get health insurance, but it is another to be sure you are purchasing the best available plan. If you have any questions about any of the above factors, a broker can walk you through each item.
Subscribe to:
Posts (Atom)