Hospital Indemnity Insurance

Protect your family against unplanned hospital costs with Hospital Indemnity Insurance. If you have little to no savings and spending time in the hospital could cause a major financial burden to your family then hospital indemnity insurance may be able to help you. This coverage pays in addition to your health insurance. The average expense of in-patient hospital stay per person is $13,300. More than 1/3 of people will be treated in a hospital during their lives and 45.2% of healthcare spending is associated with hospital treatment.*

Here’s what you get with the Hospital Indemnity policy:
• Benefits paid directly to you unless assigned otherwise
• Benefits paid regardless of other coverage
• Can help cover your deductible
• Rates to fit your budget
• Benefits that pay anywhere from $50 to $500 per day

*US Department of Health and Human Services, Advance Data, June 2007

The New Preventive Care Benefits for Women began August 1, 2012

The eight new preventive care services that has become available to women free to charge (as summarized by HHS on HealthCare.gov), include:

■ Well-woman visits: This will include an annual well-woman preventive care visit for adult women to obtain the recommended preventive services, and additional visits if women and their health care providers determine they are necessary. These visits will help women and their health care providers determine what preventive services are appropriate, and set up a plan to help women get the care they need to be healthy.
■ Gestational diabetes screening: This screening is for women 24 to 28 weeks pregnant, and those at high risk of developing gestational diabetes. It will help improve the health of mothers and babies because women who have gestational diabetes have an increased risk of developing type 2 diabetes in the future. In addition, the children of women with gestational diabetes are at significantly increased risk of being overweight and insulin-resistant throughout childhood.
■ HPV DNA testing: Women who are 30 or older will have access to high-risk human papillomavirus (HPV) DNA testing every three years, regardless of Pap smear results. Early screening, detection, and treatment have been shown to help reduce the prevalence of cervical cancer.
■ STI counseling: Sexually-active women will have access to annual counseling on sexually transmitted infections (STIs). These sessions have been shown to reduce risky behavior in patients, yet only 28 percent of women aged 18-44 years reported that they had discussed STIs with a doctor or nurse.
■ HIV screening and counseling: Sexually-active women will have access to annual counseling on HIV. Women are at increased risk of contracting HIV/AIDS. From 1999 to 2003, the Centers for Disease Control and Prevention reported a 15% increase in AIDS cases among women, and a 1% increase among men.
■ Contraception and contraceptive counseling: Women will have access to all Food and Drug Administration (FDA)-approved contraceptive methods, sterilization procedures, and patient education and counseling. These recommendations do not include abortifacient drugs. Most workers in employer-sponsored plans are currently covered for contraceptives. Contraception has additional health benefits like reduced risk of cancer and protection against osteoporosis.
■ Breastfeeding support, supplies, and counseling: Pregnant and postpartum women will have access to comprehensive lactation support and counseling from trained providers, as well as breastfeeding equipment. Breastfeeding is one of the most effective preventive measures mothers can take to protect their health and that of their children. One of the barriers for breastfeeding is the cost of purchasing or renting breast pumps and nursing related supplies.
■ Interpersonal and domestic violence screening and counseling: Screening and counseling for interpersonal and domestic violence should be provided for all adolescent and adult women. An estimated 25% of women in the United States report being targets of intimate partner violence during their lifetimes. Screening is effective in the early detection and effectiveness of interventions to increase the safety of abused women.”

Small Business Planning – Part 3

Key Person Insurance

Key person insurance is another essential component of a smart business continuation plan. Key person insurance is life or disability insurance purchased by the business on the life of such an employee and payable to the business. When a “key person” dies or becomes disabled, insurance can help make up for lost sales or earnings or cover the cost of finding or training a replacement.

~ via Lifehappens.org

Small Business Planning Part 2

Life insurance can be structured to fund a “buy-sell” agreement. This is an agreement among owners to buy a deceased owner’s share of the business at a previously agreed upon price in the event of death, disability or retirement.

Why are these agreements so important? You might think that if you die, your family could maintain their income by running the business themselves or by hiring someone to handle the day-to-day management. The fact is, your loved ones may not have the skills or the desire for the job, and your co-owners may not welcome the idea of an unintended partner. With a properly structured and funded buy-sell agreement, your business partners won’t have to scramble to come up with the money to buy out your share of the business and you’ll be guaranteed that your survivors will be compensated fairly and promptly.

Buy-sell agreements are typically funded by life insurance policies purchased on the lives of each of the business owners. The amount is usually specified in a contract created with the help of an attorney. You can enter into a buy-sell agreement at any time, but it often makes sense to do so when a business is formed or when new owners are brought into the business. Because business values can fluctuate, it’s important to review the contract with your accountant at least once per year or to include a calculation method in the agreement. Also be sure the insurance coverage funding the agreement is up to date.

Though not as common as insuring against death, business owners can also insure against the risk of becoming disabled and unable to work. In this case, disability income buyout insurance would fund the buy-sell agreement, allowing the disabled owners to be bought out, typically after a one-year waiting period.

~ Lifehappens.org

Own a small business? You could be eligible for a tax credit!

Did  you know if your client has no more than 25 full-time employee equivalents (FTE’s), they could be eligible for a credit up to 35% of premium on their tax return?!!

 

Small Business Owners can receive a tax credit to help them provide coverage to their employees starting with the tax year 2010.! Now is the time to make sure you are aware of the changes, and make your client aware of the advantages of small group products! Encourage Small Employers to offer health insurance for the first time or maintain the coverage they currently have.Partner with JJ Consults, and provide your Small Group clients the answers and solutions they need to provide their employees quality health care! The information below was copied from the IRS website (http://www.irs.gov/newsroom/article/0,,id=223666,00.html),and it contains helpful links to learn about this great opportunity :

 

Received a Postcard from the IRS?

Millions of small employers will receive postcardsfrom the IRS beginning the week of April 19 that alert them to the new Small Business Health Care Tax Credit and encourage them to check their eligibility. Even if you don’t receive a postcard, your business still may be eligible. Read more about this effort.

http://www.irs.gov/newsroom/article/0,,id=221511,00.html

 

Eligibility Rules

• Providing health care coverage. A qualifying employer must cover at least 50 percent of the cost of health care coverage for some of its workers based on the single rate.
• Firm size. A qualifying employer must have less than the equivalent of 25 full-time workers (for example, an employer with fewer than 50 half-time workers may be eligible).
• Average annual wage. A qualifying employer must pay average annual wages below $50,000.
• Both taxable (for profit) and tax-exempt firms qualify.

Amount of Credit

• Maximum Amount. The credit is worth up to 35 percent of a small business’ premium costs in 2010. On Jan. 1, 2014, this rate increases to 50 percent (35 percent for tax-exempt employers).
• Phase-out. The credit phases out gradually for firms with average wages between $25,000 and $50,000 and for firms with the equivalent of between 10 and 25 full-time workers.

Three Simple Steps for Employers to Qualify

To determine if your small business or tax exempt organization qualifies for the Small Business Health Care Tax Credit, follow the three simple steps on our fact sheet. http://www.irs.gov/pub/irs-utl/3_simple_steps.pdf

 

Examples

Scenarios illustrate how the credit applies to employers in different circumstances. http://www.irs.gov/pub/irs-utl/small_business_health_care_tax_credit_scenarios.pdf

 

YouTube Primer on Health Care Credit

This new videoexplains the who, what, why and how of the Small Business Health Care Tax Credit. http://www.youtube.com/watch?v=85i1kzIG57k

 

For More Information

New guidancemakes it easier for small businesses to determine whether they’re eligible for the new health care tax credit under the Affordable Care Act and how large a credit they’ll receive. http://www.irs.gov/newsroom/article/0,,id=223577,00.html

 

Related Items:

• Flyer on the Small Business Health Care Tax Credit for small employers: http://www.irs.gov/pub/newsroom/taxcreditflyer.pdf
• Affordable Care Act of 2010: News Releases, Multimedia and Legal Guidance: http://www.irs.gov/newsroom/article/0,,id=222814,00.html
• Affordable Care Act Tax Provisions: http://www.irs.gov/newsroom/article/0,,id=220809,00.html