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The Affordable Care Act of 2019: it seemed, for some time, as though it wouldn’t exist. Despite political uncertainty, the ACA remains. While mandatory coverage for all Americans has been repealed there are still facets of the ACA in play–and as a business owner, it’s important that you understand how it has the potential to impact your company.
Health insurance is one of the most important aspects of a job. Offering a comprehensive benefits plan can help attract and retain employees, help your employees be more productive, and offers tax incentives.
The Cost Factor, the repeal of the individual mandate means health insurance premiums may rise in some markets. Some states have enacted laws to mirror the original ACA, however, an increasing number of people are unable to pay for health insurance that adequately covers their needs. Many more employees may opt for high deductible policies that are designed to provide coverage only in the event of medical emergencies. As a business owner:
Without an adequate benefits plan, you may see employees taking more sick days. Since they’re unable to visit a clinic and receive medical care that’s reasonably paid for, they may avoid seeking medical treatment until they have to. That may mean an increase in sick days since employees are more likely to “wait it out.” Delaying care may also result in longer absences.
Providing insurance does not have to be cost-prohibitive. You want to take care of your employees, but you can’t afford to do it if the cost rises too high. As a result, you may find that increasing insurance premiums makes the cost of insurance for your employees prohibitive. Offering employer-sponsored health coverage, but requiring employees to pay a percentage of the cost, may help offset this expense. We can design plans to meet your needs, including self-funded options.
You need to shop around. In some areas and with some providers, the cost of insurance is actually dropping–though not every provider is on board. If you’re struggling to cover insurance premiums, take the time to shop around. You may find that insurance is more affordable than you initially thought.
Do you need a health insurance policy for your employees that work with your finances? We’re here to help you find the right arrangement for your company. Contact us today to learn more about the insurance policies that are available to you as an employer and how they can shape your employees’ health in 2019.
The Salon at Manalapan knows a thing or two about following your passion and staying a step above the rest.
This salon brings Manhattan salon into the heart of Manalapan, NJ. After leaving pre-med to follow his true passion, hair, Lawrence Gerard was determined to stand out and change the salon business in New Jersey.
After working for years in Manhattan salons, Lawrence has successfully established a high-end salon, that is approachable with outstanding service. A place where you can expect to be treated like family. After hurricane Sandy, Lawrence advocates for everyone to understand the importance of business insurance as it really provided for him and his business during that time.
Learn more about this hair dynamo in this installment of our Small Business Spotlight!
The most common work disability in the United States is Arthritis. Arthritis can cause pain and usually inflammation, over time you can also lose the use of muscles in the afflicted area. Carpal Tunnel Syndrome is the most common injury associated with computer typing. It can lead to sore wrists and hands with sudden sharp shots of pain up the forearm. It also plunges the productivity of your workforce, unable to type and having difficulty grasping and handling items.
The cause can be from an injury, overuse, arthritis or chronic diseases such as diabetes or hypothyroidism. It can be hard to tell if you are developing it but symptoms may include feeling tingling in the fingers and hands. Grip strength becomes weakened. Numbing or burning sensations are also indicators that there might be a problem.
If you start to have symptoms seek treatment to prevent the symptoms from getting worse. Left untreated the pain and use of your hands will only get worse. A doctor will be able to diagnose and recommend treatment.
There are many proactive ways to keep the hands of your employees safe and productive. There are ergonomic keyboards, chairs, and desks that put your employees in the perfect posture to work behind a desk all day. You can also have instructors come in and teach the proper sitting and posture positions. Today we look at the option that we have just implemented here at InsureYourCompany.com
Compression gloves or arthritis gloves are designed to provide support with gentle compression to relieve signs and symptoms of arthritis in the hands. They offer complete coverage for hands, fingers, and wrists while still allowing the ability to operate grip and touch with fingers. Many occupational therapists recommend them to help ease pain and swelling making it easier to deal with daily activities. The gloves are designed to be worn for 8 hours and can reduce swelling, hand pain, joint stiffness, and use of hands. The outcomes vary and may not address all of your issues.
Be sure that the gloves fit well, not too tight or too lose. Make sure that they are being worn for an extended period of time, not one hour here or there. If pain continues or increases seek out a medical professional.
There are many ways to improve your workspace. We just handed out the gloves to our employees and we will update you on the results. Whatever you decide to do just remember a happy employee is a productive employee.
There is an art to being able to sit down and immediately concentrate all your attention on the most important task at hand. Being able to hone and refine this skill will accelerate your career growth. You want to concentrate on your definite aim, which we previously discussed in our The Law of Success, Part 5: Initiative, using visuals to have as reminders of your definite aim. In order to successfully concentrate, you have to eliminate too much multi-tasking and really assert your attention onto the main task you are needing to complete, by order of importance throughout your day.
You have to ensure you are prioritizing your tasks by the importance of what needs to get done first before you move onto what you want to do. Concentrating and prioritizing your day will help to make your less enjoyable tasks, more enjoyable. Master your ability to concentrate and become successful.
With winter fast approaching–or already here, in many parts of the country–it’s important to start considering how to prevent freeze-related damage to your home. Even with insurance, repairing your home after a freeze-related incident can be expensive! You want to keep your home as safe and protected as possible to avoid expensive repairs.
One of the simplest ways to prevent freeze-related damage to your home is to leave the water running or dripping in a faucet. If you have a large home, it may be helpful to leave water dripping in more than one faucet to help keep things moving smoothly throughout the entire house. This step keeps water moving through the pipes, which can prevent them from freezing and bursting. It doesn’t need to be hot water, which comes from a tank inside the house; rather, turn the water to cold and let it run.
Keep in mind that you don’t just need to leave the water running overnight. During the day, if temperatures are well below freezing, you may still need to leave the water running. While the sun may help warm the pipes and decrease freezing temperatures, it’s still important to keep things moving!
Do you have outside spigots and faucets? As the temperature creeps below freezing, take the time to cover them. Make sure they’re turned completely off, then purchase a cover that will keep them warm and keep water from freezing and bursting those pipes.
Do you have exposed pipes outside your home or in your garage? This time of year, it’s important to wrap them with approved heat tape. This will help keep them warmer and decrease the potential for freeze-related damage in your home.
Do you need to leave your home for a period of time during the freezing months? Whether you’re headed south for the winter or you’re planning on being gone for a vacation, make sure that your house is protected! If you have to leave the house, try some of these tips:
If you leave your hose sitting outside all winter, it’s not just likely to destroy your hose. It can also cause water to freeze in the faucet or in the pipes immediately beside the house, which can quickly cause significant damage. Instead, roll the hose up, drain it, and store the hose elsewhere for the winter.
Sprinklers are often forgotten in the winter when grass doesn’t need to be watered. Take the time to drain your sprinkler system. Then, blow compressed air through the system to ensure that there’s no water left hanging around.
Freeze-related damage is an expensive proposition, whether it occurs when you’re sleeping soundly in your home or you come back from vacation to find significant damage. Make sure you have insurance that will help protect you if things don’t go according to plan! Contact us today to learn more about homeowner’s insurance or renter’s insurance that will help protect you and your family financially if you experience damage to your home or pipes this winter.
Life insurance: you know that it’s something that you need sooner or later, but when do you really need life insurance? At what point in your life should you acquire life insurance to help protect your loved ones and pay for your final expenses in the event of your death? Knowing when to acquire this key type of insurance is critical to protecting your loved ones.
The simple answer? Life insurance should be acquired as early in your adult life as possible. When you are younger, your monthly life insurance premiums are likely to be lower, and you can lock in those payments for the life of your policy. Many people make the mistake of waiting until they are older or they have significant health problems to make the choice to seek life insurance, but looking into a policy when you are young can make your premiums much lower as you age and your health declines. If you’re waiting for the perfect moment to seek life insurance, however, ask yourself some of these questions.
Once you’re married, for example, you and your spouse likely share the burden of handling your finances and paying your bills. When you have children, the financial responsibility only increases. Would your spouse be able to pay the bills without you if you were to die unexpectedly? Having a life insurance policy will provide some financial stability in the weeks and months immediately following your death, allowing your spouse to get their feet back under them and figure out what they need to do in order to provide for themselves or your family.
It’s not just getting married that can increase your need for a life insurance policy. You might, for example, be caring for your elderly parents or a disabled loved one: a sibling who is unable to work, or an elderly aunt or uncle who is no longer able to provide for themselves. If you are the one taking care of finances for anyone in your life, it’s important that you take out a life insurance policy to provide financial protection in case you are no longer with them. This simple step can take a weight off of their shoulders and make it easier for them to move forward if something happens to you.
You might, for example, be responsible for providing care for aging parents at home or for caring for your children. In some cases, you might not even have a job that provides income for your family, but you do have a responsibility that they would have to pay for in your absence. In this case, a life insurance policy would help ensure that your spouse, children, or other loved ones could have that care even if something happened to you.
If you have significant debt in your life, from student loans to credit card debt, that burden may fall on your loved ones to pay if you die unexpectedly–especially if, for example, your parents cosigned on your student loans or you share debt with your spouse. When you have significant debt, taking out a life insurance policy that will help protect your loved ones and pay for those bills after you die will help ensure that the bills are taken care of and that your death doesn’t leave a heaping mess on the shoulders of people you care about.
A life insurance policy isn’t a luxury, nor is it an unnecessary expense. Rather, it’s an investment in the futures of your loved ones–and one that will pay off if something happens to you. Do you need to take out a life insurance policy or need more information about its benefits? Contact us today to learn more about how we can help.
Do you run a small business? If you do, wouldn’t it be great to allow your employees a legal way to not have to pay all their payroll taxes? If this is your desire, then your business needs a Section 125 POP plan. Do you have a Section 125 POP plan to offer to your employees? Maybe you’ve heard of a Section 125 POP plan but aren’t quite sure what it means and how it works.
It’s important to understand what’s involved in a Section 125 POP plan because it gives you the opportunity to offer your employees benefits as well as provides a significant tax break. In other words, it benefits both you and your employees. Here’s what you need to know about a Section 125 POP plan, along with a few considerations and warnings.
First, let’s clarify what we mean by a Section 125 plan. Put simply, a Section 125 plan, which is also known as Section 125 cafeteria plan, is a benefits plan that lets your employees use tax-free dollars to pay for their own health insurance premiums. Its “cafeteria plan” nickname comes from the fact that employees can select from a menu of choices for their benefits, such as medical, vision, dental and others, or they can choose to receive cash for the same amount.
A Section 125 POP (Premiums Only Plan) is one of the three benefits making up a Section 125 cafeteria plan. The other two benefits are the FSA (Flexible Spending Account) and DCAP (Dependent Care Assistant Plan).
As a small business owner, you have the option of using just one of these benefits or a combination of them. You can also implement all three of them. A POP plan, which the simplest and most basic of the three benefits, gives employees the choice of setting aside a part of their pre-tax income for paying for their health insurance premium contribution.
Regardless of the size of your business, thanks to a Section 125 POP plan, there’s an effective way of reducing payroll tax expenses. What’s more, it gives your employees more take-home pay without having to sacrifice their benefits. Thus, if you want to offer your eligible employees a tax benefit but don’t want to offer them a full FSA, a Section 125 POP plan is an ideal solution.
For more information on a Section 125 POP plan and for all your commercial insurance needs, visit InsureYourCompany.com. Although we work with a wide range of businesses, our main focus is on single-person LLC’s in tech and small New Jersey companies. Please contact us.
In 2014, when the Affordable Care Act took effect, it didn’t just aim to make healthcare more affordable. The ACA also included provision for ensuring that everyone had health insurance and failing to acquire insurance could lead to heavy penalties. According to this policy, individuals who failed to carry health insurance were typically hit by penalties when they filed their taxes: $695 for each adult in the household, or 2.5% of the household’s income (whichever number was greater). This was intended to give citizens incentive to acquire health insurance, whether through their companies or through private insurance providers.
As of January 1, 2019, individuals who do not carry health insurance will no longer be penalized for that lack of coverage. This means that many people who have struggled to pay expensive health insurance premiums may breathe a sigh of relief. Unfortunately, the new rules of the ACA does not necessarily mean that people do not need health insurance. In fact, health insurance may become more necessary than ever.
Even with the changes to the ACA, it’s still important to carry health insurance. Whether you’re considering the need for insurance for yourself or offering it for your employees. There are several key factors that you should consider before deciding that you no longer need health insurance.
Catastrophe can strike anyone. You never know when a serious accident will occur: an auto accident that leaves you with severe injuries, an unexpected illness, or a simple slip and fall that causes more damage than you expected. As you age, your healthcare-related costs may continue to increase. At the very least, it’s important to carry minimum coverage so that if catastrophe does strike, it won’t lead to financial disaster.
You shouldn’t have to debate the cost of needed medical care. Across the United States, many adults struggle every day to decide whether or not they can afford desperately-needed healthcare. With health insurance, it’s easier to get the care that’s needed without going into debt or going without other necessary things.
You want to keep employees on the job. Employees without health insurance are less likely to seek treatment for illnesses and more likely to put off visiting the doctor over so-called minor injuries. This can lead to significantly more lost time at work since employees will need more time in order to recover when they don’t have medical professionals involved. Not only that, neglecting their health can cause employees to need more sick hours over the course of the year. An employee could also come into work sick, decreasing productivity and potentially spreading illness throughout the office. Offering health insurance, on the other hand, helps employees get the prompt treatment they need when they’re ill. This will be able to decrease the duration of common illnesses and increase employees’ overall health and wellness.
With or without the Affordable Care Act, you need insurance to protect yourself and your family. Health insurance is the only way to ensure that if you are sick or injured, you’re able to get the medical care you need. If you’re a small business owner or manager, consider how offering health insurance to your employees can make it easier for them to handle their expenses and get the care that they need. Need help managing those policies or finding a policy that will fit your financial needs as well as your health needs? Contact us today to learn more about how we can help your company step up to the table and offer the health insurance your employees need.
Sick leave is time off work granted to an individual worker to address his/her health or that of a close relative (such as a spouse or child). New Jersey is one of ten states (plus Washington, D.C.) that mandates employers provide paid sick leave to its workers. The New Jersey Earned Sick Leave Law, effective on October 29, 2018, declares employees accumulate one hour of sick leave for every 30 hours they work with a maximum of 40 hours annually.
In New Jersey, a covered employee is typically one who works for compensation from an employer. It does not include those working under collective bargaining agreements in the construction industry or per diem (per day) healthcare workers. The law also excludes public employees who are already covered by sick leave benefits under President Obama’s 2015 Executive Order. A worker becomes eligible for earned sick leave after employment of more than 120 days.
There are a few extremely specific situations in which an employee is allowed to use paid sick leave for something other than illness or injury. The first of these involves victims of domestic violence to deal with issues such as relocation, legal aid, and therapy. The second circumstance is when an employer must close the workplace due to a public health emergency (sick leave can also be used if such an emergency closes the school or child care facility of an employee’s child or children). Sick leave is also available when a worker needs to attend a conference or a meeting regarding his/her child’s education. Finally, sick leave also covers conferences or meetings regarding the care of the employee’s child when that child has a health condition(s) or disability.
Employers are encouraged to contact us for additional information regarding employment regulations and protecting operations.
(taken from a teenager in the early 2000’s)
Some families have traditions of playing football outside on Thanksgiving Day, breaking the wishbone, or just gathering around the table saying what they are thankful about. My family participated in a few of those too, but there was nothing more daring and magical than attending the Macy’s Thanksgiving Day Parade. If you are one of the brave attempting to see the parade in person, here are my hard earned tips for having a successful experience!
In order to beat the herds of traffic and crowds of excited teeny boppers, wake up as early as possible. We were coming from Central New Jersey, so it took us about an hour to get into the city. If you wake up early you will be able to avoid traffic and the lines of people crowding along the street. People will be lined up along the parade route at 6:30 am, even though the parade doesn’t start until 9. Just keep in mind that if you do go early, it can be quite cold, which leads to the next tip.
Before you leave, throw on 2-3 pairs of pants, extra socks, and shirts. Scarves and hats are essential too. The aim here is to add enough layers to look and feel as much like the Michelin man as possible. Attending an outdoor event in the fall or winter requires layers. They will keep you warm from the elements, and separated from the other thousands of people, shoulder to shoulder trying to get a look at Snoopy.
Staying warm also involves drinking hot liquids. As your family is out the door, make sure everyone has their favorite thermos filled with hot cocoa (a personal favorite; my mom had coffee in hers). But whatever you drink, be careful and try not to spill hot cocoa on your bare hand while it’s still ridiculously hot, like my brother managed to do! We asked the first officer we saw for some band-aids to cover the burn and he gave us another tip that actually worked. He suggested putting ketchup on the burn. So we were off looking for ketchup packets for my brother’s hand. I digress.
Although you may want to keep your thermos close by, keep in mind that you don’t want to drink too much of it. Bathrooms are sparse and you don’t want to pay $10 for another hot cocoa at Roxy’s just to use their bathroom. Keep in mind, your mom will be upset and will remember that $8 purchase years later. So try to sip sparingly and avoid too many bathroom trips.
It’s essential to keep warm on what might be a day of freezing temperatures. Don’t forget to open those hand and feet warmers and stuff them into your shoes and gloves. This is the currency of friendship from strangers later in the day, you will find out. Lots of hand warmers being passed around by unfamiliar yet ecstatic faces. The key to a happy trip is, stay warm! The hand and feet warmers last surprisingly long.
If your mom is a talker like mine, you will easily make friends from across the country and even around the globe who have found spots on the curb near you. You’ve got the wide-eyed southern folk who are as cold and yet happy as can be. The jaded New Yorkers who have to fold up chairs and are prepared to the T. Everyone seems to come together in trying to guess which celebrities will be coming out first. It’s a very communal type of event if you haven’t picked up on that yet.
Everything from waking up early, to the ketchup burn, to the lack of bathrooms is all worth it when your 12-year-old heart melts as the Backstreet Boys pass you 200 feet away, singing on a moving float (I swear, Christina Aguilera waved directly and at me one year too!) Enjoy every moment from the celebrities, to the balloons and the marching bands as well. As the parade goes on, you try to guess who is lip-syncing and who’s not (hint: they are probably all lip-syncing). At the end you want to beat the exiting crowd, so once you hear Jingle Bells and see Santa on his sleigh, you make a b-line for the nearest garage where your car is parked.
My last tip would be to make a promise to yourself that next year you’ll find friends with an apartment view of the parade. Years later, we ended up making some friends who had a nice apartment view of the parade. We got to sleep in, didn’t worry about burns or bathrooms, and had an amazing view of the route. But I must admit it’s just not the same experience as roughing it in the cold with the ones you love.
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InsureYourCompany.com has been treating clients like family for over 15 years. You’ll never have to talk to an automated phone system—we have business insurance experts ready to provide personalized customer service, not only helping you with your insurance and employee benefits needs, but showing you how to be a smarter business owner.
If you are in the IT industry InsureYourCompany.com is the insurance agent you want to work with, we are technology insurance experts and have changed the way you do business. See below a list of professionals who we help today.
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