SilverBlog

Wisdom from our industry experts and our SilverLink magazine.

 
 

Blog Tag: Group Benefits

On December 20, 2017, Congress enacted a far-reaching tax reform package called the Tax Cuts and Jobs Act (“the Act”). The good news is that the current law permitting nonqualified deferred compensation plans (NQDCPs), including Code Sections 409A and 457, was preserved. Many of the Act’s provisions affecting individual taxes are not permanent and are scheduled to expire after December 31, 2025, unless a future Congress acts to extend those provisions.

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After college and four years in the Navy, I returned to Nelson Insurance Agency in 1965. The Firm my father and mother started in 1945 had grown  to 10 Associates. Those early years had been a struggle against established local competitors. My father’s  education as an attorney had given him a technical mind, and that, coupled with his dynamic personality, allowed him to find unique solutions to clients’ insurance needs.

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On March 5, 2018, the Internal Revenue Service (IRS) had published Internal Revenue Bulletin (IRB) 2018-10, which contains Revenue Procedure (Rev. Proc.) 2018-18. The effect of this announcement is a decrease in maximum Health Savings Account (HSA) contributions and adoption limits.

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When it comes to healthcare, we understand that you often get what you pay for, but there is a thin line between accepting price hikes and being a diligent consumer. Fighting the rising costs associated with group medical plans often feels like an uphill battle.

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What makes your company stand out from its competitors? Twenty years ago you might have said that technology gave your team a competitive edge, but in today’s environment, technology is a common (and typically necessary) commodity that simply helps maintain the status quo. So where are companies regaining that lost advantage? The answer can be found in an organization’s human capital.

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Chief financial officers and other company leaders have a heavy burden when it comes to managing an organization’s financial risk. From strategic initiatives to outside investments, it can be a full-time job keeping it all in check.

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Are Your Benefits Leading the Pack?
When you’re in a tight race, it can be a good idea to look around to see how you’re doing. Finding out that you’re leading the pack might provide the encouragement needed to maintain pace and keep a good lead. Discovering that you’re falling behind could also motivate you to work harder and close the gap. Whether you’re running a race or running a business, knowing where you stand against your competitors can be critical to success.

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Would you be willing to pay $200 for Tylenol or $600 for a car seat inspection? These prices sound crazy, right? However, many healthcare visits are followed up with invoices sent to insurance carriers containing similar line items.

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There is a newer trend hitting the health insurance industry in the form of concierge-style services. While providing excellent customer service and exceeding client expectations are still priorities among most carriers, the health insurance industry has become more complex and the need for additional assistance has grown.

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In today’s tech-savvy world, you can do almost everything online – buy groceries, rent movies, file your taxes, pay your bills, work from home – the list goes on! Advancements in technology have changed the way we do many things and how we interact with one another.

However, some might argue that technology is beginning to inhibit and even hurt human interaction. While this may be true in some instances (i.e., teenagers who are glued to their smartphones and miss out on school or family time), many feel that technology is serving to increase and improve human interaction in the healthcare field through telemedicine. If this convenient perk isn’t part of your company’s group benefits package, it’s time to learn how telemedicine works and why it’s becoming an attractive treatment alternative.

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