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Successful Employee Benefits Through Acronyms!
With the advent of Consumer Driven Health Care (CDHC) – a system in which the health care purchasing power of individual consumers is increased with the goal of finding the best health care coverage at the best price – the number of acronyms in the Employee Benefits arena have increased, including FSA, HSA, and HRA.
If you’re a small or mid-sized business owner you are probably searching for ways to provide your employees with benefits that show your support for them and the value they provide your business. But you are also probably looking for options that will be right for you and your bottom line. Each of these acronyms has distinct advantages and disadvantages. Maybe one of them is right for you!
FSA – Flexible Spending Accounts represent the first form of Consumer Driven Health Care approved by the Internal Revenue Service. They are easily established and allow for employees to use pre-tax dollars on an approved menu of healthcare offerings within the plan. However, the self-employed and individuals are not permitted to establish these accounts and the assets remaining in the accounts at the end of the plan year are lost.
HSA – Health Savings Accounts are designed to provide your valuable employees with the added ability to pay for medical expenses on a tax-free basis. These plans can be easily established and allow for both employer and employee contributions. They can even be set-up by individuals and the self-employed - certainly a viable option for small businesses. What is the best benefit of all? The added protection to cover your employee in the event of medical emergency while rolling over the plan holdings from year to year.
HRA – Health Reimbursement Arrangements also roll over from year to year, but only the employer contributions can be accessed to pay for medical expenses. However, these arrangements are considered to be group health plans, so they must be in compliance with HIPAA and COBRA.
CIA Financial Group is a proud provider of Employee benefits products and services, including FSA, HSA, and HRA programs. As an independent provider of insurance and financial services, we are positioned to help Michigan business owners find the best possible programs at the best possible price.
To discuss your Employee Benefits needs today, please give us a call at 888-226-7730, or visit us online at www.ciafg.com.
Personal Insurance You May Not Have Considered
Depending on the insurance you are carrying, you may still not be completely covered. It is imperative to reevaluate your needs from time to time to ensure you are protected in the event of a loss. Simply review the coverage and limits on your homeowners and automobile policies to be sure your needs are being met. Listed below are several coverage endorsements that are available to you. If your current policy already contains one or more of these endorsements, you may want to consider increasing your coverage.
- Back-Up of Sewer or Drains – Covers damage caused by water from outside the plumbing system, which backs-up through sewers and drains. Optional limits are available.
- Incidental Business Liability (Home Offices and Business Property) – Covers added liability for those with an office or studio in the home, as well as business property.
- Jewelry, Furs, Silverware/Goldware, Guns, and Fine Arts – Limited coverage is automatically provided in policy. Additional coverage for higher valued items adds broadened coverage and elevated limits.
- Credit Card, Forgery and Identity Theft Coverage – This endorsement provides coverage for expenses involved in restoring your credit rating.
- Fungi, Wet/Dry Rot, or Bacteria Coverage – This endorsement provides coverage for loss from fungi, wet/dry rot, or bacteria damage resulting from a peril covered by the policy. Optional limits are available.
- Custom Furnishings or Equipment – Coverage for custom furnishings or equipment for your automobile such as TV’s, DVD Players, Truck Caps or Toneau Covers. Optional limits are available.
- Loan/Lease Gap Coverage – Gap coverage pays the difference between the unpaid amount due on the loan or lease agreement and the actual cash value of the automobile.
- Towing and Labor Expense – This coverage may be included for an additional premium on an automobile. This would provide coverage for towing, lock out services, delivery of gas, oil, loaned battery or change of tire.
- Rental Reimbursement/Transportation Expense – This coverage pays some or all of the cost of renting a car while yours is being repaired because of an accident.
CIA Financial Group can help you identify the additional coverage that is right for you and your needs. Just call us today at 888-226-7730 to discuss these options with one of our Personal Insurance professionals. We are ready to help you.
Featured Service
 This month's featured service is:
Mortgage & Financing Services
CIA Financial Group is positioned to help you identify the mortgage or financing package that will help you realize your piece of the American dream. Our experience and independence is called upon when making the prudent recommendations for your real estate needs. We can work with you to identify the best opportunity possible so you can get started, or continue comfortably, in real estate ownership.
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Staffer Spotlight
Get to know one of the members of the CIA Financial Group Team each month in our 'Staffer Spotlight'. This month, we would like to introduce you to Lois Whitaker – Lending Specialist.
Q. What is your position at CIA Financial Group?
A.
Lending Specialist
Q. How long have you been with CIA Financial Group?
A.
I have been with CIA Financial Group for three years and have been in the industry for 15 years.
Q. What is the best part of your job?
A.
I enjoy satisfying a client’s financial goals and helping that first time home buyer.
Q. What are your professional goals?
A.
To keep honesty and professionalism in the industry and in our changing world.
Q. Why did you choose this career?
A. To combine my love of helping people with my personal goal of helping people fulfill their financial dreams.
Q. What important trends do you see in the industry?
The magnitude of homes for sale compared to the buyer’s ratio is causing a strain on property values.
Q. Why did you choose to work for CIA Financial Group?
A.
After meeting the principals several times I was so impressed with their professionalism along with how kind hearted they are. I knew I would be proud to be part of such a company.
Q. What are your hobbies or interests outside of work?
A.
I have three children and two grandchildren that I truly enjoy and who keep me young. I enjoy being at the gym keeping healthy and fit. I also love to read.
Q. Where are you from?
A.
I was born in Commerce Twp, MI, and ended up on the eastside after my first view of Lake St.Clair.
Q. What is your favorite book/movie?
A.
My favorite movie is Neil Simon’s Murder by Death; I still laugh thinking about it. My favorite book is The Lazy Mans Way to Riches – a workbook that changed my life.
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