Category: Employee Benefits
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New small business employee benefit plan
I am pleased to introduce Freedom Benefits’ new small business flexible consumer driven employee benefit plan for 2018. Three new features are incorporated immediately: 1) Increased opportunities to waive the setup and advisory fees by working through an affiliate accountant or agent, 2) increased range of insurance options to include non-ACA compliant health insurance, and…
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Taxation of health insurance
This article was originally published in 2003 and has been revised multiple times; most recently to reflect changes triggered by the American Cures Act of 2016. At the time of this latest revision, it appears possible that we may see still more last-minute tweaks in health insurance tax law for 2018. Until recently, the tax-favored…
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Small Business Payroll Services
I see plenty of room for improvement is small business payroll processing. About 2 in 5 of all small businesses eventually wind up with problems and penalties due to payroll tax errors. The issue can usually be avoided by ensuring that service is provided by a reputable payroll service that is supervised by a responsible…
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Health plans for New Jersey Farmers
This is a pre-publication draft of an article intended for print media. New Jersey’s farmers have it tough when it comes to negotiating a path through health care reform. New Jersey insurance markets have been expensive, compared to other states, since the 1990s. Health plans for self-employed people provide in-network care only and this can…
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Financial planning under health care reform
The health care news from Washington DC was disheartening this week. Key Republicans are bashing the president for his lack of understanding of basic health care concepts. One Republican Senator reportedly called the president “clueless” after a one-on-one meeting. Meanwhile the president touts himself as a health care policy expert. For the est of us,…
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Did the Republicans really win the health care reform battle?
A strong case can be made that the Republicans have already essentially accomplished much their agenda with regard to health care reform. If we look at what is really happening on ‘Main Street’ and not in DC and ignoring how the law is supposed to work we see: No enforcement against businesses for ACA requirements…
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Winners and losers under Trumpcare
Who gains and who loses under the “World’s Greatest Healthcare Plan of 2017“? This is my checklist so far: Winners Upper income people under age 50 who will benefit more from the new tax credit Healthy people who do not believe that they should be required to buy insurance because the high premium cost pays for care…
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Small business Health Reimbursement Arrangement setup and support services
I offer three levels of service for self-directed small business Health Reimbursement Arrangements. This applies to either of the two types of HRAs available to small firms in 2017. BASIC SETUP: For a basic fee of $150: Design of an HRA plan through an in-person interview answer questions by the employer and accountant Recommend sample documents for…
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HRA or HSA
comparison chart of Medical Savings Accounts, Health Savings Accounts and Health Reimburesement Accounts
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Small Business HRA for 2017
Note added after first publication: The deadline for starting a HRA for retroactive tax treatment is March 30, 2017. HRAs can be started any time for expenses in the future. The most significant tax change affecting small businesses in 2017 is the liberalization of certain types of Health Reimbursement Arrangements (HRA) under the American Cures Act enacted in December 2016.…