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We're Moving!
In 1982, Shirazi & Associates moved into our current office location. 30 years later, Shirazi Benefits is moving to a new location!
Effective Monday, March 5, 2012, our new address will be:
8205 W. 20th St.
Greeley, CO
80634
With the move, comes a slight disruption to our work hours that we want you to be aware of.
Office Closure:
Our office will be closed at noon on Thursday, March 1st and will re-open with normal hours in our new location on Monday, March 5th.
The main phone number and all direct fax numbers will remain the same, however, each of our direct numbers will be changing. Below is an updated list of each employee's direct phone number so you may update your records:
Hossein Shirazi:
970.584.1710
Masoud Shirazi:
970.584.1713
Allie Perkins:
970.584.1719
970.584.1721
Jennifer Wambolt:
970.584.1711
Leigh Ann:
970.584.1714
Sarah Thomas:
970.584.1717
Ty Miller:
970.584.1718
Vicki Steiner:
970.584.1720
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Office Staff Changes
As you may or may not be aware already, some of the staff in our office has switched around a bit. If Ty or Vicki handles your account, be sure to note the below changes so you can receive the assistance you need in a timely manner.
Sarah Thomas is now an Account Manager who works with Ty Miller on all of his groups.
Allie Perkins is now working with Vicki Steiner on all of her groups as a Benefit Analyst.
Myrna Armes joined us just recently as our new front desk receptionist. Welcome Myrna!
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2012 Shirazi Benefits Holiday Calendar
Listed below you will find a list of observed holidays in which our office will be closed in 2012.
Early closings surrounding these holidays are not predetermined; however, as a holiday nears, we will notify our clients in advance of any early closings.
May 28th, 2012:
Memorial Day
July 4th, 2012:
Independence Day
September 3, 2012:
Labor Day
November 22-23, 2012:
Thanksgiving
December 25, 2012:
Christmas Day
January 1, 2013:
New Year's Day
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Shirazi Notice
February 2012 |
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Final Rules on the Summary of Benefits and Coverage (SBC)
On Thursday, February 9, 2012, the Health and Human Services Department, Department of Labor and Department of Treasury concurrently released the Final Rules on the Summary of Benefits and Coverage (SBC) provision with accompanying instructions for completing the forms and a September 23, 2012, implementation date.
Many of the specific requirements did not change with the most recent regulations. Click here for a quick summary of what is required, put together by Anthem Blue Cross and Blue Shield.
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Generic Lipitor Now Available!
You know that the generic version of Lipitor, called Atorvastatin, is now widely available in stores. The Pfizer drug finally lost its U.S. patent protection at the end of November 2011, which ended the monopoly for on of the most profitable brand-named products of any kind.
Also, if you are an Anthem client, please note that effective April 1, 2012, Anthem will no longer cover Lipitor as the new generic is less expensive and just as safe and effective as Lipitor. Atorvastatin will continue to be covered.
However, for the next few months, Pfizer is offering subsidized copays where you can get a month's supply of brand-name Lipitor for as little as $4 out of your wallet by joining the Lipitor For You Program. |
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Let Shirazi Benefits Help Your Company Get Into Wellness!
Shirazi Benefits is already off to a busy year of helping our clients and their employees achieve better health in 2012. In just the last month, we started working with nearly a dozen clients, from groups of 9 employees all the way up to 250 employees, to help them implement and carry-out a Wellness Program for 2012.
From getting your company set-up for biometric screenings for your employees, to completely developing and customizing wellness programs that are unique to your company, this is an exciting time for us to help our clients reduce their insurance costs and help create a healthy atmosphere in the workplace with healthier employees.
If you are interested in developing a Wellness Program for your company, or even giving your current Wellness Program a facelift, please contact Jamie Dennis in our office. |
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2011 Tax Information for Health Savings Accounts
IRS Form 1099-SA
You may receive more than one Form 1099-SA - one for each type of distribution you had in the tax year. The six types of distributions are normal distributions, excess contributions, disability, death distribution (two categories) and prohibited transaction.
IRS Form 5498-SA
IRS Form 5498-SA provides the total amount of contributions credited to your HSA for 2011. Rollover amounts and year-end fair market values also are reported on this form.
IRS Form 8889
IRS Form 8889 is available for download at www.irs.gov. You must file this form along with your Form 1040 or 1040NR. Use this form to (1) report HSA contributions, including those made on your behalf through employer contributions; (2) figure your HSA deduction; (3) report HSA distributions; and (4) if you fail to be an eligible individual, figure amounts you must include as income and additional tax you may owe. You must file Form 8889 if (1) you or someone on your behalf, including your employer, made contributions to your HSA for 2011; (2) you made or received HSA distributions in 2011; (3) you are required to report amounts as income because you failed to be an eligible individual during the HSA testing period; and/or (4) you acquired an interest in an HSA because of the death of the account beneficiary.
Tips and Important Tax Information
You may continue making HSA contributions for 2011 through April 17, 2012, provided you have not met or exceeded your annual contribution limit for 2011 (including catch-up contributions, if applicable). If you make a contribution between January 1 and April 17, 2012 that you would like applied to your HSA for 2011, please write "2011 Contribution" in the memo section of your check.
If you are age 55 or older and have not yet enrolled in Medicare, you may make an additional $1,000 catch-up contribution to your HSA for 2011. Please note that only one catch-up contribution is permitted per account per year. You may check your 2011 contribution totals on your HSA Snapshot page at any time.
To make sure your HSA distributions meet IRS guidelines and are considered eligible expenses, please refer to IRS Publication 502 - Qualified Medical Expenses at www.irs.gov/pub/irs-pdf/p502.pdf. Be sure to keep copies of your receipts.
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Taking That Health Care Tax Deduction
By Amy Feldman
As medical costs go up and household income lags behind, more people are likely to qualify for health care tax deductions.
To qualify for a health care tax deduction, you need to spend more than 7.5% of your adjusted gross income on health costs, as only the expenses above that threshold can be deducted.
Some 10 million taxpayers claim this deduction, for an average of $7,915 each. If you make $100,000 and spend $10,000 on medical care, you'd get a deduction of $2,500, worth $700 in the 28-percent tax bracket.
What's included in deductible medical expenses? Actually, quite a lot. Doctor and dentist bills, eye glasses and contact lenses, hearing aids, prescription drugs (including birth-control pills), crutches, transportation to doctors' appointments, and nursing home fees. And the list goes on. For the full list, see the IRS's Publication 502 (here).
Click here for the full article on qualifying for the health care tax deduction.
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Make the Most of Your Health Care Dollars!
By now, almost all of us understand that when it comes to our health care dollars, we have to understand how our plan works and what we can do to effectively reduce our out-of-pocket costs. You can read the entire article here, but in a nutshell, follow these simple guidelines to spend your health care dollars wisely:
- Stay in-network!
- Have a referral.
- Use alternative to emergency services (i.e. urgent care).
- Consult with your physician about alternative surgical locations.
- Take the tests (i.e. biometric screenings, vaccines, etc).
- Take your medicine.
- Find the best price for the medication you need.
- Use your health care flexible spending account dollars.
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