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Alpha e-News Update
October 2010 |
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The Alpha Group Agency
4200 Rockside Road, Suite 300
Independence, Ohio 44131
216-520-3300 |
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| Changes to FSAs
The Affordable Care Act, enacted in March, established a new uniform standard that, effective January 1, 2011, applies to FSAs and health reimbursement arrangements (HRAs). Under the new standard, the cost of an over-the-counter medicine or drug cannot be reimbursed from the account unless a prescription is obtained. The change does not affect insulin, even if purchased without a prescription, or other health care expenses such as medical devices, eye glasses, contact lenses, co-pays and deductibles. The new standard applies only to purchases made on or after Jan. 1, 2011, so claims for medicines or drugs purchased without a prescription in 2010 can still be reimbursed in 2011, if allowed by the employer's plan.
A similar rule goes into effect on January 1, 2011 for Health Savings Accounts (HSAs). Visit IRS.gov for more information. Alpha is committed to keeping you informed on any new health care reform legislation, and will continue to provide updates as additional provisions and regulations are announced. Please visit Alpha's health care reform website link: www.TheAlphaGA.com for up-to-date information. |
 From The Wellness Department
Maintain Don't Gain!
On Average, Americans gain three pounds between November and January. Even though that sounds like a small amount of weight, the reality is that most people do not lose that weight. The cumulative effects can really add up during the course of several years, contributing to a substantial increase in body weight. Not only does this extra body weight impact one's pant size, it can impact quality of life and self-esteem and increase the risk for chronic diseases including heart disease, diabetes and even cancer.
Over the next few months, I will provide tips and ideas to help you maintain your weight during the coming months. This month's topic-Halloween Candy!
It's Halloween time and time for candy-or is it? There are healthy Halloween alternatives to hand out to keep kids healthy and keep candy out of your own house. Here are a few suggestions:
- Small boxes of raisins
Small school supplies (erasers, crayons, stickers)
Small bags of pretzels
- Gum
Small boxes of cereal
Coins (penny rolls, nickels, etc)
If your children come home with a lot of candy, make sure you limit their intake of candy as well as your own. Live by example-if your children see you eating the little boxes of raisins instead of the candy bars, they will follow your example. You can also donate candy received by your children. Local homeless shelters, churches, schools and even some dentists will take candy donations.
Remember-Maintain, Don't Gain!
Download the complete Wellness Issue for an employee handout - this months issue includes a recipe for BAKED FRIES and a DESK STRETCH exercise. |
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Life Insurance - The Product with a Promise
 Most Americans would agree that the last couple of years have been hard times for our country's financial system. And when financial security is elusive, people eagerly latch onto a product with a promise. That product is life insurance. Life insurance products offer families the financial security they need at crucial times in their lives - when a loved one dies or when the policyholder retires. Plus, this security is guaranteed - regardless of stock market fluctuations or changes in health. September is Life Insurance Awareness Month. It's an ideal time for people to review their life insurance policies to make sure their families needs are being met. Alpha can provide a variety of life insurance products from individual to group and voluntary. You can learn all about Life Insurance Awareness Month at www.lifehappens.org/liam. Life Insurance Facts & FiguresLIMRA offers these six key facts about life insurance: - Life insurers paid out more than $56 billion in death benefits in 2007.
- Nearly four in five U.S. households own life insurance.
- The average person owns less life insurance (3.6 times income) than they believe they should own (5.7 times income).
- Following the September 11 attacks, the Victim Compensation Fund valued the future earning potential of victims at nearly 16 times their income.
- Owners of life insurance say they purchase insurance to cover burial and final expenses and to replace income.
- Life insurance owners plan to use that insurance, more than any other source, to provide for their families in the event of their premature death.
Find out more about life insurance products from your Alpha broker/benefits adviser.
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Eight Do's and Don'ts For Your 401(k)
 When it comes to saving for retirement and building a portfolio to last a lifetime, most Americans are way behind the eight-ball, the nine-ball and all the other balls on the pool table.
More than 54% of Americans report that the total value of their household's savings and investments, excluding the value of their primary home and any defined-benefit plans, is less than $25,000, according to the Employee Benefit Research Institute's annual Retirement Confidence survey. What's worse, 27% have less than $1,000 in assets. Just 11% have more than $250,000 set aside.
Yes, those figures include Americans young and old, those just starting in the work world as well as those about to check out, but in the main many Americans need to modify their savings and spending patterns to have any hope of enjoying a standard of living to which, rightly or wrongly, they've become accustomed.
And it's not rocket science. At least, it's not according to some experts. Here are some nest egg do's and don'ts, according to Hewitt Associates and Merrill Lynch.
Geoff Novack of Alpha Financial Services can help answer any questions you have about 401(k) plans. Contact him at 216-520-3300 or email GNovack@thealphaga.com |
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Small Business Tax Credit - Form 8941 Draft Available 
The Internal Revenue Service released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also announced how eligible tax-exempt organizations -- which do not generally file income tax returns -- will claim the credit during the 2011 filing season.
The IRS has posted a draft of Form 8941. Both small businesses and tax-exempt organizations will use the form to calculate the credit. A small business will then include the amount of the credit as part of the general business credit on its income tax return.
The final version of Form 8941 and its instructions will be available later this year.
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Ohio Military Family Leave Act
On July 2, 2010, the Ohio Military Family Leave Act became effective. Although the eligibility requirements appear to be almost identical to the FMLA's eligibility criteria, there are some subtle, yet important, differences. READ MORE |
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Things to know about Non-Owned & Hired Auto Liability
Non-Owned & Hired auto liability covers bodily injury and property damage caused by a vehicle you hire (including rented or borrowed vehicles) or caused by non-owned vehicles (vehicles owned by others, including vehicles owned by your employees). It usually does not pay for physical damage to the vehicle itself; that's covered by the owner's insurance. Although this option is sometimes available.
Whether you realize it or not, as a business owner, you at least occasionally find yourself in situations where this coverage is needed. Errands and rental situations always come up.
Examples:
*You send an employee to pick up lunch.
*While on a business trip, you rent a car.
*To impress a visiting client, you send a limo to have him picked up.
*An employee runs to pick up office supplies.
Coverage kicks in if there is an auto accident and you are sued. You don't have to own a business vehicle to have this coverage. In most situations, coverage can be added to your general liability policy.
A bonus: If you rent cars occasionally, having hired and non-owned auto liability insurance may save you money because you can avoid buying the liability coverage from the rental company.
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Alpha"bits"
HR PROJECTS
Let us know if you have a need for professional help in one or more of the following areas: policies and procedures, position analysis and job descriptions, employee and labor relations, compensation and salary planning, salary guidelines and market-based benchmarking, performance management and behavioral competencies, variable pay and incentive pay, reward and recognition programs, staffing and recruiting, training and development, safety and health, EEO and AAP, organizational development and succession planning, and more...
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The Alpha Group Agency
Alpha Benefits, Inc. / Alpha Financial Services, Inc. / Alpha Property & Casualty, Inc. / AlphaHR, LLC.
Your partner for stability, security & growth. |
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