Financial Focus- Produced By COPIC Financial

Ways to Reduce your Prescription Drug Costs:


1) Use generic drugs whenever possible, even for over-the-counter medications.

2) Know how your drug plan works. Check your co-payments and know the maximum amount your plan will pay each year.

3) Consider pill-splitting. Some medications can be obtained at double the prescribed dose, and then split in half.
4) Take all medications as prescribed. Not refilling your prescription might seem like a way to save money, but it may cost you more in the long run.


Need helpful advice like this to distribute to your employees? COPIC Financial can be a resource for information on health plans, employee benefits and more.


What Our Clients are Saying about our Health Insurance Expertise


"Andrea is so much more than our insurance broker. She understands the unique needs of our physicians who are more than just small business owners. She never stops looking for solutions that will achieve that delicate balance between minimal expense and quality coverage... Andrea is always willing and able to answer market questions with a depth and clarity that an average broker cannot touch."

--OB/GYN Practice Administrator

Want to save up to 45% on your disability income insurance? COPIC Financial has negotiated a specialty specific, individual disability plan for COPIC-insured physicians. Click here for more information.

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In This Issue-November 2012
Building Upon our Successful Past
Comparing HSAs and FSAs: What's the Difference?
NEW--Online Tool for Instant Price Quotes on Term Life Insurance Plans
Employment Practices Liability Insurance: Crucial for Small Businesses
Tax Cuts Set to Expire: New Report Estimates the Financial Impact

Building Upon Our Successful Past


COPIC Financial Service GroupFSG Staff Oct 2012 continues to look forward with a commitment to the high-quality service and unmatched expertise that our clients have come to expect. As COPIC Financial's new President, I am proud to carry on this mission, and have worked closely with Wendy Heckman during the last few months as part of this transition.

I want to recognize Wendy for her years of dedication to clients and success in building a strong, reliable team. As we head into the holidays, I am confident that we will build on our past accomplishments and further expand the services we provide.


We are excited to have Mitch Laycock join COPIC Financial as our Account Executive who oversees property and casualty insurance products and services. Kristin Stepien is still with COPIC, she recently assumed the role of Director of Sales for COPIC Insurance Company.

On behalf of our team, I also want to thank our clients for their business over the years. We know you need a solid partner, trusted guidance and innovative solutions as the health care industry evolves and impacts your professional and personal needs. COPIC Financial will continue to be that partner and deliver on its commitment to excellence.

~Sue Swanson, President, COPIC Financial Service Group

Comparing HSAs and FSAs: What's the Difference?


Employers are increasingly looking to consumer-driven health plans to help soften the blow of continually rising costs. These plans differ in their structure and how they allow employees to pay for medical expenses. Here are details on two of the most popular plans being used today.

Health Savings Accounts (HSAs)
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 established a tax-favored health savings account (HSA). 

An individual that is: a) covered by a high-deductible health plan; b) does not have other health insurance coverage (with some exceptions) and; c) is not claimed as a dependent on another person's tax return may establish an HSA. An HSA may be established by an individual, including the self-employed, or it may be employer-sponsored. The employer and employee can contribute to the HSA in the same year, subject to annual limits.

The high-deductible health plan is designed to protect the individual against catastrophic loss. The individual is allowed to roll over unspent funds in the HSA from year to year. Since the HSA is a tax-exempt trust owned by the individual, they may keep the account upon termination or retirement.

Flexible Spending Accounts (FSAs)
FSAs provide a means for employees to considerably reduce their income tax liability through salary reduction. Employees can contribute a portion of their own salary to an account designated to pay for health care expenses. These pretax contributions are exempt from income and payroll taxes. 

The tax code requires that only employers may set up these accounts for their employees. In addition, the FSA has a use-it-or-lose-it provision. Employees are required to elect a specific amount of salary deduction at the beginning of the year, and then must use every dollar in the account by the end of that year. Starting in 2013, the maximum annual contribution for FSAs will be $2500.


Click here to download a comparison chart of tax-advantaged accounts such as HSAs, FSAs and other common options. Questions about health care plans and which one is best for your practice? Contact Andrea Levine at (720) 858-6287.

NEW--Online Tool for Instant Price Quotes on Term Life Insurance Plans

Understanding the benefits of life insurance plans and the options available can be a complex process. That's why COPIC Financial always strives to simplify things through dedicated personal service and unmatched expertise. We make sure you understand your choices and provide trusted advice so that, together, we find the best option for you and your family's needs.

To help you with this process, we have added a new online tool that allows you to review and compare top term life insurance plans available. Our fast and reliable Term Life Insurance Quote tool allows you to enter your health and demographic information, and instantly view price quotes from the country's leading life insurance carriers. If you're not sure how much protection you should have, there is even a simple needs analysis calculator. It's fast and reliable, and COPIC Financial will be there every step of the process to make sure you feel safe and secure in planning for your financial future.

Need assistance or have questions? Contact Mike Edwards at (720) 858-6289 to discuss ways to cover your family's needs as effectively as possible.

Employment Practices Liability Insurance: Crucial for Small Businesses

According to a recent study, more than half of all claims filed for employment-related liabilities are against employers with fewer than 50 employees. Alarmingly, the study also reveals that not even two percent of small businesses have Employment Practices Liability (EPL) coverage.


What Puts Small Businesses at Risk?

It can be more difficult for small businesses to defend themselves against employment-related claims because they tend to have fewer resources and a different work environment: 

  • Many have a minimal staff and lack in-house counsel and/or a full HR department.
  • There may be an overall lack of extensive recordkeeping on employee performance.
  • The intimate working environment may cause personal riffs during layoffs.


An Affordable Solution

EPL insurance is being offered at more affordable prices and being tailored specifically for smaller companies. With the average cost of an employment lawsuit exceeding $270,000, the potential return dwarfs the initial cost of EPL coverage. EPL insurance works hand-in-hand with your internal employment practices, and most carriers now provide HR/employment law information and expert legal support for their policyholders. 


Please call Mitch Laycock at (720) 858-6297 to learn more about EPL coverage and the strategies to reduce your company's exposure.


Tax Cuts Set to Expire: New Report Estimates the Financial Impact


The presidential election is upon us, and there has been a lot of discussion about the "fiscal cliff" that could happen next year. This "cliff" depends on whether a series of tax cuts that are set to expire will be renewed for 2013. In early October, the Tax Policy Center released a report about the economic consequences of not renewing these tax cuts. 

Some key findings in the report include:

  • Absent legislative action, most tax cuts enacted since 2001 will expire on January 1, 2013, raising tax rates, reducing deductions and credits, and throwing millions of taxpayers onto the alternative minimum tax (AMT).
  • For most households, the two biggest increases would be the expiration of the temporary cut in Social Security taxes and the expiration of the 2001/2003 tax cuts.
  • Policymakers generally agree on the need to address the estate tax and the extenders (a diverse group of temporary tax breaks, mostly business but some individual), but they differ on specifics.
  • In addition to raising average tax rates, the fiscal cliff would substantially raise marginal tax rates, which can have an important impact on taxpayer behavior. The average marginal tax rate would increase by about 5 percentage points on wages and salaries, by about 5 percentage points on interest income, by about 7 percentage points on long-term capital gains, and by more than 20 percentage points on qualified dividends.

Financial planning is a complex process and the potential impact of this "fiscal cliff" adds another level that needs consideration. Contact Mike Edwards at (720) 858-6289 for expert consultation on financial planning and investing.

Even if you're not currently in the market for insurance products, we're always available to help make sure you're getting the best coverages at the best prices. Call us at (720) 858-6280!

President, COPIC Financial Service Group
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Copyright 2012 by the COPIC Trust. All rights reserved. No part of this publication can be produced or transmitted in any form or by any means without written permission from the publisher.

  COPIC Financial Service Group, Ltd. is an insurance brokerage firm representing a variety of insurance carriers. Products offered by COPIC Financial are not issued by COPIC Insurance Company.