CONTACT US

Sue Swanson
President

(720) 858-6288

Mike Edwards

Dir. of Financial Services (720) 858-6289

Andrea Levine

Senior Account Executive

(720) 858-6287

Mitch Laycock

Account Executive

(720) 858-6297

Cary Lamb
Account Executive
(720) 858-6282

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What Our Clients
are Saying

"My experience with Helen Wilson has been very positive. I first talked with her at the end of June 2013 about COPIC's long-term care program... She was very helpful then, and was also very helpful [recently] in answering my questions. She is a very smart, caring, articulate, efficient and welcoming young lady!"
-COPIC Financial client and retired physician

Financial Focus Archive!

Did you miss a previous edition of the Financial Focus? Fear not! A full archive of past newsletters can be found here. Articles include helpful information about such topics as tax harvesting and wildfire preparedness. Get caught-up today!

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Save $$$ with CO-POWER

GroupSource Group Purchasing is a leader in cost containment strategies for medical practices. COPIC insureds are able to take advantage of these GroupSource discounts through an innovative program called CO-POWER.

Click HERE to learn more about how your practice can save money today!

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Have you recently booked that once-in-a-lifetime vacation? Protect it from
the "what if."

COPIC Financial now provides Travel Insurance!

Click HERE to get a quote.

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FSG is excited about our partnership with one of the most respected personal insurance carriers----Safeco Insurance. This partnership complements the wide range of services we already offer, to include auto, home, disability, employee health, cyber liability and long-term care insurance coverages.

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Quick Links

Meet Our Staff

Why Choose COPIC Financial?

Coverages We Offer

Information Request Form

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Helpful Links

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Upcoming Conferences

Rocky Mountain Dental Convention

January 22-24, 2015

Denver, CO

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In This Issue - November 2014

Health Care Reform Updates

Health Savings Account Contribution Limits

Take a Look at Fraud and Abuse Insurance

New Data Breach Policy Program for CDA Members

Top Life Insurance Myths

Myths and Facts about Social Security

Health Care Reform Updates

Groups of One or Two

Colorado is one of the few states that recognizes "business groups of one," as well as groups having only a "husband and wife" as eligible groups of two. With the onset of the Affordable Care Act (ACA), those who fall into these categories have probably received letters from their carriers that they no longer qualify as a business group and their group health insurance is going away. BUT, this has changed!

A couple of insurance companies in Colorado are giving business groups of one and husband-and-wife groups of two that are either "grandfathered" (have had the same coverage since 2010) or "grandmothered" (groups that renewed last year, from Oct.to Dec. 2013) the option to keep their current plans for up to another year. Most carriers are not renewing "grandfathered" business groups of one or "owner only" groups of two, including husband-and-wife groups. When these plans are cancelled, individuals will qualify for a "special enrollment" period and will be allowed to purchase an individual plan, however, the individual plans may not be as good a value as current business plans. Remember too, that there is an individual mandate in effect; the penalty for not having coverage in 2014 starts at $95 per person, and will increase to $325 in 2015 and $695 (or up to 2.5 percent of income) in 2016.

Small Group Employers

In Colorado, small businesses are currently defined as having under 50 full-time equivalent employees (FTEs). Small businesses that have not made any substantial changes to their health plans since March 2010, are still considered "grandfathered" and can keep their plans. Those groups that "renewed early" in November or December of 2013 in order to keep their non-ACA compliant plans in 2014 are in luck as most carriers are allowing these groups to "grandmother" and keep these plans for yet another year. Most carriers are allowing "grandmothering."

Large Group Employers

Applicable large employers (ALEs) with 100 or more FTEs will be subject to the employer mandate starting in 2015.

Medium Group Employers

The final rules delay implementation for eligible medium-sized employers for an additional year. Under this transition rule, ALEs with fewer than 100 FTEs will generally have an additional year, until 2016, to comply with the employer mandate.

Employer Reporting Requirements

On March 5, 2014, the IRS issued final rules on the section 6056 reporting requirements, which apply for calendar years beginning in 2015. The final rules provide a general method and alternative methods for reporting, designed to simplify and reduce the cost of reporting. The first returns are due in 2016 for coverage provided in 2015.

COPIC FSG is available to prepare plan comparisons to help you decide whether keeping your current plan or moving to a new ACA-compliant plan is best for your practice's situation. Contact Andrea Levine at (720) 858-6287 with any questions you may have.

Health Savings Account Contribution Limits

A Health Savings Account (HSA) is a tax-advantaged account that works with an HSA-qualified health plan. To take advantage of the tax benefits, you must be enrolled in an HSA-qualified health plan and own and contribute to an HSA. Below are some figures to keep in mind regarding Internal Revenue Code annual contribution limits, minimum deductible, and maximum out-of-pocket expenses.

	Tax Year 2014	Tax Year 2015
HSA annual contributions limits	Individual coverage: $3,300 Family coverage: $6,550	Individual coverage: $3,350 Family coverage: $6,650
HSA catch-up contributions	$1,000 for an accountholder age 55 or older	$1,000 for an accountholder age 55 or older
Minimum deductible	Individual coverage: $1,250 Family coverage: $2,500	Individual coverage: $1,300 Family coverage: $2,600
Maximum out-of-pocket expenses	Individual coverage: $6,350 Family coverage: $12,700	Individual coverage: $6,450 Family coverage: $12,900

Remember, the deadline for 2014 contributions is April 15, 2015. Contact Andrea Levine at (720) 858-6287 for more information.

Take a Look at Fraud and Abuse Insurance

Did you know financial fraud and abuse whistleblowers typically receive 10-15% of the ultimate fines and penalties? Eight of the nine largest U.S. whistleblower claims in 2013 were health care related. Of the $3.8 billion the Justice Department reaped in fraud settlements and judgments in 2013, $2.6 billion of that, or just under 70% of the total, came from the health care industry.

The typical response to these demands, unfortunately, is to roll over and pay immediately or to "throw good money after bad" by personally responding and fighting an allegation. One insurance carrier writing fraud and abuse liability policies reports the average cost to defend a fraud and abuse allegation is $90,000. Seventy percent of the time though, this defense process leads to a reduction in the original demand for fines and penalties. Insurance carriers writing this coverage have counsel firms solely focused on defending fraud and abuse claims.

Coverage for fraud and abuse claims also includes billing error proceedings and contemplates rogue employee exposures. The coverage can be purchased on a stand-alone basis or coupled with data breach coverage.

Below are links to helpful resources for more information:

Examine your exposures and the insurance solutions for fraud and abuse by contacting FSG today. Contact Mitch Laycock at (720) 858-6297 for more information.

New Data Breach Policy Program for Colorado Dental Association (CDA) Members!

CDA members, are you in the market for an affordable insurance product designed to respond to patient data breaches, whether it is found in paper records or stored electronically? We've assembled a unique policy with low premiums (examples: less than $1,000 annual premium for a $1,000,000 limit for a sole practitioner; less than $1,500 annual premium for practices with up to four providers) with a deductible of $1,000. Review the seven coverage components, and complete this shortened application for CDA members.

Contact Mitch Laycock at (720) 858-6297 with questions or for additional information.

Top Life Insurance Myths

Individuals purchase life insurance because it protects loved ones from unforeseen circumstances caused by an unplanned death. However, misconceptions surrounding certain aspects of life insurance often keep individuals from purchasing appropriate coverage.

Myth: My term life insurance coverage at work is sufficient.

Truth: Maybe, maybe not. For a single person of modest means, employer-paid or provided term coverage may actually be enough. But if you have a spouse or other dependents, or know that you will need coverage upon your death to pay estate taxes, then additional coverage may be necessary.

Myth: The Cost of My Premiums Will Be Deductible
Afraid not, at least in most cases. The cost of personal life insurance is never deductible unless the policyholder is self-employed and the coverage is used as asset protection for the business owner. Then the premiums are deductible on the Schedule C of the Form 1040.

Myth: I'm better off investing my money than buying life insurance of any kind.

Truth: Hogwash. Until you reach the breakeven point of asset accumulation, you need life coverage of some sort. Once you amass $1 million of liquid assets, you can consider whether to discontinue (or at least reduce) your million-dollar policy. But you take a big chance when you depend solely on your investments in the early years of your life, especially if you have dependents.

For more information and myths concerning life insurance that the public faces today, read the Investopedia article Top 10 Life Insurance Myths. Most importantly, be sure to budget for life insurance unless you have enough assets to cover expenses after you're gone. COPIC FSG is here to help you understand your options. Contact Cary Lamb at (720) 858-6282 for more information.

Myths and Facts about Social Security

How well do you know the facts about Social Security? While it still can provide a portion of retirement income, the Social Security system will likely undergo changes in order to remain solvent. And these changes will likely affect those who are younger and wealthier.

Did you know Social Security also offers disability and survivor's benefits? What about taxation of Social Security benefits? Do you know your full retirement age? Or what about earning money after you retire?

Answers to all of these questions and more can be found here: Myths and Facts about Social Security, an article produced by Woodbury Financial.

To determine what retirement planning options make the best sense for your individual situation, contact Mike Edwards at (720) 858-6289 for a consultation.
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Securities and Investment Advisory Services offered through Woodbury Financial Services, Inc., Member FINRA, SIPC and Registered Investment Adviser. COPIC Financial Service Group and Woodbury Financial Services, Inc. are not affiliated entities.

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!

Sincerely,

Sue Swanson

President, COPIC Financial Service Group

Please add us to your "safe-senders" list! Add sswanson@copic.com to your address book to ensure that our messages to you don't get stuck in your spam filter!

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.