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Sue Swanson

(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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Contact us for a quote regarding personal insurance needs by calling (888) 380-1852.

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April 23-26, 2015
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In This Issue - February 2015
Resolutions for Personal Insurance?
IRS Issues Long-Term Care Premium Deductibility Limits for 2014
Health Savings Account 101
FSA Grace Periods and Carry-overs
How Can Grandparents Help Grandchildren with College Costs?
Resolutions for Personal Insurance?

Were you able to achieve your business resolutions as we discussed last year? How are things looking for 2015? Like any good plan to improve health, whether physical or financial, success happens one step at a time. Consider personal insurance resolutions as your next step toward financial wellness for 2015.

Do you have a Personal Umbrella Policy (PUP)?
Insurance is a great means of insulating your personal assets from liability. A PUP helps shield you by adding a higher limit over your home or auto coverages and kicks in when the underlying policy limits have been exhausted. This may be important for you if you have a second home, children, dogs, major travel plans, boats, ATVs, snowmobiles, a swimming pool, a hot tub, trampolines or rental property. The price of a $1M umbrella policy can be less than $1,000 per year and limits can be purchased up to $5M? Click here for a Personal Umbrella application

Do you have a complete inventory of your home's belongings?
With the holidays behind us and Valentine's Day soon approaching, are there gifts that should be added to your current homeowner (or renter) policies? Be sure to document all valuables in your living space, whether using a checklist like this one from the Colorado Division of Regulatory Agencies or by photo/video documentation.

Did you complete any security or safety-increasing home improvements last year?
These improvements and preventative measures can reduce your premiums. Be sure to inform your insurance carrier about the new fence around your swimming pool or that you installed cameras or other security measures on your property. 

Have you asked COPIC FSG to review your personal insurance policies?
COPIC FSG can complete no-cost reviews of your business exposures, as well as your personal coverages.

And remember, periodic insurance reviews can ensure all of your business and personal exposures are adequately covered. Contact Mitch Laycock at (720) 858-6297 to schedule your review.
IRS Issues Long-Term Care Premium Deductibility Limits for 2014
The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2014 taxes as a result of buying long-term care insurance.

Premiums for "qualified" long-term care insurance policies are tax deductible if they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10 percent of the insured's adjusted gross income, or 7.5 percent for taxpayers 65 and older (through 2016).

Read the full article from Elder Law Answers for further explanation and contact Cary Lamb at (720) 858-6282 for more information.
Health Savings Account 101
Health savings accounts (HSAs) are tax-deductible savings plans that allow a taxpayer to save pre-tax dollars for future health care expenses. Because HSAs are sometimes confused with Flexible Spending Accounts (see next article), we've compiled this list of features that define an HSA:
  • HSAs are usually paired with high-deductible health insurance plans.
  • Contributions to an HSA are tax-deductible.
  • Earnings, such as interest and dividends, in an HSA are tax-exempt at the federal level.
  • Withdrawals from an HSA are tax-free as long as the funds are used for qualified medical expenses. (See IRS Publication 502, Medical and Dental Expenses for what counts as qualified medical expenses.)
  • HSAs have annual contribution limits (see 2015 HSA contribution limits).
  • Personal contributions offer an "above-the-line" deduction. An "above-the-line" deduction allows you to reduce your taxable income by the amount you contribute to your HSA.
    • You do not have to itemize your deductions.
    • Contributions can be made by others (e.g., relatives).
  • Additional requirements:
    • You cannot be claimed as a tax dependent by someone else.
    • You cannot be enrolled in Medicare.
    • You cannot have any other medical coverage that will disqualify the HSA.
Remember, you have until April 15, 2015 to make contributions for 2014. Contact Andrea Levine at (720) 858-6287 for more information.

FSA Grace Periods and Carry-overs
A Flexible Spending Account (FSA) operates under a use-or-lose rule, meaning if you don't use the money in your FSA by the end of the plan year, you will lose it. However, in 2013, the use-or-lose rule was relaxed, giving two options that employers may choose to offer: a grace period or a carry-over. 

The grace period can last up to 2 months into the next year, typically March 15 for a calendar year plan. Generally, only qualified expenses you incur during the plan year can be reimbursed from the funds in your FSA, but if your FSA has a grace period, those unused funds can be used for expenses incurred during the grace period. 
Under the carry-over option, an FSA may allow participants to carry over up to $500 in unused money at the end of the plan year to be used to reimburse expenses incurred in the next year. The carry-over does not count toward the annual maximum allowable contribution. 
Employers are not required to offer either of these options, and they are able to only offer one of the two options, not both. If you have funds in your FSA at the end of the year, you might consider scheduling a checkup, dental cleaning or similar appointment before the end of the year in order to use the leftover funds before they are lost.
Contact Andrea Levine at (720) 858-6287 with any questions you may have about health care options that relate to your individual situation.
How Can Grandparents Help Grandchildren with College Costs?
As the cost of a college education continues to climb, many grandparents are stepping in to help. This trend is expected to accelerate as baby boomers, many of whom went to college, become grandparents and start gifting what's predicted to be trillions of dollars over the coming decades.

Helping to pay for a grandchild's college education can bring great personal satisfaction and is a smart way for grandparents to pass on wealth without having to pay gift and estate taxes. So what are some ways to accomplish this goal? Learn about cash gifts, direct tuition payments, and 529 plans in this article from Woodbury Financial.

COPIC FSG is available to answer questions on this subject and other similar financial planning topics. Contact Mike Edwards at (720) 858-6289 for more information.
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!


Sue Swanson
President, COPIC Financial Service Group

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Copyright 2015 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.