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Important Dates in May ...
May is Disability Insurance Month
Disability
insurance is one of the most overlooked and misunderstood of the
major forms of insurance - more than 70% of people do not have
long-term disability insurance coverage. Your most important
asset is NOT your home, your car, your jewelry or other
possessions. It is your ability to earn a living. Think
about all the plans you have based on this assumption. Please
click here to better understand 4 myths that often stop
people from getting coverage. In addition, please review this
document to learn how to protect your paycheck.
Memorial Day -
Monday, May 31st
J.Freeman &
Associates, Inc. will be closed in observance of Memorial Day on
Monday, May 31st. The New York Stock Exchange will also be
closed. Remember, no stocks can be traded or insurance
bound via voicemail or email. We hope you enjoy your
holiday weekend and we look forward to being of assistance to you
when we return on Tuesday, June 1st.
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Timely Tips ...
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Check Your Insurance IQ
Test your
insurance intelligence by taking this quiz. Need help in better understanding
any details? Just give us a call or send us an email! (864)
331-4400 or personal@j-freeman.com.
Healthcare
Reform
After nearly a year of heated debate, Congress has
approved and the President has signed into law two pieces of
legislation. On March 23, 2010 President Barack Obama signed the
Patient Protection & Affordable Care Act (PPACA) into law and on
March 30, 2010, he signed the Health Care and Education
Reconciliation Act which amends the PPACA. Together these Acts create
a new systemic health reform law. The new law is complex and broad in
scope, covering health care insurance, financing, delivery,
information technology, wellness, and medical training. Many
implementation questions remain to be defined by regulation. New
questions are emerging every day. Some new rules will be implemented
this year; many take effect in 2014 and some do not kick in until
2018.
There are five provisions that will take effect this
year. Here is a list of the 5
things you need to know for 2010.
The new health reform law gives a tax credit to certain
small employers that provide health care coverage to their employees,
effective with tax years beginning in 2010. The following questions and answers issued by the IRS provide information on the credit
as it applies for 2010-2013, including information on transition
relief for 2010.
Other changes include:
* Broad new
requirements for employer-sponsored, individually purchased insurance
or Medicaid coverage could widen the market for plans that meet IRS
guidelines for health savings accounts (HSAs).
* Over-the-counter (OTC) medications can no
longer be paid from HSAs or flexible spending accounts (FSAs)
unless prescribed by a physician as of January 1, 2011.
* The FSA
contribution limit is $2,500 (indexed to the consumer price index)
starting on January 1, 2013. There are no changes in FSA limits
for the next two years: 2011 and 2012.
* The penalty for the non-qualified distributions
from HSAs increases from 10% to 20%.
For your reference, here is a list of health care reforms based on effective
dates.
We are committed to providing timely updates
to you regarding any future changes that may impact you and your
employees. Please feel free to contact our office at (864) 331-4400
or benefits@j-freeman.com with any questions.
Is it time to update your census details with
us? It is important we have current employee numbers as
this directly impacts your group rates. Please
complete this form and send to Michele at benefits@j-freeman.com if your employee details have changed.
Personal
Insurance
Spring rains often contribute to unexpected flooding.
This article will bring to your
attention some areas where you may not have sufficient
coverage. Please don't hesitate to call our Personal Lines
Manager, Cheryl Grindle, if you have any questions about your
policy. You can reach her at (864) 331-4400.
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J.Freeman & Associates In
the News ...
The BMW Pro Am
took place Thursday, May 13-Sunday, May 16th at Thornblade Club, The
Carolina CC and Bright's Creek GC. JFA staff were
pleased to be on hand volunteering.
This year's
CEO Connection was held May 24th at the Carolina Expo Center in
conjunction with the Upstate Grow Expo in celebration of national
Small Business Week. J.Freeman & Associates was a key
contributor in organizing this event; with Jason Freeman serving as
the event Chairman.
GROW Expo
The Greenville
Chamber of Commerce presented the 2010 Grow Expo on May 25th at the
Carolina First Expo Center. J.Freeman & Associates, Inc.
was pleased to exhibit at the expo and meet many of the numerous
attendees at this business-focused event.
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