Would you like to establish a Health Savings Account for your small business?
- ByPolk & Associates
- Nov, 04, 2021
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With the increasing cost of employee health care benefits, your business may be interested in establishing an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. To be eligible, an individual must be covered by a “high deductible health plan.” For 2021, a “high deductible health plan” is one with an annual deductible of at least $1,400 for self-only coverage, or at least $2,800 for family coverage. (These amounts will remain the same for 2022.) An HSA provides a number of tax benefits for your business and its employees. Contact us if you have questions.
What business owners should know about stop-loss insurance
- ByPolk & Associates
- Nov, 04, 2021
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Many businesses opt for a self-insured (self-funded) health care plan rather than a fully insured one. Although stop-loss insurance isn’t required for self-insured plans, companies often find it beneficial. Why? It protects the business against catastrophic claims that greatly exceed the amount budgeted to cover costs. Stop-loss insurance doesn’t directly pay participants’ benefits; it reimburses the company for certain claims properly paid by the health care plan above a stated amount. Therefore, it’s critical to line up the coverage terms. We can help you determine whether stop-loss insurance is right for your business or whether your current policy is cost-effective.
Protect your business with a cybersecurity assessment
- ByPolk & Associates
- Nov, 04, 2021
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The convenience and analytical power of today’s cloud-based business technology is breathtaking, but it creates a tempting target for hackers. A cybersecurity assessment can help ensure that your company is protecting itself. A properly conducted assessment involves taking inventory of hardware and software, identifying potential vulnerabilities, and implementing internal controls and other protections. It can also help you develop an incident response plan to mitigate the damage in the event of a breach. There are various free frameworks for conducting a self-assessment but, if you’re particularly concerned, you could engage a qualified consultant to conduct a customized assessment.
Thinking about participating in your employer’s 401(k) plan? Here’s how it works
- ByPolk & Associates
- Nov, 04, 2021
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Interested in participating in a 401(k) plan offered by your employer? Under a 401(k), you have the option of setting aside a certain amount of your wages in a qualified retirement plan. By making this election, you’ll reduce your gross income, and defer tax on the amount until the cash (adjusted by earnings) is distributed to you. It will either be distributed from the plan or from an IRA or other plan that you roll your proceeds into after leaving your job. Your elective contributions are subject to annual IRS limits. For 2021, the maximum amount permitted is $19,500. If you’re age 50 or older, you can make additional “catch-up” contributions. For 2021, that extra amount is $6,500.