Your Best Financial Services Provider Might Be Your Employer

February 03, 2015

It always amazes me how people overlook their employee benefits and will pay out-of-pocket for what they can in some cases, get for free. Years ago, I worked with a couple in which the wife was diagnosed with breast cancer about 5 years ago but thankfully, is in remission. They were trying to get their estate plan in order and had hired their friend’s attorney to help them. Several thousand dollars later, they wondered if they made the right choice. Since I am not an attorney, I would never give legal advice, but I had to admit to them that considering the simplicity of their estate and wishes, they had an amazingly complex plan. Continue reading “Your Best Financial Services Provider Might Be Your Employer”

How to Thank and Help Our Future Veterans

November 04, 2014

With Veteran’s Day around the corner, we stop to thank those, past and present, who have served our nation and protected our freedoms. We all know that they volunteer to spend time away from home and family and risk their lives to keep us safe. The tragic stories of service members suffering from PTSD and life altering injuries tear at our hearts. What no one talks about is the financial hardships that many of our service members face.  Continue reading “How to Thank and Help Our Future Veterans”

The Changing Landscape of Health Insurance

October 29, 2014

Now that we are in the midst of open-enrollment season, this is a great time to start looking at how the trends in health insurance may impact you and your family. In the last few weeks, Wal-Mart has announced that they will no longer offer health insurance to certain part-time employees. Other large employers are rolling out new plans that will either charge a steep premium to cover spouses that have coverage available at their employer, or they are not offering coverage to those spouses with their own option at all. In addition to all of this, there is an undeniable trend towards high-deductible health plans paired with a Health Savings Account (HSA). Continue reading “The Changing Landscape of Health Insurance”

Enjoy Labor Day and Put Your Benefits to Work for You

September 01, 2014

Labor Day weekend is always an enjoyable time in our family’s household as we usually try to get in a trip to the beach, have a cookout, and welcome in the college football season (which is a pretty big deal in our part of the world). Hopefully you and your friends and family have been able to work some fun into the schedule over the long weekend. (If you had to actually clock in at work today, be sure to find some time for rest and relaxation soon to make up for working on the federal holiday.) Continue reading “Enjoy Labor Day and Put Your Benefits to Work for You”

Do You Know the Difference Between an HSA and an FSA?

September 03, 2013

Fall has arrived, and that means open enrollment is just right around the corner. For many employees, this provides the window of opportunity to sign up for either an HSA or FSA in order to set aside pre-tax dollars for your out-of-pocket healthcare costs.  Not quite sure what the difference is between these 2 types of accounts? Well, you are not alone.  In a recent Fidelity survey, two-thirds of those surveyed said they simply do not understand how an HSA works and “a full 73 percent of respondents said an HSA is pretty much the same thing as a health FSA or were unsure, and the ‘use it or lose it’ provision of FSAs was one of the most commonly misunderstood differences between the account types.” Continue reading “Do You Know the Difference Between an HSA and an FSA?”

Can Your 401(k) Be Part of Your Emergency Fund?

April 11, 2013

One of the results from our recent research report that has gotten a lot of attention is that we saw an increase in the number of employees’ accessing their 401(k) balances through loans and hardship withdrawals from about a quarter in 2011 to about a third in 2012. The conventional wisdom is that this means employees need to do a better job with money management and in particular, building an emergency fund of at least 3-6 months of necessary expenses and maybe even more. For someone just starting out, I think this is absolutely true.  Continue reading “Can Your 401(k) Be Part of Your Emergency Fund?”

Lessons from an Action Packed Baby Shower

March 05, 2013

What’s the new craze for baby showers?  They’re not co-ed and action-packed, based on the party I attended this past weekend for my stepson and daughter-in-law’s first child.  The baby shower was held at the bowling alley, and after presents and cake, we all bowled for an hour, with the exception of the mother-to-be, since she already has a bowling ball size belly.  Continue reading “Lessons from an Action Packed Baby Shower”

Lessons from a Final Farewell

February 12, 2013

This past weekend, I said a sad final farewell to a friend.  Just a few months shy of his 50th birthday, he passed away after a long battle with Machado-Joseph’s Disease. The symptoms remind me of Lou Gehrig’s Disease, only in slow motion, with a very slow progression of muscle control.  Continue reading “Lessons from a Final Farewell”

Help Your Vets this Remembrance Day

December 04, 2012

This week is the 71st anniversary of the attack on Pearl Harbor, which is recognized nationally every December 7th as National Pearl Harbor Remembrance Day, and established by Congress in 1994 (but it is not a federal holiday).  There are very few veterans left who saw active duty in World War II, but there are many younger veterans who have been brave enough to serve our country and may even be found on your workforce roster. You probably do a good job keeping your employees up to date on their benefits menu, but how do those employer-sponsored benefits coordinate with their military benefits?  Continue reading “Help Your Vets this Remembrance Day”

The Intersection of Health and Wealth Planning

August 21, 2012

An interesting topic I heard repeatedly at this month’s ISCEBS Symposium in San Francisco had to do with the concern of future health care costs becoming a critical variable in the retirement income equation.  Several of the major plan providers held sessions that focused on the next generation of retirement planning tools that will be needed to recognize and personalize health-related issues.  By now, most of us have heard the estimate of close to a quarter million dollars that a 65 year old married couple may face in out-of-pocket health costs throughout the rest of their lives.  But since that’s an average, some will need much more. Some will need much less.   This will depend on the health and medical needs of the retired couple, so that is why Putnam Investments has recently introduced a new retirement calculator that incorporates 7 data points from a health risk assessment into the income needs formula to estimate future projected healthcare expenses.  Continue reading “The Intersection of Health and Wealth Planning”

Going for the Gold Can Be Taxing

August 07, 2012

As the Olympics come to an end, I’m proud of how many medals our American team is coming home with, but not quite as thrilled with the tax bill they’ll face for winning.  It’s not the value of the medal itself that the IRS wants its share of,  it’s the prize money that comes with a gold, silver or bronze that is taxable.  The U.S. Olympic Committee rewards Olympic medalists with cash honorariums:  a gold medal brings $25,000,  silver medals get $15,000, and a bronze is worth $10,000.  As calculated by the Weekly Standard, the IRS will take $3,500 of a bronze athlete’s winnings, silver medalists will owe $5,385 in taxes, and winning the gold (which is priceless) will set Ryan and Michael each out $8,986 per race. Continue reading “Going for the Gold Can Be Taxing”

Are You Ready for Open Enrollment?

July 31, 2012

The temperature isn’t the only thing rising this summer – our group health insurance is going up over 14%.  So, as part of my role on our benefits committee, I reviewed several different health carriers to see if there were any more affordable options.  Luckily for us, there was one.  However, this will now involve having all the employees fill out enrollment applications within the next few weeks to make the September 1  deadline to replace our existing plan.  While we are going through the hassle of  changing health plans, we also decided to switch to an HSA custodian that offers more competitive investment options.  With these changes coming up pretty quickly, it made me wonder if there was a secret to a successful open enrollment – instead of the yearly rush to communicate any changes to our small group of employees.  Continue reading “Are You Ready for Open Enrollment?”

What Are the Hot Topics at This Year’s ISCEBS Symposium?

July 24, 2012

The 31st Annual Employee Benefits Symposium, hosted by the International Society of Certified Employee Benefit Specialists (ISCEBS), will be taking place in 2 weeks in San Francisco.  For 2 ½ days, you can immerse yourself in technical and strategic sessions cutting across the major issues and challenges you are facing—and you’ll be in good company. The Symposium has a reputation of bringing together some of the brightest minds in the benefits and compensation industry and providing abundant opportunities to rub shoulders with a wide variety of HR professionals.  Continue reading “What Are the Hot Topics at This Year’s ISCEBS Symposium?”

Could Your Employees be Facing a Hazard From Mother Nature?

July 10, 2012

Last week’s east coast storms came as a shocking surprise to many of us living near the Chesapeake Bay.  High winds toppled trees like dominoes, lightning zapped out the power, and a tidal surge flooded the marinas.  Mother Nature was not in a good mood last week, and your employees may have been on the receiving end of her wrath.  Whether it was a tree hitting Bob’s roof, lightning causing an electrical surge that fried Kenny’s electronics, or churning water causing damage to Sue’s cabin cruiser, you might not even be aware of the extent of the damages that your workforce may be facing and the financial hardship these repairs could cause. Continue reading “Could Your Employees be Facing a Hazard From Mother Nature?”

Meet Me in Atlanta

June 05, 2012

In just 3 weeks from now, I’ll be traveling to Atlanta for this year’s SHRM Annual Conference and Exposition, which takes place June 24 to June 27.  In addition to this year’s entertainer, Jerry Seinfeld, there are so many opportunities to learn what’s new and cutting edge in the HR field, from practical tips to innovation in HR to motivating people.  I’m excited to be able to share my own experience in the field of financial wellness, and I’ll be speaking about Health and Wealth: Adding Financial Wellness to Your Wellness Program on Monday, June 25.  Using a case study of a Fortune 500 company that has been embedding financial wellness within their wellness program for the past few years, I’ll be revealing the results of an ROI analysis and sharing best practices for financial education. Continue reading “Meet Me in Atlanta”

Why Your Employer’s Disability Insurance May Not Be Enough

May 23, 2012

Everyone wants to be a hero – to have that impact where they “protect” someone from a danger – dashing into a house on fire to save a baby.  And in life, we protect many things, some valuable – our house and life  – and others that are not so valuable.  The reason we protect things is that they are important to us. However, we often neglect protecting one of our most important assets and that is our earning power – the income we generate that pays for our basic expenses – housing, food, education, etc. Continue reading “Why Your Employer’s Disability Insurance May Not Be Enough”

U.S. Chamber of Commerce Speaks Out on the Future of Retirement Security

May 22, 2012

I recently spoke to an employee who had decided, at age 54, that it was time to start focusing on retirement.  Her goal was to retire at age 65, and she was wondering if that would be possible, considering she had not been saving for retirement for the past several years.  She’d been in a financial fog during that time while trying to recover both emotionally and financially from a rough divorce. Continue reading “U.S. Chamber of Commerce Speaks Out on the Future of Retirement Security”

Pet Parents Need Insurance Too!

April 17, 2012

Does your company’s voluntary benefits menu include pet insurance?  Believe it or not, 4% of employers in 2011 did indeed offer pet insurance, according to SHRM’s 2011 Employee Benefits Study. Employees who have pets may welcome this benefit, since the ASPCA estimates that “pet parents” spend over $13 billion in veterinary care to keep their pets happy and healthy. Continue reading “Pet Parents Need Insurance Too!”