Control Health Care Costs and Save Taxes?Written by David M. Schmader
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Even if medical expenses equaled $1,000 per year, $4,000 would remain in account. The next year, another total contribution of $5,000 would be added bringing account to $9,000 without counting tax free earnings or taking out expenses. Even if family has and average of $1,500 per year in medical bills, account would still have a year end value of at least $3,500 per year. At a normal retirement age of 65, those dollars would add up over 15 years to a total of $52,500 not including tax free earnings compounding in account. At a 2% interest rate, total account accumulation would be $60,526. As an additional protection for later years, HSA allows, in addition to medical expenses, payment of premiums for Long-Term Care insurance. The HSA is not just for individuals. Employers may offer them in conjunction with a high deductible plan. The contributions made by both employer and employee are tax deductible. They also have particular appeal to smaller, family-owned and operated businesses, and groups of highly compensated professionals such as attorneys and physicians, groups in which employees share in health insurance premiums, partners or shareholders in a Subchapter S Corporation and in groups where employees have different needs. High deductible insurance plans are going to be a dominant force in health insurance market as a way to stem tide of double digit insurance premium increases. The HSA is an opportunity to take control of health care costs both for individuals and employers. It encourages accountability, responsibility and consumerism with regard to health care purchases. © David M. Schmader March, 2004
David M. Schmader is an independent insurance agent located in Solon, Ohio serving the individual and smaller group markets. In addition to health insurance carriers, he represents carriers offering long-term care, annuities and life insurance. Prior to starting his brokerage agency, Mr. Schmader spent 23 years in the positions of Controller, Director of Human Resources and VP Operations in manufacturing. http://www.brownschmader.com
| | Progress Reviews: Your Key To Effective CoachingWritten by Susan Cullen
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2.Ask employee to review his or her progress to date. 3.Praise employee for all on-target performance. 4.For below-target performance, ask employee for suggestions to improve. After all employee’s suggestions have been made, contribute any additional ideas you may have. 5.Revise and change standards or objectives where necessary. 6.Set a date for next progress review session. If you schedule progress reviews with each of your direct report at designated intervals throughout year, you will find that it helps you remember to conduct these very important coaching discussions. The end result is that your staff will be more productive, and you will be an excellent leader. Don’t put them off! Schedule progress reviews today!
Susan Cullen is President of Quantum Learning Solutions, Inc., based in New Jersey. She has over 15 years experience in Organizational Development and is considered an expert in the use of blended learning methodologies for lasting organizational change. For more information go to http://www.quantumlearn.com or you can reach us at (800) 683-0681.
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