Monthly Newsletter December 2018
Dear Valued Clients and Associates, This week I learned who the Franklin High School Madrigal Singers are. They put on a holiday performance for The Franklin Woman’s Club and they were incredible. If you have the opportunity to see them perform, I highly recommend it. As we continue rolling through the holiday season and the new year approaches, I am looking for any feedback on how to improve this newsletter in 2019. Your feedback is greatly appreciated. Here is your last Newsletter in 2018 with a combination of HR and Health related news. I hope you enjoy! Sending peaceful and joyous holiday wishes to you and yours! 3 hours of HR Consulting/ DOL Audit, complimentary For all NEW clients joining PF Compass (new plan, renewal or off renewal BOR) until 1/31/19, we offering 3 free hours of HR Consulting/ DOL Audit. Use the contact button below or...
read moreMonthly Newsletter November 2018
Dear Valued Clients and Associates, As we lead up to Thanksgiving and the Holiday Season we would like to express our gratitude to our clients, prospects and colleagues for their continued support. Would you like a simpler way to manage benefits at open enrollment and throughout the year without added expense? Give your employees the opportunity to review and enroll in their benefits online! Whether you are a current client or a prospective one, give me a call or email to find out how we can help. Don’t forget, we are offering 3 free hours of HR Consulting/ DOL Audit for all NEW clients joining PF Compass (new plan, renewal or off renewal BOR) from 10/1/18-1/31/19. To receive this offer you must reply to this email or call me at 732-258-1032 Here is your November 2018 Newsletter with a combination of HR and Health related news. I hope you...
read moreAcronyms!
Acronyms! By Maggie Johnson Medical plan terminology such as HMO, EPO, PPO, etc. can be confusing if you’re unfamiliar with health insurance abbreviations. Understanding the meaning of these and other health insurance terminology can be helpful, especially when you are deciding which health benefits are best for your company. Below is a simple explanation for several health insurance terms, beginning with medical plan acronyms: HDHP/CDHP (High Deductible Health Plan/Consumer Directed Health Plan): This plan type typically has significantly lower premiums than other plan types, but also requires much higher deductibles with a minimum deductible of $1,350 for single coverage and $2,700 for family coverage for both 2018 and 2019. A health savings account (HSA) can be used in conjunction with an HDHP/CDHP to pay for any qualified out-of-pocket medical expenses, including deductibles. (Also see HSA below.) HMO (Health Maintenance Organization): An HMO is a network of healthcare...
read moreMonthly Newsletter October 2018
Dear Valued Clients and Associates, Back to School is finally here so how about a little math problem for you all…. Did you know the average group health insurance broker commission is around 4% of your annual premium? That means, on a $500k plan, the broker receives around $20,000 in commission. What is your broker doing to earn their commission? PF Compass offers free claims adjudication for you and your employees. We also provide free COBRA and HRA administration. Looking for Bene Admin technology? We provide it for FREE, along with HR tools. Let us earn your loyalty, give me a call today! Don’t forget, we are offering 3 free hours of HR Consulting/ DOL Audit for all NEW clients joining PF Compass (new plan, renewal or off renewal BOR) from 10/1/18-1/31/19. To receive this offer you must click the Contact Us Now button at the bottom of this...
read moreWhy Wellness?
Many employees working in small businesses handle multiple responsibilities. When such employees are not at work, the lack of their productivity impacts their employer’s business. Absenteeism due to illness can be a big problem for the small employer, even if the employee is not paid while absent. However, in the state of New Jersey and in New York City, mandated paid sick leave requires most employers to pay their eligible employees (those who have been employed for at least 120 days and work more than 80 hours in the calendar year) up to 40 hours of pay annually while absent from work due to illness, among other reasons. While we expect a certain amount of absenteeism in the winter months due to employees catching colds, what’s worse is an employee who is absent due to the ‘flu, and who could have avoided suffering from that bout of ‘flu, simply...
read moreMonthly Newsletter September 2018
Dear Valued Clients and Associates, With Labor Day behind us, we hope you had a wonderful, fun filled summer. We are excited and happy to announce the addition of Maggie Johnson, SPHR, SHRM-SCP as our preferred HR Consultant. Maggie brings more than 30 years of HR experience. To learn more about Maggie, you can view her profile here. In celebration of Maggie joining our team we would like to offer 3 free hours of HR Consulting/ DOL Audit for all NEW clients joining PF Compass(new plan, renewal or off renewal BOR) from 10/1/18-1/31/19. To receive this offer you must reply to this email or call 732-258-1032. Here is your September 2018 Newsletter with a combination of HR and Health related news. I hope you enjoy! 2018 ACA Reporting Draft Forms Now Available The IRS released draft 2018 forms for Affordable Care Act (ACA) reporting under Internal Revenue...
read moreWhen is it time for a company to have an employee handbook?
The majority of small businesses develop an employee handbook when they have about ten employees. However, several employment laws apply long before ten employees are hired. The prudent decision, as espoused by HR experts, is to have an employee handbook as soon as possible, for instance, when the first employee is hired. So why create an employee handbook? An employee handbook is an important document that advises employees of the company’s polices, and gives updates as those policies are amended. It will normally spell out the reason for the policies, who they apply to and consequences if they are not followed. An employee handbook is often a valuable tool in training new employees on company expectations. Not having an employee handbook might pose legal risks to a company and cause employee problems. The basic components of an employee handbook usually include statements regarding compliance with federal, state and local...
read moreMonthly Newsletter August 2018
Dear Valued Clients and Associates, I hope you have been enjoying the warm Summer months and have had the opportunity to take a little bit of time to relax and recharge. Don’t have enough time to get everything done and take time to relax? Let us help – PF Compass offers our clients free benefits administration technology and HR tools to help increase compliance, minimize employer workload and improve your bottom line. Here is your August 2018 Newsletter with a combination of HR and Health related news. I hope you enjoy! Summary Annual Reports Due Sept. 30 Health plans with 100 or more plan participants at the beginning of a plan year are generally required to furnish a Summary Annual Report (SAR) to each health plan participant within 9 months after the end of a plan year. As a result, the deadline for most calendar year plans...
read moreMonthly Newsletter July 2018
Dear Valued Clients and Associates, We hope you have a relaxing and enjoyable 242nd Independence Day! It looks like it’s going to be a hot one so don’t forget to hydrate! July comes with some important deadlines your organization may be subject to – read below and let us know if you have any questions or need help navigating. Here is your July 2018 Newsletter with a combination of HR and Health related news. Enjoy! Form 5500 Filing Deadline for Many Health Plans is July 31 Group health plan administrators are reminded that Form 5500 must be filed with the U.S. Department of Labor (DOL) by the last day of the seventh month after the plan year ends. For calendar-year plans, that due date falls on July 31. Who must file form 5500? In general, all group health plans covered by the Employee Retirement Income Security Act...
read moreMonthly Newsletter June 2018
Dear Valued Clients and Associates, The weather is warming up and summer is just around the corner! Employers have been receiving various types of IRS Letter 227; We are helping clients decipher their Affordable Care Act notices. Here is your June 2018 Newsletter with a combination of HR and Health related news. Enjoy! 2019 HSA and HDHP Limits Released The Internal Revenue Service (IRS) has announced the 2019 inflation-adjusted amounts for Health Savings Accounts (HSAs) and high deductible health plans (HDHPs). 2019 HDHP Amounts For calendar year 2019, the annual limit on HSA contributions for an individual with self-only coverage under an HDHP will be $3,500, up from $3,450 for 2018. The annual limit on HSA contributions for an individual with family coverage under an HDHP will be $7,000, up from $6,900 for 2018. 2019 HDHP Ammounts For calendar year 2019, an HDHP will be defined as...
read more