New Year’s resolutions plus tax season; the perfect time to take care of your finances

By Mark Ziety, CFP®, AIF® – Senior Advisor, WisMed Financial  

If you are resolved to take the best possible care of your personal finances, there’s no better time than right now.

Here are some simple steps you can take to get started.

1. Get organized Whether you create a formal net worth statement or jot down a summary for yourself, now is the time to figure out what you own and what you owe. Not only will this give you a starting point, it also helps with tax preparation since you will have a list of accounts to quickly identify if you are missing a tax form.
2. Focus Based on where you are and where you want to go, determine where to focus in 2021.  Are you striving to pay off debt? Do you need to beef up your emergency fund, retirement accounts, or kids’ college savings? Have you been putting off purchasing insurance or drafting your will? By focusing on one item at a time, you won’t be overwhelmed and you’ll see progress faster than trying to do everything at once.
3. Never go it alone Check in with your advisors; an annual checkup is worthwhile and may be required in some cases. For instance, annually recertifying your income with your student loan servicer is required for income driven repayment plans. It is a good idea to meet with your financial planner and insurance advisor especially if you had a change in income, family size, or finances.
4. Make tax adjustments If you have a big refund or big tax bill, adjust your withholding. If you will be in a higher tax bracket in 2021, make pretax 401(k)/403(b) contributions otherwise make Roth 401(k)/403(b) contributions.

Remember, WisMed Financial is part of the Wisconsin Medical Society. We are here to help members save and invest for their future, eliminate debt, manage taxes, obtain and update legal documents, utilize charitable strategies, and other personal financial matters. 

For more information, please contact me at

Mark.Ziety@WisMedFinancial.org

608-442-3750.

If you’re wondering if it’s possible to give more to your employees at no cost… the answer is yes!

By Chris Noffke, GBDS – Vice President of Employee Benefits

The good news is you can offer voluntary benefits at no cost or you can choose to pay for a portion of the premiums (e.g.: 10, 25, or even 50%). You can also make a flat dollar contribution and your employees can determine which benefits to apply it towards.

And, the timing may be advantageous as employees are experiencing a heightened state of concern because of COVID-19. A growing number are asking for additional benefits like life, disability, and dental insurance, along with wellness options.

If you are interested in looking into these options, the first thing to do is survey your employees. WisMed Assure is here to help. We have survey templates that make it easier to determine the best possible selection of voluntary benefits to offer. Once we find out what benefits your employees want, and how many are interested, we then go to work finding the best insurance for the lowest price. 

While many carriers offer voluntary benefits, the key is finding one that provides all the different types of voluntary benefits you wish to offer. Finding the right carrier, with the right mix of benefits, makes it simpler to administer and cost effective as most carriers provide a discount for multiple plans. 

Once we finalize carrier and plans, the only thing left to do is make these premium deductions in your payroll. There are a few different ways to set this up, but in most cases, we recommend a pre-tax strategy to lower the taxable income for your employees and your company.

Voluntary benefits are not difficult to setup and manage when you work with an insurance partner you can trust and who is willing to serve your employees. That’s where we come in.

Please contact me if you wish to explore these opportunities for giving your employees more at no cost.

chris.noffke@wismedassure.org

608.442.3734

Wisconsin Medical Society CEO Bud Chumbley, MD, MBA, has successfully advocated for an extension of the Injured Patients and Families Compensation (IPFCF) premium holiday through mid-2022.

This will be the second straight year physicians, CRNAs, and hospitals enrolled in the IPFCF will realize significant savings. The action was taken at the December 16th meeting of the IPFCF Board of Governors, including Dr. Chumbley.

“Because the IPFCF is run prudently and is in a stable financial position, we are fortunate the fund can provide some fiscal relief for physicians exactly when they need it most,” Dr. Chumbley said. “The pandemic has taken a dramatic toll on smaller clinics even as physicians have stepped up to take care of patients and this announcement certainly comes at a perfect time.”

The previous IPFCF holiday was announced on June 17, 2020.

Full-time physicians will save between $382 and $2,521 depending on specialty, with residents saving $229, and part-time or retired physicians saving $95. The premium holiday will be in effect from July 1, 2021 through June 30, 2022.

Please contact Society Chief Policy and Advocacy Officer, Mark Grapentine, JD, for additional information.

mark.grapentine@wismed.org

608-442-3795

If you hate setting annual goals, relax, you’re not alone!

By Shawna Bertalot, CIC, ACI – WisMed Assure President

In an article titled “10 Top New Year’s Resolutions for Success and Happiness”, INC. Media added this subtitle: “Studies show that about 60 percent of us make New Year’s resolutions each year—sadly, only about 8 percent of us achieve them.”

If your employer requires you to set annual goals, but it feels tedious, overwhelming, and not very meaningful to you, relax, you’re not alone!

Because we’re on a mission to protect and accelerate your success, we asked our team to share their secrets for successfully achieving the goals they set. And, we’ve kept it simple by selecting the Top Three:

1. Make your goals SMART (Specific, Measurable, Achievable, Relevant and Time-bound).  Here’s the best part; if you are required to set work goals you can actually make them personally meaningful by making them specific and relevant. And, by defining how you will measure results and setting a time deadline, you set yourself up for success.
2. Write it down! A Google search reveals many studies that conclude you are 42% more likely to achieve your goals when you write them down. And, success is increased when you share your goals with others… some of whom may actually hold you accountable.
3. Don’t set more than three major goals. Big goals always have sub-parts, objectives and tactics; business and life coaches agree, more than three is too many.

While you are at it, why not set use these three rules when you set personal goals? 

We have two members on our team who are truly Goal-Achieving Champions and they have agreed to share their personal goals.

Kathy Mueller just celebrated 25 years as an insurance advisor with WisMed Assure. She credits her success in large part to setting and achieving professional and personal goals every year. Kathy’s 2020 Personal Goals were:

1. Annual wellness physical plus two dental check ups
2. Walk 10,000 steps a day measured and tracked by a Fitbit
3. Do three additional workouts (cardio, Pilates, etc.) each week

Laura Jacobs is the Director of Communications and Marketing for Wisconsin Medical Society.  She excels at project management and, no surprise, at goal setting. Laura’s 2020 Personal Goals were:

1. Read one book per month
2. Win 5 Fitbit “workweek hustle” challenges
3. Connect Kindle to our digital public library system

Good luck achieving your goals in 2021!

shawna.bertalot@wismedassure.org

608-442-3738

Our partner insurance carrier Tokio Marine HCC published a 2020 Cyber Digest: Analysis of 2019 Cyber Claims Data.  The following excerpts are particularly relevant to physician’s offices, and other healthcare-related facilities:

If there was a theme for 2019 cyber claims, it would be the growth of phishing attacks * on small to mid-size businesses. Ransomware and financial fraud claims were up across the board vs 2018 and, largely, initiated through phishing attacks. Though the larger cyber incidents at Facebook, Citrix, and Capital One grab the headlines, the rampant attacks on small and mid-sized businesses are devastating as most SMBs don’t have sufficient resources to prepare nor defend themselves. A recent Fundera study reports that “3 out of 4 small businesses don’t have the personnel to address IT security.”

* ”phishing” is a technique used to gain access to your company email so criminals can impersonate a co-worker, manager or other trusted business partner to steal sensitive data and money.

While the cybercriminals continue to increase the frequency and sophistication of their attacks, business owners are also becoming more knowledgeable and prepared to defend themselves and their organizations. While cyber insurance is one effective means of mitigating risk, there are new tools, processes and technologies that small businesses can employ to protect themselves.

For best practices to fight cybercrime, download the Tokio Marine HCC Ransomware & BEC Fact Sheet.

For more information about Cyber Liability Insurance solutions, please click here

For more information about this 2019 Cyber Claims Digest please visit our partners online at tmhcc.com/cyber