Employee benefits

New Rules Regarding Overtime Pay

By Fine Point Consulting HR Professional

The Department of Labor announced a final overtime rule, Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees, on April 23, 2024. The rule revised the regulations issued under the Fair Labor Standards Act (FLSA) that implement the exemptions from minimum wage and overtime pay requirements.

The first phase of the rule became effective July 1, 2024, while the second phase becomes effective January 1, 2025. This final rule increases the salary exemption threshold to $58,656 per year and has the potential to impact a significant number of currently overtime-exempt employees. So, what should you do to get started?

The first step is to find out if any of your current employees will be impacted by this change. If none will be, no changes are necessary. However, if you realize you will have impacted employees, here is a quick guide on how to get started.

Steps to Take if Employees Are Affected:

Analyze Current Salaries

The first step is to evaluate the current salaries and estimate the amount of overtime worked. To help with this, feel free to use the 2024-2025 Salary Increase Impact Calculator for assistance.

Budget Adjustments

This is where it’s time to think ahead. As 2025 budgets begin to happen, be sure to allocate funds for potential increases in salaries and overtime expenses affected by this change.

Develop a Detailed Rollout Plan

Exemption Status and Role Classification – Determine whether currently exempt employees will remain exempt or be reclassified as non-exempt.

  • Helpful Tip: You cannot have two employees in the exact same role, and one be exempt and one be non-exempt. You will need to reclassify one of the roles, and this doesn’t just mean a job title. To be compliant you will need well-documented differences in responsibilities along with an updated and clearly differentiated job description. Because of this, you should consider implementing salaried, non-exempt roles.

Operational Adjustments

  1. Time-Keeping Changes: This is the time you should begin to prepare for any changes in time-keeping processes due to the new overtime requirements.
  2. Employee Communication: Address potential employee concerns through clear communication and manage employee relations.
  3. Policy Review: Ensure company policies, such as “Unlimited PTO,” comply with the new regulations.

Staged Implementation

Before you do this, we recommend that you review potential salary compression issues and adjust market rates for various positions accordingly.

Support and Resources

We know this is a lot to take in, but don’t worry our FPC HR Team is here to help. If you are a current HR client, don’t worry we are already evaluating your business and will reach out to you if changes are needed. However, if you don’t have HR services with us and would like assistance, reach out to us today. These changes can create a lot of questions and what-ifs. Our team is happy to work closely with those affected providing guidance and advice on how to navigate these adjustments- let us be the experts.

If you have any questions or would like to schedule time with our HR team, click here.


Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisionsFull disclaimer and contact information.

2024 Volume 3

Worker’s Compensation Rates Drop

By Brian Fowler, WisMed Assure Account Director

Workers compensation program word concepts banner. Protection employer legal right. Infographics with linear icons on dark green background.

Starting October 1, 2024, for the ninth consecutive year, Worker’s Compensation rates in Wisconsin will drop. Work Comp rates in Wisconsin are set by the state and are the same for every insurance carrier.

Read more…


Residual Disability Rider Provides Financial Protection

red umbrellas over a bag of cash

By Martin Hurst, Insurance Service Representative

The Residual Disability Rider is an essential addition to a physician’s disability insurance policy. It provides financial protection in the event of a disability that limits your ability to work at full capacity.

Read more…


Investing in Private Equity: A Pre-IPO Opportunity

Businessperson working on laptop with PRIVATE EQUITY inscription

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

Private equity offers a unique opportunity to invest in promising companies before they go public. Unlike publicly traded stocks, which are bought and sold on stock exchanges, private equity investments are made in privately held companies.

Read more…


Open Enrollment

Open Enrollment concept. White lightbox on a gray office desk

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

Now is a good time to start thinking about your open enrollment. Many companies fail to properly do an open enrollment, or maybe it’s your first time. We had our HR OnDemand professional create this checklist to help you make sure you don’t miss anything. 

Read more…


Lifetime Term Life Insurance. Does It Exist?

Question mark and life planning images

By Tom Strangstalien, Insurance Advisor

Last month was life insurance awareness month, but we should be aware of the value of life insurance and the opportunities it offers all year round. A relatively new concept in life insurance is guaranteed no-lapse universal life.

Read More…


New Rules Regarding Overtime Pay

Overtime law book and calculator in an office.

By Fine Point Consulting HR Professional

The Department of Labor announced a final overtime rule, Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees, on April 23, 2024. The rule revised the regulations issued under the Fair Labor Standards Act (FLSA) that implement the exemptions from minimum wage and overtime pay requirements.

Read More…


Practice managers: join us for virtual discussions!

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

Chris Noffke

In the constantly changing field of health care management, it is crucial to collaborate and share insights to achieve success. With this in mind, we are pleased to announce that we will be hosting virtual discussions for practice managers.

These teleconferences will serve as a platform for us to delve into various critical issues and exchange valuable perspectives with fellow health care professionals. Some of the topics we plan to explore include:

Staffing Solutions: Best practices for recruiting, retaining, and nurturing talent amidst evolving workforce dynamics.

Efficiency Maximization: Strategies to accomplish more with limited resources and enhance productivity.

Culture Development: Methods for cultivating a positive work culture that prioritizes employee satisfaction and patient-centric care.

While these topics provide a starting point, we welcome suggestions for additional discussion themes from anyone interested in attending. To participate, please contact Martin Hurst.

Our primary goal with these calls is to create a supportive network where we can learn from each other’s experiences, share valuable insights, and collectively address challenges facing health care practices. Whether you are seeking guidance, eager to contribute your expertise, or simply interested in connecting with peers in the field, these discussions offer a valuable opportunity for growth and collaboration.

Together, we can navigate the complexities of health care management and strive for excellence in patient care.

WisMed Assure and WisMed Financial are focused on building and maintaining relationships with clients, and always keeping the best interest of the client at the center of all we do. Contact us at chris.noffke@wismedassure.org, 608.442.7374, insurance@wismedassure.org or 608.442.3810.


Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisionsFull disclaimer and contact information.

WisMed Assure clients benefit from access to Zywave solutions

By Martin Hurst, Insurance Service Representative

Martin Hurst

At WisMed Assure, we are committed to providing more than just insurance solutions; we are dedicated to fostering the success and prosperity of our valued customers. That’s why we proudly provide our customers access to Zywave free of charge, as a testament to our unwavering commitment to your organization’s success. Zywave provides HR solutions that assist with employee benefits management, compliance tracking, and HR administration. These tools help HR professionals navigate complex regulatory requirements, manage employee benefits programs efficiently, and ensure compliance with evolving laws and regulations. By automating routine HR tasks and centralizing data management, Zywave’s software empowers HR teams to focus more on strategic initiatives and employee engagement.

By providing ZyWave, we aim to not only streamline your operations but also strengthen our partnership, ensuring that together we can overcome obstacles and achieve remarkable outcomes. We’re honored to support you every step of the way.

Key Features Zywave Provides our Clients:

Industry-Specific Expertise: Zywave is tailored specifically for insurance professionals, providing industry-specific tools and resources that address the unique needs and challenges of insurance agencies. This specialized focus ensures that you have access to solutions that are finely tuned to your industry, offering greater relevance and efficiency.

Comprehensive Suite of Solutions: Zywave offers a comprehensive suite of solutions beyond traditional HR systems, including compliance management, employee benefits administration, risk management, and client communication tools. By consolidating multiple functions into a single platform, Zywave streamlines your workflow and reduces the need for multiple software subscriptions.

Up-to-Date Regulatory Compliance: Staying compliant with regulatory requirements is critical in the insurance industry. Zywave’s Reference Center provides timely updates on regulatory changes at the federal, state, and local levels, helping you stay informed and avoid costly penalties or fines.

Efficiency and Productivity: Zywave’s tools are designed to enhance efficiency and productivity within your agency. From automated client communications to streamlined policy comparisons and employee training, Zywave simplifies complex tasks, allowing you to focus more time and energy on serving your clients and growing your business.

Customization and Flexibility: Zywave offers customizable solutions that can be tailored to your agency’s unique needs and preferences. Whether you’re a small independent agency or a large enterprise, Zywave can scale to accommodate your requirements, offering flexibility and adaptability as your business grows and evolves.

ZyWave is just one example of our commitment to delivering value beyond insurance, empowering our clients with tools to enhance efficiency and success within their groups. With WisMed Assure, you can count on personalized support and a wide array of services designed to help you thrive, because your success is our success.

If you would like to discuss your employee benefits, please email me at martin.hurst@wismedassure.org  or call 608.442.3728.

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisions. Full disclaimer and contact information.

2024 Volume 2

Med Mal 101 Refresher for All Physicians

By Shawna Bertalot, CIC, ACI, WisMed Assure President

Graphic explaining Claims-Made and Occurrence Med Mal

The WisMed Assure team spends a lot of time the first half of the year doing Medical Student and Resident education on topics especially important to those who are completing their education and heading off to their first jobs. Part of that education is Medical Professional Liability (Med Mal) 101.

Read more…


An Invaluable Secret for Residents and Fellows

Disability Insurance

By Tom Strangstalien, Insurance Advisor

I recently spoke with a physician regarding an eye condition that he has developed. He doesn’t know his prognosis, but there’s a strong possibility that it could be debilitating and threaten his ability to practice medicine in his specialty. He inquired if there’s any way to increase his disability insurance coverage as his current limits are significantly below his income.

Read more…


WisMed Assure clients benefit from access to Zywave solutions

Vector illustration of an abstract scheme, which contains people icons.

By Martin Hurst, Insurance Service Representative

At WisMed Assure, we are committed to providing more than just insurance solutions; we are dedicated to fostering the success and prosperity of our valued customers. That’s why we proudly provide our customers access to Zywave free of charge, as a testament to our unwavering commitment to your organization’s success. Zywave provides HR solutions that assist with employee benefits management, compliance tracking, and HR administration.

Read more…


Essential Estate Planning Documents in Wisconsin

Information about Estate planning and old glasses.

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

Planning your estate isn’t just about paperwork; it’s about giving your loved ones peace of mind. Here’s a breakdown of key documents in a Wisconsin estate plan.

Read more…


Practice managers: join us for virtual discussions!

Virtual meeting with laptop and notebook on table.

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

In the constantly changing field of health care management, it is crucial to collaborate and share insights to achieve success. With this in mind, we are pleased to announce that we will be hosting virtual discussions for practice managers.

Read More…


Artificial Intelligence (AI)-Generated Healthcare Content; Understanding the Limitations

Futuristic AI icon processing data

by Kaelin O’Reilly, ProAssurance communications specialist

Artificial intelligence (AI), including chatbot tools like the popular ChatGPT, has made possible many useful applications in the healthcare sphere. ChatGPT’s ability to generate human-like responses to natural language inputs has made it an attractive tool for professional and student writers. The application can help develop quality and informative content in the form of articles, reports, blogs, tweets, and emails.

Read More…


Disability and Life Insurance Taxation

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

Chris Noffke

Taxation of benefits is a unique and important topic. Many groups I work with want to make sure their employees are not taxed for an employer paid life insurance benefit and other clients want to ensure that if an employee becomes disabled, they do not have to pay taxes on their already reduced income. Making sure these benefits are set up correctly, both by the insurance carriers and in your payroll service, is vital to tax-free benefits for employees.

Life insurance

Life insurance is the easier of the benefits to establish correctly. If an employer provides up to a $50,000 benefit to each employee, then this benefit and premiums paid for it can be excluded from an insured employee’s taxable wages. If you offer coverage to employees for a benefit over $50,000 and it is employer paid, you are required to tax premiums for the amount above $50,000.  

Disability insurance

A bigger discussion happens regarding disability insurances (both Long-term and Short-term). When an employee or owner/partner is out of work due to a disability, they will receive only a fraction of their pre-disability earnings, the average benefit being 60% of pre-disability earnings. If an employer is paying 100% of the disability premiums, the employer can decide to offer these benefits as a “gross-up” to employees. A gross-up is structuring the premiums paid by the employer to be a taxable benefit on the employee payroll. The benefits received by the disabled employee (disability income) will then be tax deferred. The rule is direct, if employees are paying payroll taxes on the premiums that the employer is paying, the benefit will be tax free – however – it is very important that the payroll taxes begin prior to the benefits being received.

When premiums are split between the employer and employee, we need to make sure there are a few rules followed. If a benefit has a premium contribution of 50% paid by the employer and 50% paid by the employee, the setup will determine if the benefit is partially or fully taxable. If in this situation the employee pays their premiums pre-tax and there is no gross-up for the amount the employer pays, this full benefit will be taxable income. Another example is if the employer pays 50% of the benefit (not grossed-up) and the employee is paying for 50% of the benefit with post-tax dollars, then when the employee receives this disability income benefit, 50% of the benefit will be taxable. So, to make the full benefit tax deferred, you need to have the employer premiums paid be grossed-up and the employee portion needs to be paid with post-tax deductions.

This can get a bit confusing, and I would love to talk if you have any questions. Please email me at chris.noffke@wismedassure.org or call 608.442.3734.

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisions. Full disclaimer and contact information.

2024 Volume 1

Don’t Let Taxes Take a Bite Out of Your Finances: Common Errors to Avoid

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

Crumpled tax form with money, calculator and notepad on the table.

Investing is a smart way to grow your wealth, and keeping more of it from taxes is even smarter.  Let’s explore some common tax mistakes investors make and how to avoid them.

Read more…


Change Healthcare™ Attack Highlights Often Overlooked Cyber Insurance Coverage

illustration of umbrella protecting computer screen from an attack

By Shawna Bertalot, CIC, ACI, WisMed Assure President

Many health care practices rely on a third party for access to their EMR and for billing. This creates a “contingent” or “dependent” risk. The February 21 cyberattack on Change Healthcare changed the world for many patients and health care providers.

Read more…


Disability and Life Insurance Taxation

Tax payment concept. State Government taxation, calculation of tax return. Blank tax form, calendar, magnifier, money, notebook, calculator, coins, glasses, watches, documents, computer.

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

Taxation of benefits is a unique and important topic. Many groups I work with want to make sure their employees are not taxed for an employer paid life insurance benefit and other clients want to ensure that if an employee becomes disabled, they do not have to pay taxes on their already reduced income.

Read more…


Tornadoes Can Strike in Seconds. Are You Ready?

photo of tornado

By The Hartford

Tornado season is upon us and could bring more storms in the months ahead. In fact, the U.S. experiences the most tornadoes of anywhere in the world.

Read more…


Tax Treatment of Long-term Care Insurance a Game Changer

Nurses, doctor and caregivers in nursing home take care of old men and women. Volunteers help aged people at home and hospital.

By Tom Strangstalien, Insurance Advisor

We put my dad into a nursing home on Monday. My mom had been his caretaker since he was diagnosed with a somewhat rare neurological disorder. My mom has been superwoman, a real- life example of a family member caring for a loved one.

Read More…


Your Medicare Update

Open Enrollment concept.

By Mary Krueger, Medicare Specialist

It’s early 2024 and its already time to explore Medicare options for 2025. Many Medicare enrollees want to look at what is suitable for their needs in the Medicare market. If you have started looking for yourself or someone else, there are many different ways to procure coverage.

Read More…


Life, Death and Taxes

Photo of a grandfather and his granddaughter loving autumn. Throwing leaves in the air.

By Lisa Koerner, Insurance Advisor

If you are looking for some creative ways to avoid paying taxes, don’t overlook the benefits of Life Insurance. There are several different types of life insurance policies to serve several different objectives, the greatest being a tax-free death benefit for your beneficiaries.

Read More…


Fall 2023 Issue

Peace of mind this holiday season

By Martin Hurst, Insurance Service Representative

desk covered in policies to compare

The agents here at WisMed Assure do not focus solely on revenue, our agents go that extra mile to address individual and specific concerns and provide coverage within each customer’s budgetary needs. By putting clients’ needs first, our agents demonstrate their commitment to providing excellent service and building trust with physicians.

Read more…


Helping clients with strategies, not just quotes

photo of calculator and stethoscope on top of graphs

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

Managing the costs of employee benefits while still providing robust resources for your employees can be a challenge. If your insurance agent just gives you a few quotes to compare, you might not be getting the best plans for your team.

Read more…


Consolidation leads to $600,000 student loan forgiveness – a case study

'Case Study' written on chalkboard

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

Good financial planners do much more than help with investments. They look at the entire financial picture, which includes debts too. Today’s case study shows how a unique rule, available until December 31, is facilitating more than $600,000 in student loan forgiveness.

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Nightmare before Christmas success story: cyber hacker stopped

By Shawna Bertalot, CIC, ACI, WisMed Assure President

Message from IT Manager: “Unusual activity has been detected on your exchange and our files cannot be backed up.”

This is not how any clinic administrator or managing partner wants to start their Monday morning, but exactly what happened to a long-time WisMed Assure client last December. This highly experienced, professional administrator of a 15-physician independent clinic with over 50,000 patient records was facing a situation she had never experienced before.

Read more…


Finding insurance and financial advisors I trust

By Tim Bartholow, MD

I have several connections to our Wisconsin Medical Society, and I’d like to share some good and bad  experiences with on the street financial advising and insurance advising, and how  WisMed Financial and WisMed Assure cut through market confusion.

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Should I convert my term life insurance policy?

photo of a young family looking out the window at fresh snow

By Tom Strangstalien, Insurance Advisor

As we celebrate the holiday season, we’re especially thankful for our loved ones. It’s the most popular time of year to reflect on our life insurance needs to determine whether we have the right coverage and enough coverage to protect our loved ones. The most common form of life insurance protection is term life, and a planning tool that often gets overlooked is the potential to convert your term life insurance coverage to some form of permanent life insurance, without any medical underwriting requirement.

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Protecting your most important asset can be a daunting task

Calendar full of appointments

By Lisa Koerner, Insurance Advisor

What is your most important asset? It’s your ability to earn an income. When choosing disability programs to protect your income, there are a number of different companies and benefits. It’s often a task that takes time and research, along with several discussions with an insurance agent.

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Making Part D of Medicare brighter

photo of an elderly man looking at medications with his physician

By Mary Krueger, Medicare Specialist

As many of you on Medicare know, October 15 to December 7 is the Annual Election Period for Medicare Part D and Medicare Part C (Medicare Advantage). This often coincides with a flurry of research needed and concerns expressed by client recipients and this year was no exception.

Read More…


Helping clients with strategies, not just quotes

By Chris Noffke, GBDS, CSFS, Vice President of Employee Benefits

Chris Noffke

Managing the costs of employee benefits while still providing robust resources for your employees can be a challenge. If your insurance agent just gives you a few quotes to compare, you might not be getting the best plans for your team.

Recently, my team and I met with a health care clinic that offers benefits for employees and has been struggling with rising premiums. Their agent had been showing them health insurance quotes, but not looking at strategies to reduce costs. We were able to find an option for them that saved almost $20,000 without reducing benefits for their employees. By using unique funding options, we were able to reduce overall premium costs without increasing costs for employees.

As the Wisconsin Medical Society’s insurance agency, WisMed Assure is a niche insurer specializing in insurance for health care professionals. Our team understands cybersecurity needs for health businesses, medical professional liability coverage and exactly how a disability insurance policy needs to be written for a physician. And we have unique contracts available only to our clients.

To illustrate the power of the niche programs we have built for WisMed clients and members, we recently worked with a small healthcare practice that received a group disability quote from another agent with a 4% reduction in renewal pricing. That may have looked good on the surface, but with the same top insurance carrier, due to WisMed Assure’s volume and relationship, we were able to offer a 5% decrease with a 3-year rate lock. The savings to this client in working with WisMed Assure was substantial.

When you work with us, you’re not alone in the insurance process. We’re hands on and help you with:

  • Open enrollment materials
  • Benefits booklets
  • Claims and payment issues
  • Help you use your money more wisely

Don’t deal with the average agent, talk to a professional dedicated to physicians. Please email me at chris.noffke@wismedassure.org or call 608.442.3734.

Note: This article is for informational purposes only and should not be considered as insurance advice related to your specific policy or situation. Please consult with a qualified insurance advisor or professional before making any policy decisions. Full disclaimer and contact information.