health insurance

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

Don’t forget to call your mom – and your insurance agent

By WisMed Assure Service Team

With the intention of easing administrative burden for WisMed Assure client physicians, several of our Medical Professional Liability carriers have significantly reduced or suspended asking for renewal applications over the past few years. While this does save time, renewal applications were an opportunity to touch base, review and discuss any changes to your practice that could impact your premium or coverage.

Year-end tax planning for 2022

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

Want to put thousands of dollars back into your pocket? Who doesn’t. Choices you make during your employer’s open enrollment period and for year-end tax planning can really add up.

Graded premium disability? Yes, you can!

By Tom Strangstalien, Insurance Advisor

I recently worked with a young physician to set him up with personal disability protection to provide some financial security if life throws him and his family a curve ball. Prompting our planning was that one of his peers in the general surgery specialty sustained a serious hand injury, ending his ability to perform hands-on surgery.

5 ways to develop inclusive hiring practices

By Society Insurance Human Resources, reposted with permission from Society Insurance

Inclusive hiring practices recognize diversity and embrace a wide range of perspectives that candidates from all walks of life bring to the organization. And according to research from Monster, “Four in five (86%) candidates globally say diversity, equity and inclusion in the workplace is important to them.”

Affordability Testing

October 26, 2022October 28, 2022

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

The Affordable Care Act (ACA) brought a lot of extra work to employers and insurance companies. Whether you are pro-health care reform or against it, per the Health Affairs article, the ACA has not made insurance more affordable. Many health insurance carriers have stated the ACA, Summaries of Benefits and Coverage, machine readable files and other changes imposed added costs to insurance companies, which simply passed these costs on to employers and employees in premiums.

Insurance premium affordability is very important because it allows for more money to employers and employees and is a requirement for groups with 50 or more employees. As you may know, health care reform requires employers with 50 or more employees to offer a group health insurance option that is affordable and meets the minimal essential coverages or the employer can face a potential monetary fine (the 2022 fine was $4,120 annually per subsidized employee). Additionally, the employer should be testing to confirm the affordability requirement is being met for their employees’ premium charges. Based on health care reform’s 2023 rules, to be considered affordable in 2023, an employee cannot be charged more than 9.12% of the employee’s household income.

Do you need to test your affordability? Are you offering a plan similar to other health care companies in your areas? WisMed Assure is the only insurance agency in Wisconsin focused on health care clients and we would love to tell you more about what we can do! Please call me at 608.442.3734 or email chris.noffke@wismedassure.org.

Your life has only 3 planning scenarios

May 12, 2022May 17, 2022

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

You’ll either have a long life, health problems along the way or a short life. That’s it.

Plan for those three situations whether you’re single, married, with or without kids and most of your planning is done. Let’s look at how to plan for each.

First, essential tasks for everyone

Manage monthly cash flow. Call it a budget, spending plan, living below your means or whatever makes it appealing to you. It doesn’t matter if you have high income or low income, everyone needs to control their inflow and outflow.
Life happens, have an emergency fund.
Pay off all high interest consumer debt.
Give of your time, resources and be thankful. Live happy.

Plan for a long life

Are you saving at least 15% for retirement with the right investments? Boosting it to 20-25% is even better.
Have you maximized your tax advantaged retirement accounts through your employer and on your own?
Will your tax burden be higher or lower in the future? Hint – if you have a lot of tax deferred investments, you could be igniting a tax bomb that hits later in life.
Save for kids’ education expenses.
Determine the monthly income you’ll have in retirement from all sources.
Dream about your future.

Plan for health problems

Health insurance is the obvious answer.
Auto and umbrella insurance can provide for you via uninsured/underinsured coverage.
Disability insurance that replaces two-thirds of your income if you can’t perform your own occupation is critical, especially during your early and mid-career. A policy with an inflation adjustment is even better.
Everyone over age 18 should have health care and financial power of attorney documents.
Do you have a source to pay for long-term care expenses? If not, consider an insurance policy.

Plan for a short life

If anyone depends on you for income, get term life insurance. It’s cheap, so don’t skimp.
Are your beneficiary designations correct?
Do you need a will or trust?
Ensure your family knows where to find your documents and accounts.
Tell your family you love them. And if you’re faithful, pray.

Since we don’t know the future, all three plans are important for everyone. Our Physician’s Financial Guide has even more tips. Or, for one-on-one help schedule an appointment.

To your best life and healthy finances.

Mark Ziety, CFP®, AIF® 608.442.3750.
WisMed Financial, Inc. part of the Wisconsin Medical Society

HSA – the triple attack!

May 12, 2022May 17, 2022

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

As many independent physicians know, health insurance costs are high – and keep climbing! To help alleviate some of these increases, we suggest using strategies like Health Savings Accounts (HSA) and Health Reimbursement Accounts/Arrangements (HRA).

The IRS recently published the approved contributions and plan allowances for HSAs in 2023, and things are changing. The biggest change is that plans that currently qualify for an HSA with a $1,400 deductible will no longer qualify for HSA contributions in 2023. To qualify, health insurance plans will be required to have a $1,500 deductible for an individual (or $3,000 for a family) to contribute to the HSA.

Reference Chart for High Deductible Health Plan (HDHP):

Chart comparing health plan limits for 2022 and 2023

Recently I worked with a physician who retired with more than $200,000 in his HSA. He stated that he was lucky to have listened to a professional to start this type of account. He now has an account to take tax free and penalty free distributions to pay for qualifying medical expenses at any age. Unlike many retirement accounts, HSA distributions are discretionary rather than required. Plus, after age 65, he can use the account for non-medical expenses penalty free. That means the HSA is taxed just like a traditional IRA, 401(k) or 403(b) for non-medical retirement income.

How did he build this nest egg? He used proper strategies which allowed him to take tax deferred dollars and invest them in mutual funds and other investment accounts.

Want to know more about how this strategy and other solutions help you plan for success? Let’s talk! Give me a call at 608.442.3734.

Fall 2022 Issue

Affordability testing

Don’t forget to call your mom – and your insurance agent

Year-end tax planning for 2022

Graded premium disability? Yes, you can!

5 ways to develop inclusive hiring practices

Affordability Testing

Your life has only 3 planning scenarios

HSA – the triple attack!