Employee Benefits 2011: Back to Basics Achieve Financial Group, LLC (Press the Space Bar to advance each slide. This presentation does not feature a voice.

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Presentation transcript:

Employee Benefits 2011: Back to Basics Achieve Financial Group, LLC (Press the Space Bar to advance each slide. This presentation does not feature a voice component.)

One Simple Question What are the top priorities for my limited insurance dollars? 2 For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance.

What are the top priorities for my limited insurance dollars? No one has unlimited money to spend on insurance. While insurance still protects against future risk, it is possible to be over-insured. How do I know if Im doing the best for my family? 3 For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance.

What are the top priorities for my limited insurance dollars? First, there is not just one right answer for everyone. That being said, most financial analysts agree on three top priorities: – Medical Insurance – Life Insurance – Disability Insurance 4 For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance.

MEDICAL INSURANCE Priority #1 of 3: 5 For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance.

MEDICAL INSURANCE Your district offers TRS Active Care. Most employees spend less than 30 minutes per year deciding on their employee benefits package. If you want to lower costs, consider your options, and take a serious look at the different plans this year. If you are generally healthy, and if you have funds to pay for a higher deductible, you could save LOTS of money in premiums by going to a higher deductible medical plan, like Active Care 1 or Active Care 1HD. Investigate at: p?submenu=trs_activecare&page_i d=/TRS_activecare/plans p?submenu=trs_activecare&page_i d=/TRS_activecare/plans High medical costs combined with the possibility of developing a serious medical condition make medical insurance one of the best ways you can protect yourself and your family against financial devastation in the event of a medical catastrophe. 6 For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance.

LIFE INSURANCE Priority #2 of 3 7 For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance.

LIFE INSURANCE Your district offers Group Life Insurance Purpose: to protect your survivors from financial loss in the event of your death How much? DIME: – Debt – Income times 5 – Mortgage – Education When considering how much life insurance you need, this easy acronymDIME is helpful. Debt means consider those large debts you pay. Would your spouse be able to still make those payments? Leaving enough money for him/her to pay off debt and start fresh is helpful. Income x5 means you are giving your survivors 5 years to adjust to not receiving your salary, give or take any big final expenses, like medical bills, they may have to pay. Mortgage means you leave enough money to pay off the house Education means allowing money to pay for higher education for yourself, your spouse, and your children. 8 For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance.

GROUP LIFE Group Life: – Low group rates – Age banded (every 5 years) – Intended for your working years – Not intended to carry you into old age! – Portable (can take with you at same group rates if you leave employment) – Convertible (can convert to individual whole life if you leave employment) – Name: MetLife Other notable features of your Group Life Policy include: - Accelerated Life Benefit (allows you to receive a partial payment of your benefit if diagnosed with a terminal condition while covered under this policy.) - Accidental Death and Dismemberment Benefit at no additional cost (provided by your school district in the amount of $10,000 on employee only) 9 For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance.

DISABILITY INSURANCE Priority #3 of 3: 10 For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance.

DISABILITY INSURANCE Your district offers Long Term Disability (LTD) Insurance Purpose: to make sure you still have a check coming in if the doctor says you cant work due to sickness or accident – salary protection The more you need your paycheck for vital expenses, the more you need LTD insurance, and vice versa. If your salary is just for fun money, you dont need LTD. Find a balance between how much it costs per month and how much benefit you would need each month just to get by – this is the best bang for the buck zone. Why is it called Long Term Disability? Do we also have Short Term Disability? - Long Term means it will keep paying you a check each month for a long time if something serious happens to you. (See brochure for details) - The Long Term Disability Insurance offered by your district also serves the same purpose as Short Term Disability insurance would serve: you can choose shorter elimination periods so that benefits kick in right away (like STD), or you can choose longer elimination periods to lower your monthly cost for this insurance. - So no, we dont need to offer STD! - Most people choose the 30-day elimination period because it costs less but offers FIRST DAY HOSPITAL benefits if you are admitted overnight to a hospital. 11 For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance.

What about the other kinds of insurance? Medical, Life, and Disability insurance make up your core insurance products because what they protect against – catastrophic loss – has a bigger chance to devastate most families. Other benefits like cancer, dental, and vision insurance, are discretionary. They do benefit some people in specific situations, but not everyone needs them. Tip: If you are needing to cut expenses due to serious financial issues, discontinue the discretionary products first over the core products, but… 12 For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance.

Help for your Bottom Line Even though you may think about discontinuing one or more discretionary products, you need to know how the Cafeteria Plan helps you. EXAMPLE: on the next 3 slides you will see an example employee who saves over $2,700 per year just by choosing the free cafeteria plan service. Pre-taxing your eligible premiums helps you bring home more money! For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance. 13

How the Cafeteria Plan Helps Sample Based on salary of $40,000 with M-2 withholding. Monthly. WITH Pre-Tax Deductions Employee Gross Pay$3, Pre-Tax Monthly Deductions: TRS Active Care 2 E/F$ PPO Dental E/F$99.96 Vision E/f$25.85 Health Care FSA$ Flex Card Fees$1.50 PRE TAX TOTAL DEDUC:$ Total Taxable Income$2, Without Pre-Tax Deductions Employee Gross Pay$3, Pre-Tax Monthly Deductions: 0.00 Total Taxable Income$3, For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance. 14

How the Cafeteria Plan Helps Sample Based on salary of $40,000 with M-2 withholding. Monthly. WITH Pre-Tax Deductions Taxes Withheld TOTAL TAXES WITHHELD (includes FW, Medicare, SS) $ POST TAX MONTHLY DEDUCTIONS: Voluntary LTD$61.88 Employee Life$33.00 Children Life$ TOTAL POST TAX DEDUC:$98.08 Without Pre-Tax Deductions Taxes Withheld TOTAL TAXES WITHHELD (includes FW, Medicare, SS) $ POST TAX MONTHLY DEDUCTIONS: TRS Active Care E/F$ PPO Dental E/F$99.96 Vision E/F$25.85 Voluntary LTD$61.88 Employee Life$33.00 Children Life$3.20 TOTAL POST TAX DEDUC:$ For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance. 15

How the Cafeteria Plan Helps Sample Based on salary of $40,000 with M-2 withholding. Monthly. WITH Pre-Tax Deductions Referring to the details on the two previous slides, this employee receives a net pay of $ Just by pre-taxing all possible deductions… This person brings home $2, more per year!! Thats more than a months paycheck! Without Pre-Tax Deductions Referring to the details on the two previous slides, this employee receives a net pay of $1, By not sheltering premiums, this employee is giving away $2, per year to the U.S. Government that he/she could have brought home instead. For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance. 16

Achieve Financial is here to help You can call, click, or come by our office; we are here to help you. Thinking of retiring? Set up an appointment with Greg to discuss it com/northlamar com/northlamar 17 For specific questions on Life or Disability, please contact Achieve Financial. Achieve is not authorized to advise you on your medical insurance.