We are pleased to spotlight our client The Edge Sports Center which was founded and is managed by Scott Fusco. Scott graduated from Harvard University in 1986 where he was a two time All-American hockey player, the career scoring leader, and the Hobey Baker award winner in that year. Scott was also was a member of the US Olympic Hockey Team in 1984 and 1988.

The Edge was the primary training facility for the 2014 US Olympic Women’s Hockey Team.  In a recent press conference, the women complimented the facility and thanked Scott for skating with them as a practice player!

In addition to hockey, the athletic facility has two outdoor turf athletic fields with one field enclosed for the winter months, a state of the art training center, and a health club facility.

Please click here to read more about The Edge athletic facility and sports complex.

As a business owner, you naturally want to be able to justify every dollar that goes out the door. It’s a competitive market out there for your product or service, and every little advantage helps.

Most successful entrepreneurs, however, are keenly aware that the market for talented employees is also keenly competitive – and there’s a big difference in productivity between experienced, knowledgeable employees who have been with your company for years on one hand, and the new hire off the street, on the other hand.

If you want to keep your best talent, you need to be competitive with the market, of course. But you also want to protect your own best interests at the same time. In today’s market, providing quality protection against the threat of disability makes good sense not just for your employees, but for any business that cares to retain the best, most talented, and most productive workers.

Workers View Benefits as Important

Many surveys have demonstrated that employees place significant value on benefits. For example, according to the Glassdoor Employment Confidence Survey, 76 percent of employees rate their overall health insurance coverage as the most important employee benefit, beating even retirement plans in importance.

Furthermore, according to the Society for Human Resource Managements’ 2013 Employee Benefits report, in addition to the schemes offered by an ndis provider or other similar organizations in a country, more and more employers also seem to be offering long and short-term disability plans as part of their employment package. As of last year, 77 percent of employers provided long-term disability protection, while 68 percent provided full-time workers with short-term disability protection.

Outlook

The momentum is clear: Group disability protection is rapidly becoming a standard offering for full-time employees. Meanwhile, as the Affordable Care Act takes hold, health insurance is going to become less and less of a marketplace differentiator for employers. Workers with pre-existing conditions don’t rely on their group plans to be able to get any kind of coverage at all, thanks to the prohibition on underwriting based on pre-existing conditions. And as the employer mandate kicks in, all employers except the very smallest will be forced to provide major medical, or pay big fines.

That leaves other insurance benefits, such as disability, at the top of the list of non-wage differentiators that keep applicants coming, and keep talent from walking away.

Benefits of Group Disability to the Employer

The opening paragraphs, above, make the case for a robust benefits package in general. Why is disability vital? For several reasons:

First, almost every worker who’s been around a few years knows someone who has been affected by an injury or illness that prevents them or a loved one from earning a living. In some cases, you can make the case with people in your firm – former employees who have had their lives disrupted by accidents or illnesses, and who have had to leave their jobs.

It’s therefore easy to “sell” the value of these benefits to your workforce, because workers can very easily see themselves in need of important income protection.

Second, providing a disability plan can help ensure your employees are at their most productive when working on your dime. Workers with access to a good short-term disability plan are less likely to show up to work already hurt, or to try to work through injuries because they need the money. Employees who work sick or hurt run the risk of further injuring themselves and in some cases endanger other employees.

For example: If a worker has no disability insurance, they may feel they have no choice but to show up to work – even if they are taking powerful medications such as codeine or oxycontin, both strong prescription painkillers – for an injury or illness they sustained off the job, and therefore not covered by workers compensation.

If they have an accident at work, however, they endanger you, your other employees, and themselves, and they certainly risk forcing your insurance premiums up.

If you provide a good short-term disability plan, that worker taking narcotic pain medication has the option to stay home and recover, without endangering anyone else.

Additional Supports

Most people think of disability insurance as just a policy that replaces part of a workers income if he or she is injured or sick and can’t work. And that’s true, but that’s just the tip of the iceberg. Disability insurance companies routinely provide case managers and assistance to get an injured worker back on the job as quickly as possible. By coordinating therapies and advising both the worker and employer on adaptive technologies and reasonable accommodations, a disability insurance provider can be a valuable partner with a business in getting a productive, invaluable employee back on the job as quickly as possible.

In some cases, your case manager can help you design a solution so that an injured employee can work at home – minimizing time lost. This can also be important to protect a worker whose immune system has been compromised by chemotherapy, for example.

Disability vs. Workers Compensation

Remember, disability insurance and workers’ compensation insurance are different things. Workers’ compensation covers injuries incurred on the job, or as a direct result of work. Anything else is not protected by workers’ compensation. Your employees are vulnerable to all manner of illnesses and injuries on their own time – and small businesses frequently suffer when these workers do get hurt.

Best Practices

Buy Quality. The most successful disability insurance programs have been robust. Invest in quality benefits to build and maintain employee morale. Once one employee benefits, the others in the workplace will hear about it. Get the best benefits you can afford.

Educate Workers. Employees can’t value what they don’t know they have. Make a disability presentation part of your company orientation. And go over their benefits in regular training sessions and reviews.

Model Healthy Living. You can’t control what employees do in their off time. But you can point them in the right direction. Get good, healthy options in vending machines. Make healthy lunch options available. Have leadership model good eating habits. Provide access to one or more wellness programs, such as a gym membership.

At Cleary, we know how important a comprehensivee benefits package can be to your continued success. Give us a call today at 617-723-0700 and we will work with you to create a plan that meets your business objectives, takes into account state and federal laws, and capitalizes on incentives and innovative solutions now being offered.

Presented by John B. Steiger

With the beginning of 2014 upon us, you may be setting goals and resolutions for the New Year. Starting fresh is always a great feeling, but the scale of what we set out to accomplish sometimes becomes overwhelming as the year progresses. The question is, how can you stay motivated to meet your financial goals in 2014?

Financial tips for every month

For many people, checking off items on a long list of to-dos brings a great sense of satisfaction. To help you keep moving toward your goals, we’ve created a month-by-month checklist of some key financial tasks to consider throughout the year. You might even find that you’ve completed some of these items already!

January

Establish a will or trust with an estate attorney. Although many people avoid thinking about estate planning, getting your affairs in order is one of the greatest gifts you can give your loved ones. If you’ve already established a will or a trust, sit down and review the documents with your attorney, making any necessary changes.
Create a budget. Establishing a monthly plan for spending and saving is an excellent way to help keep your finances in check, whether you’re reevaluating your financial life or just trying to maintain good habits.
Get ahead on your mortgage. If you can swing it, consider making a full extra payment toward your mortgage principal, which may help shorten the length of your loan.

February

Review life, home, and auto insurance. It’s a good idea to check your coverage regularly. Have you experienced a major life event in the past year, such as a marriage or birth? Any significant changes in your personal life may require you to reevaluate your coverage.
Revisit beneficiary designations for life insurance/retirement accounts. Do you need to add a new beneficiary or change a designation? Review your accounts to ensure that the correct people are listed.

March

Check your investment portfolio allocations and current holdings. As your financial advisor, we monitor your investment portfolio and holdings regularly. Nonetheless, you should be aware of where and how your assets are invested.
Explore loans, grants, and other sources of financial aid. There are many ways to finance college and postgraduate education expenses. If you have a college-bound child, it’s wise to get an early start researching the options available to you. The government-sponsored website http://studentaid.ed.gov is a great place to begin.

April

Review your online social security statement. Check your benefits information and earning record, and update any outdated personal information, such as your address or phone number.

May

Review 401(k), IRA, and SEP plans. No matter your retirement goals, keeping an eye on your balances and making regular contributions is essential. Depending on your circumstances, consider increasing the amount you contribute. (Retirement planning is equally important for self-employed individuals, who can take advantage of many of the same savings vehicles.) We encourage you to meet with us to discuss the investment allocations in your 401(k) or other plan.

June

Check your credit report. Request your free credit report at www.annualcreditreport.com and review it carefully for mistakes or suspicious charges, which could be a sign of identity theft.
Shred old documents. Any financial documents that you no longer need, such as bank and investment statements, should be destroyed to ensure that they don’t fall into the wrong hands.

July

Research 529 savings plans. Withdrawals from 529 plans are tax-free when used for qualified higher education expenses, making them an excellent way to save for a child or grandchild’s schooling.

August

Review online accounts. Take a look at the usernames and passwords you currently use for your online accounts. If the passwords are too basic or if you’ve held onto them for too long, consider changing them as a security precaution.

September

Assess your overall investment goals and strategy. It’s wise to reevaluate your financial goals every year, especially if you’ve had any major changes or unexpected events in your life. We can discuss your situation and help you adjust your financial plan accordingly.
Revisit your budget. Look back at the plan you made in January and decide whether to adjust your budget or stick to your current strategy.

October

Contact your CPA for year-end tax planning. Before tax season hits, it’s a good idea to speak with a certified accountant about changes in your personal circumstances, expiring tax breaks, and so on.
Consider charitable giving. Donating to charity at year-end is a popular way to do good while reaping potential tax deductions. Charitable giving may be another item you wish to discuss with your CPA.

November

Review the balance in your flexible spending account (FSA). FSAs require special attention so that you don’t lose unused funds at year-end. Under a new law, employers may allow employees to roll over $500 in FSA funds to the next year. Be sure to check the rules of your FSA plan and review your available balance.

December

Consider refinancing high-interest debt. Consolidating your mortgage, credit card, or car loan payments can make your financial life more efficient (and possibly lower your overall interest rate).
Pay off credit card balances every month. For the New Year, make a resolution to pay off your credit card balances every month, if you’re not doing so already.

Milestone events
In addition to the monthly tasks outlined here, keep these significant planning milestones in mind as you near retirement age:

Age 50: Consider making catch-up contributions to IRAs and qualified retirement plans.
Age 55: You can take distributions from 401(k) plans without penalty if retired.
Age 59½: You can take distributions from IRAs without penalty.
Ages 62–70: You can apply for social security benefits.
Age 65: You become eligible for Medicare.
Age 70½: You must begin taking required minimum distributions from IRAs, 401(k)s, and 403(b)s.

Although this may seem like a lot of information to take in at once, glancing at the checklist each month and being ready for important retirement-related dates can greatly improve your sense of financial security, granting you peace of mind in 2014—and beyond.

This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer.

IRS CIRCULAR 230 DISCLOSURE:
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

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John B. Steiger is a financial consultant located at 460 Totten Pond Road Suite 600 Waltham, MA 02451. John offers securities as a Registered Representative of Commonwealth Financial Network®, Member FINRA/SIPC. John can be reached at 781.547.5621 or at john@financialconnector.com.

© 2013 Commonwealth Financial Network®

At Cleary, we are committed to a holistic approach of protecting and preserving our clients’ financial assets. Give us a call today at 617-723-0700 and let us know how we can help you.

The Professional Services Council (PSC) is the national trade association of the government professional and technical services industry. The PSC mission is to provide value to their members by being the leading advocate and resource for the federal professional and technical services industry. In December the group held a conference outlining SCA for Executives. The conference addressed training, Contracting Officers, and Paying SCA Wages and Fringe Benefits.

• Training. SCA compliance is difficult because the regulations are complicated and it touches various departments and personnel in your organization. It is important to make sure your employees working in accounting, human resources, program management, contracts and executive management are properly trained. Al Corvigno, President MARAL, LLC holds a two day SCA training class at the PSC facility three times a year. You may e-mail him at acorvigno@marallc.com or call him at 252-312-4853, if you would like more information.
  Al has over 40 years of experience in SCA and runs the SCA program for PSC, along with his one day SCA courses in Arlington, VA, and at client locations nationwide. It is the only SCA training program that includes a technical manual along with a 24/7 technical hotline.
• Contracting Officers. Many contractors have had problems and or issues dealing with their respective Contracting Agencies. The PSC training is helpful if and when an issue arises. If your employees are properly trained contractors will have a”road map” to follow insuring they have attempted to comply with the SCA.
  If an issue arises with a Contracting Officer it is often recommended that the contractor utilize a “third party” advocate, such as a DOD Labor Advisor, who is responsible for that contract and can speak to the Contracting Officer and reconcile the issue.
• Paying SCA Wages and Fringe Benefits. Contractors should not pay wage increases or fringe benefit health and welfare costs until their contracts have been modified by their Contracting Officer. Making increased payments before your contract is modified can compromise your company’s position when and if a request for an equitable adjustment is submitted.

It is important to make the proper business decisions and comply with the SCA because some of the items discussed have the potential to “make or break” your contract.

At Cleary, we know how important a comprehensive benefits package can be to your continued success. Give us a call today at 617-723-0700 and we will work with you to create a plan that meets your fringe-benefit obligations and provides your employees with valuable benefits.

The Affordable Care Act’s Essential Health Benefits (EHB) provision created ten general categories of benefits outlined below. The requirements apply to all fully insured health plans offered in the individual and small group insured markets both inside and outside of the Exchanges. EHB requirements do not apply to ASO plans, fully insured large group plans or any grandfathered plans. All plans (even those that are not required to offer EHB) that include Essential Health benefits must remove any annual or lifetime dollar limits. The pricing impact of EHB will vary in each state depending on that states benchmark plan and the state specific EHB definition. EHB will become effective in the fully insured small group and individual markets upon renewal in 2014.

The following are the ten Essential Health Benefits:

Prescription Medications
This is currently an option with most plans but not mandatory. However, the new law will make all small group and individual plans cover at least one drug in each class and category of the United States Pharmacopeia. Prescription costs will count toward upfront expense caps.

Ambulatory Services
This is also called outpatient care, and it happens when a person goes in to be treated and leaves the same day. Most health plans currently offer this form of coverage, but the new law will ensure that network sizes for these offerings are sufficient.

Mental Health
Coverage will be limited to a specific number of sessions, and patients may be billed a small amount for each one.

Rehabilitative Services
People who suffer injuries or illnesses today may or may not have rehabilitative services on their policies. The new plans must cover these services and equipment items such as braces, canes, wheelchairs, walkers and other essential devices. Habilitative services will also be added, and these are rarely covered in existing plans. They help people cope with the slow effects of long-term illnesses such as multiple sclerosis.

Hospitalization
With the new law, an insurer must provide coverage for hospital stays. However, patients may be responsible for 20 percent or more of the total bill if an out-of-pocket limit has not been reached. With average hospital stays often exceeding $2,000 per day, experts felt that this was an important inclusion.

Emergency Care
Under most existing plans, emergency care is covered. Many providers charge a fee for out-of-network emergency services, or they may require pre-authorization. With the new law, these two requirements will no longer exist.

Maternity And Newborn Care
The new law will classify prenatal care as a preventative service, so there will be no extra cost. It will also require all insurers to cover childbirth and infant care.

Pediatric Care
Although few current health plans cover dental, orthodontic and vision care, the new law will set provisions for those areas for kids under the age of 19. Each one will be able to receive medically necessary orthodontic care, fillings, x-rays and two teeth cleaning sessions per year.

Wellness And Preventative Services
The purpose of this benefit is to keep the number of needs-related doctor visits down. Experts say that if people make healthier choices for their lifestyles, the need for serious medical care will lessen. Every person will be allowed one free wellness visit per year, and 50 other preventative health services are also available.

Laboratory Services
Preventative screening tests will be required as part of the new law, but patients may still be billed a small amount for diagnostic tests. Costs may range from $20 to up to 30 percent of an MRI.

Other changes to expect in 2014

Out-of-Pocket Maximum limits – The new accumulation rules for out-of-pocket maximum (OOPM) which apply for all funding types and employer sizes. The OOPM will be $6,350 (for self only coverage) and $12,700 (for other than self-coverage) in 2014, with future increases indexed for inflation. All cost sharing for EHB must accumulate to the OOPM. For plans that have in and out-of-network benefits, only the in-network benefits are subject to the OOPM.

Excessive waiting period limitations – In group markets of all sizes and funding, a maximum waiting period of 90 days will take effect on January 1, 2014 upon a group’s renewal.

Small group deductible limits – The deductible caps is for Small Groups plain in 2014 have been set at $2,000 for single coverage and $4,000 for family coverage. The deductible caps will be will be indexed for inflation.

Pre-existing condition – This exclusion must be removed for all members, not just those under age 19, and all fully insured plans must have guaranteed issue and renewability

Health insurance plans will certainly see several changes as the new law takes effect.

At Cleary, we know how important a comprehensivee benefits package can be to your continued success. Give us a call today at 617-723-0700 and we will work with you to create a plan that meets your business objectives, takes into account state and federal laws, and capitalizes on incentives and innovative solutions now being offered.