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Friday, June 26, 2009

Freedom

Next week we will celebrate Independence Day, or what is more often referred to as the Fourth of July. This holiday is commonly associated with fireworks, parades, barbecues, and most importantly American freedom.

From a philosophical point of view, freedom can be defined as the capacity to determine your own choices. Today we have the ability to make many different choices on a daily basis. We sometimes have so many options to choose from anymore that we just go with what we know, and aren’t even aware of some of the great new things available.

Are you familiar with a Cafeteria Plan? Did you realize all the different options you have to choose from when electing to utilize this type of plan? Whether it is for medical expenses, childcare expenses, individually owned healthcare premiums, you have a lot of freedom to choose the plan that best fits your needs.

For instance, are you employed? Are you not eligible for a group health policy through your employer? Did you even know that new regulations permit you to have individually owned healthcare premiums deducted from your paycheck on a pre-tax basis through salary deduction depending on the state in which you live?

Maybe you have a spouse, who currently has insurance through their employer, but your spouse doesn’t have access to a Cafeteria Plan and you do. Well maybe you’re better off with your spouse’s insurance, but did you really take a look at the Cafeteria options that were offered to you? You could easily utilize the Flexible Spending Account (FSA) for out-of-pocket medical expenses that weren’t covered by her insurance.

You could have decided to not even look at the choices available to you, because you figure your spouse’s benefits work just fine. But be sure you know what your options are, because the freedom to choose is an awesome thing! Especially when it could be providing you with more take-home pay and essentially making your healthcare more affordable.

So enjoy this holiday as an event to praise our nation’s heritage, laws, history, society and people. Someday we may even praise our healthcare system. For now, let’s just praise the freedom we have and the many choices that are available to us. Because we really do have a lot of choices when it comes to making healthcare more affordable.

Anne Case BASE – Marketing

Posted By Anne Case At 8:12 AM •

Monday, June 22, 2009

One of those days...

Have you ever had one of those days? As soon as it begins you wish it was over? I have. Friday was one of those days. I should have known when I woke up at 4:30am to the clap of thunder and the flashes of lightning. Looked like another humid and muddy day. It always seems like when the weather wakes you up on a bad note your whole day follows suit.

Maybe my whole problem is vacation. Next Saturday we will hit the road headed "up North" to Pelican Lake in Minnesota. It’s relaxing to picture yourself sitting in the sand watching the little minnows swim the shoreline. But then, your mind pulls you back into reality and you start to think about everything that you have to do before you go. There are things at work and at home that need to be done.

One thing that adds a bright spot to my day is my flexible spending account (flex account). I have been saving up all my co-payments and over-the-counter receipts to be submitted before I go. Getting that $300 check will be a nice little windfall for some extra vacation cash.

I know people say it is your own money so why would you do this? True – it is my contribution to my account but it is a pre-tax deduction and that is the key. By being part of a flex account I can have dollars set aside for my medical expenses pre-tax, which increases my take home pay. The reimbursement check I’ll get will be totally tax-free!

Some of the items that can be used with a flex account make these plans even more attractive. You can deduct sunscreen (SPF 45 or higher for those hot and sunny days at the lake), bandages (for when the fishhook gets stuck in your finger), and even your anti-itch cream (for those giant Minnesota mosquitoes). And don’t forget about the antacids (needed when you eat too many smores around the campfire) those are eligible too!

Take a look at what BASEhas to offer. Maybe we can make one of those days a little better for you!

Laura Radebaugh

BASE Administration/Adjudication Specialist

Posted By Laura Radebaugh At 8:53 AM •

Wednesday, June 17, 2009

Minnesota Sets The Stage

(62U.07) Effective July 1, 2009, all employers with 11 or more current full-time equivalent employees in this state shall establish and maintain a Section 125 Plan to allow their employees to purchase individual market or employer-based health coverage with pretax dollars.

The paragraph above is pretty good stuff! Minnesota is leading the charge to encourage employers to offer cafeteria plans to their employees.

Think about it – a cafeteria plan costs the employer very little since most of the products within a cafeteria plan are tax savings plans for employees – they are funded by the employee. In addition offering a cafeteria plan can be a financial help to the employer since any dollars taken out of an employee’s paycheck pretax are not subject to FICA contributions by the employer.

We’ve said it before, and we’ll say it again, a cafeteria plan is truly a win – win program for both employers and employees; our state governments are beginning to see that picture very clearly.

Whether you are a fan of our current President or not, he is working on making changes to health care in this nation. Pushing companies to help offset the cost of health care for employees is a huge step that he is promoting aggressively. BASE® has said for a long time that tax savings plans can help individuals and companies cope with the expense of health care without creating a huge burden for employers - even small employers.

Minnesota has already taken action, and we foresee additional states following in Minnesota’s wake in the very near future. Granted, government doesn’t always seem to make the best moves, but on this one, we are convinced they are taking the steps that need taken and they are going in the right direction.

You can learn more about the products and benefits of the BASE® 125 Cafeteria Plan by going to www.baseonline.com/group_products.html

Happy Saving!

Nina Lorimor-Easley
BASE Marketing

Posted By Nina Easley At 8:26 AM •

Friday, June 05, 2009

Eat Your Vegetables

Almost everyone in America has heard, "eat your vegetables". Whether it was your mother, teacher, doctor, or some other wise adult, that phrase resonates with almost everyone.

Well, I found it humorous, reading an article about healthcare reform recently, when I came across that very phrase:

"When do the adults show up and say the part about needing to eat our vegetables?" asks Benjamin E. Sasse, Assistant Secretary of Health & Human Services. "Every politician wants to solve the uninsured problem, but that’s the ice cream. Being honest about the price is the spinach,..."

Isn’t it the truth? I have to imagine that everyone reading this right now is thinking, what a great way to sum up one of the biggest issues in solving the problem with the American healthcare system. While it is the truth, it is funny to think that the phrase "eat your vegetables" is as common place as "healthcare reform".

It seems that much like the face kids make when they hear "eat your vegetables"; many adults have begun to do the same with "healthcare reform".

Each year kids are treated to new and innovative ways of eating vegetables. Kids have been served vegetables mashed up and served like gravy or fried and on a stick, but in recent years it has become more about choices. If you let children choose, then they will be more apt to eat it. The same goes for healthcare, and more and more states are forging ahead with new ideas to tackle the rising cost of healthcare with choices.

The newest innovation in healthcare reform is making people more accountable. When individuals are held accountable for their own healthcare spending, they are more likely to take an active role in medical decisions. Perfect examples of providing a menu of choices in healthcare benefits can be found through the use of a Cafeteria Plan or consumer driven health plans like Health Reimbursement Arrangements (HRAs).

Many states have recognized the benefit of providing choices for people to make healthcare decisions that work best for them by mandating the use of Cafeteria Plans. HRAs have become increasingly popular with many groups, from City sponsored to School Districts, as employers look for more choices in providing affordable healthcare without losing out on providing a benefit back to employees.

Whether it is choosing vegetables or healthcare options, life is merely a series of choices. Wouldn’t you want the tools to make the good ones?

Anne Case _ BASE - Marketing

Posted By Anne Case At 8:22 AM •