Maximum Contributions to Your HSA Bring Maximum Savings!

For most of us, February – April is the time to wait for tax forms to arrive in the mail, gather documentation, search for lost receipts, or just plain procrastinate. For those taxpayers lucky enough to have participated in an HSA in 2011, this is also a time that you should consider contributing the maximum legal amount.

Individuals are allowed to contribute up to $3,050 and families can contribute up to $6,150. Individuals who are over 55 can contribute an additional $1,000. Contributions must be made prior to April 17, 2012 to be eligible for a 2011 tax deduction.

What’s the benefit of contributing the maximum into your HSA?

• Reduces your taxable income. The more money you deposit into an HSA, the less you pay Uncle Sam in taxes come April 15th.
• Funds can be withdrawn for any reason without having to obtain advanced approval:
  • Tax-free withdrawals can be made for qualified medical such as doctor co-payments, durable medical equipment, and transportation expenses related to medical care.
  • Non-medical related withdrawals can also be made, but are subject to income taxes and a 20% penalty. The penalty is waived for persons who have reached the age of 65 or have become disabled at the time of the withdrawal, in which case only income tax is paid, and in effect, the withdrawn amount has grown tax deferred (similar to an IRA).
• HSAs roll over year to year, so there are no worries of losing it at the end of a plan year like most FSAs. This prevents wasteful “last minute” medical spending that can further injure the healthcare system.
• HSAs earn interest. Potential return depends upon the interest rate at which your investment grows, and on how much of your deposit is used to pay medical bills. Investments can be placed in savings accounts paying 1 - 4%, or in stocks, bonds, or mutual funds with higher potential returns. 
• HSAs are yours to keep. Your HSA account belongs to you, even if your employer is the one who made the contributions. If you leave your current employer, you haven’t lost your HSA.
• HSAs have the potential for significant savings. Over time, if medical expenses are low and contributions are made regularly to the HSA, the account can accumulate significant assets that can be used for health care tax free or used for retirement on a tax-deferred basis.

To learn more about Workable Solutions HSAs, visit Workable University at http://www.workableu.com/hsa. Workable University is designed to educate participants and employers so that everyone gets the most out of their benefits. Let Workable Solutions guide you through consumer-driven health plans and design a solution that is right for your company.

New rules announced today that outline the Summary of Benefits & Coverage requirements

The Department of Labor released it’s final regulations regarding the Summary of Benefits & Coverage (SBC) as required by the Affordable Care Act. It’s original deadline for compliance was delayed from March 23, 2012. It’s new effective date is September 23, 2012 or during open enrollments occurring on or after September 23, 2012.

Participants in these group health insurance plans will benefit from the explanations of coverage that are required to be written in plain speak in order to ensure that they know what it is they are buying. These rules will also make it easier for consumer to compare plans in order to make a better personal choice of health coverage.

One of the major additions to the SBC rules is the addition of a standardized plan comparison tool. This section will provide “samples of coverage” that will illustrate typical medical situations (i.e. the normal delivery of a baby or diabetes management) and what the plan will cover. These will aid consumers in comparing plans by allowing them to compare apples to apples.

This tool is in addition to the rules previously written that require a clear and brief Summary of Benefits & Coverage statement, as well as a uniform glossary of terms.

You can download the template files below:
Summary of Benefits & Coverage Template (DOC)
Summary of Benefits & Coverage Template (PDF)
Uniform Glossary of Terms (PDF)

Helping Homeless Students in Central Florida

This week marks the beginning of our quarterly food drive to benefit the homeless student population in Central Florida.

Children are one of the less talked about victims of the poor economy. Florida ranks 43rd of the 50 states in it’s homeless children population. Some of these children only get food when they are at school. We at Workable Solutions want to ensure these kids have food, even on the weekends.

Lead by a local PR firm, Kavaliro organizes local companies by request two food items per quarter. From February 1 – 15 we will be collecting cereal and pop tarts. The food will be distributed to Central Florida area schools where teachers can best discern where the food is needed. As part of the backpack program, teachers place non-parishable foods in new backpacks for needy children.

If your local company would like to participate, Kavaliro will drop off a box on a Monday and then return to pick it up on a Friday by calling 407.243.6006. They will also have a box at their East Orlando offices, located at 3504 Lake Lynda Drive, Suite 175.

Merry Christmas from Workable Solutions

As we celebrate the season, we honor our employees

Our employees were treated to food and drinks at the local seafood restaurant, McCormick and Schmick’s on Friday. We not only wanted to celebrate the Christmas season by sharing food and fellowship, but also to honor the contributions our employees have made to upholding our companies core values. We selcted an employee for each of these core values.

The Customer-Focused Award went to Sylvia Butler (right). She best demonstrates that Workable Solutions number one job is to serve our customers. Her professionalism, attitude and product knowledge is an outstanding example of being customer-focused.

The Value-Conscious Award went to Cecil West, who is focused on enhancing revenues and controlling expenses to ensure we deliver excellent value to our customers.

Joel Ferreira (left) is our Solutions-Oriented Award winner. He looks for and provides ideas and solutions that help all of us do our jobs better and more efficiently.

Credible & Reliable Award was given to Stefani Beladi for being the employee who is not only competent in their own job, but willingly lends their talents and expertise to others.

Diane Allen (right) was awarded the Partner-Success Award for solving problems before they become issues. Her efforts help our partners to be successful by providing them with excellent and accurate service.

Melissa Hose (left) was named our Rising Star. This award goes to an employee who just joined us in 2011, but who has quickly made a significant, positive impact on our operations.

Our Team Spirit Award was enthusiastically given toNilda Melendez (bottom left). She was voted by her co-workers as the employee who best demonstrates the spirit of teamwork .

And the ultimate award, Superstar of the Year, was given to Jessica Bates (right). She made such significant contributions to Workable Solutions in 2011 that she earned the distinction of being our ‘superstar” employee of the year.