WORK SITE PRODUCTS:
MINI MED
Employees cannot afford 25% to 50% of their weekly earnings for major medical and then pay for deductibles and co-insurance. No news flash there. What they can afford is a limited medical expense policy and only then if it will take care of the basics.
1) PPO Reduces the gross costs of Doctors and Hospitals.
2) Prescription drug card
3) All ages pass 65 if employed
4) Claims payment to employee or assign
5) Critical illness benefit
6) Can be put under a 125 plan
7) Can be written on spouse and children only
8) Tax Free
9) No arbitration agreement, This part I like, thirty years in worksite
and never been filed on.
10) Six different costs structures with or without maternity.
11) Groups of two or more
12) Step rated or composite
13) Guarantee issue with a few minor restrictions.
Starting at $14.00 a week
CRITICAL ILLNESS INSURANCE
Pays Lump Sum Upon Diagnosis of Cancer, Heart attack or Stroke.
1) Pays Multiple and Recurrence Benefits.
2) Great complement to other health plans.
3) Does not cease at older ages.
4) Plan is available for individuals as well as groups.
5) Amounts of $5,000 to $50,000
| Male, NTU, AGE 39 | Female, NTU, AGE 54 | |
| $20,000 Initial Benefit | $15,000 Initial Benefit | |
| $7.90 / Month | $19.85 / Month |
ARE YOU AWARE THAT PROFIT SHARING PLANS NOW HAVE NEW RULES?
If you have or wish to have a Profit Sharing Plan for your firm, you owe it to yourself to become familiar with the concept called a NEW COMPARABILITY Profit Sharing Plan. Consider the example below for 2012. Which plan has more appeal to you?
| Age | Salary | Traditional Profit Sharing Allocation | % of Salary | New Comp-arability Profit Sharing Allocation | % of Salary | |
| Owner | 60 | $200,000 | $30,000 | 15% | $50,000 | 25% |
| Employee | 33 | $47,000 | $7,250 | 15% | $2,350 | 5% |
| Employee | 34 | $48,000 | $7,200 | 15% | $2,400 | 5% |
| Employee | 54 | $39,000 | $5,850 | 15% | $1,900 | 5% |
| Employee | 42 | $37,000 | $5,550 | 15% | $1,850 | 5% |
| Employee | 43 | $29,000 | $4,350 | 15% | $1,450 | 5% |
| $400,000 | $60,000 | $60,000 | ||||
| Owners Share | 50% | 83% | ||||