Finance Dos and Don'ts for Elders in Assisted Living

Many seniors have a hard time managing their finances with assisted living because few people prepare for this lifestyle. Not only that, but only a small percentage of people have enough money for an easy retirement. At the same time, there are some things that you can do to make your money last as long as possible. Here are some things to consider about your finances if you have assisted living arrangements.

Consult a Financial Expert

Now is the time to consult a financial expert. He or she will be able to create an effective budget that ensures that you have enough money for all of the essentials. The expert will also be able to properly invest your money so that it grows, which gives you more to work with. While you can make a budget without a financial expert, he or she will be able to consider many factors that you may not think about.

Don’t Assume

You can’t assume when it comes to money. Some elderly patients assume that their assisted living care won’t become more expensive, but then something happens and they have to pay for additional medication or care. Assuming can lead to mismanaged finances. You might even run out of money years ahead of time.

Make sure that all of your numbers are correct and leave a cushion so that you can pay for additional financial burdens.

Keep Extra Money

Aside from leaving a cushion, you should also leave some extra money around as a rainy-day fund. This should be enough to cover your expenses for at least six months, but having more is also a good idea. If your investments go awry or if there are any other problems, then you can take some of this money to pay for the essentials.

Many experts say that you should have at least $12,000 set aside for each adult.

Don’t Overspend

Assisted living can be boring sometimes. It’s hard to go outside and there are few things that you can do. This leads some seniors to spend money on things to keep the boredom away. While there’s nothing wrong with buying one or two things every now and then, major overspending can kill your budget.

Do whatever you can to stay within your budget. Going a little over once or twice may not be terrible, but it can hurt your finances if this happens continuously.

Ask for Help

If you need help, then ask for it. Chances are that you have friends and family that are willing to help if you need it. While many seniors have a sense of pride about finances, sometimes it’s better to just ask for money. This doesn’t mean that you should make a habit of it, but ask your family for money if you really can’t afford something that you need.

If you show that you really need help, then your family should have no problem giving you some money.

Don’t Pay Out of Pocket

You should have some type of insurance or protection that can help you pay for certain things. For example, there are many policies that can decrease your medication costs by a significant margin. Check your insurance policies to see if you can save any money on your assisted living and other medical costs.

You might be able to save hundreds of dollars a month by just going through your insurance paperwork.

Pay Expensive Debts

If you have any expensive debts, then you might want to consider paying for them right now. Many of these debts have high interest rates that will increase how much you pay over the life of the debt. For example, you might save hundreds or thousands of dollars by paying the entire debt right now.

Go over your debts and see if you can save any money by paying them right now. This isn’t always viable, but it can be useful.

Conclusion
Paying for assisted living can be difficult financially, but many seniors are able to pay for it and maintain their lifestyle at the same time. You just need to make the right financial moves to keep yourself afloat and keep your senior housing options open. If you do this, then you shouldn’t run out of the money.

Learn How Little Ways Can Be Used As Techniques in Saving Money

Saving money does not always have to involve a bank account. You can stow away some dough through little ways you can do without necessarily making an all-out effort. 

Here are seven easy ways to help you save: 

1) Get a piggy bank. This may sound childish, but in fact, it is not. The piggy bank is actually a good device to use for saving. One good way is to have a number of coin banks at hand. Then you label each one for a certain item you want to have. In this way, not only will you get what you want but also keep away from any untimely purchases. 

2) Use cash cards. Yes, these are usually neglected over credit cards, but these work better. Not only do you purchase freely without interest, you also get something in return. This could be in the form of points for every purchase, or better yet discounts on your next purchase. Now who wouldn’t want that? 

3) Clip coupons. No, not the obsessive coupon clipping you see on reality shows. You can find these in some magazines and newspapers which typically indicate discounts on a certain item for a period of time. Cut only the ones you are sure to use.Since other cutouts will likely end up as clutter if not yet used. Be sure to take note of the dates on the coupons too. 

4) Save energy. I know we have all heard this a thousand times, but only a few realize why. By saving energy, we not only help Mother Earth but our pockets as well. For example, using a cup when brushing your teeth or ironing your clothes all at the same time. These are little ways on how you can conserve energy with almost no effort at all. 

5) Cook meals. Yes, cook your own meals. While eating out may save your energy, it will definitely cost you more money. Preparing your own meals might be unpractical, especially when you are continually pressed for time. However it may be the less expensive and healthier as well. Cooking doesn’t have to be tiresome either. Eat a salad or grill meat; these are inexpensive ways to fill your stomach but not empty your pocket too. 

6) Shop wisely. Do you know the expensive brands are placed at eye-level shelves in most groceries? Why not shift your sight lower and spot the same item at a lesser price, and maybe the same quality. Cheaper price doesn’t always mean cheaper quality either. 

7) Make a monthly budget. I know you’ve probably seen this tip a million times and it may even sound cliché but it really works. Rather than make a weekly budget, make a monthly plan. This tends to be more flexible to unexpected events, like sickness or emergencies, and more. 

Always remember that saving money is not difficult. Little ways when done daily and paired with discipline and prudence, will surely give you a more comfortable and happy life. 

Victoria Anderson is a finance writer for Guarantor Loans Direct. She loves covering business topics and finance related stuff. She is fond of web development and wed design. You can find Victoria Anderson on Google +.

The Financial and Emotional Benefits of Vocational Rehab

The unemployment rate in America has been tragically high for the past few years, but the unemployment rate for people with disabilities is much higher. Midway through 2013, over 13 percent of disabled people are without work - and those are only the ones who are actively looking. 

According to the Wall Street Journal, a surprising 8 out of 10 disabled people aren't in the labor force at all. In order to combat these statistics, every state has a public vocational rehabilitation agency. These agencies employ vocational rehab counselors who help veterans and other clients struggling with physical and mental conditions identify their career goals and personal skills and then identify the support they need for employment. While many disabled people might not consider themselves candidates for work, VR counselors can open doors to greater financial and emotional security.

1. Developing your IPE

Anyone who is receiving Social Security Disability is eligible for VR services unless they are too profoundly disabled to benefit from them. And even if you're not on Disability, any condition which presents an obvious barrier to employment can qualify you for VR. When you are assigned a counselor, their job is to work with you to formulate an IPE - Individual Plan for Employment. 

Vocational rehab is not about just sticking you in the first job you can get. It's about discussing your interests and skills and finding out what you'd most like to do, then carving out a path for you to work in that industry. This can involve assessing the most basic needs, such as transportation to and from work or an interpreter for deaf clients. And it can also involve major needs like college classes, training, and actual placement assistance. 

Often, your VR counselor will refer you to other organizations or resources. They may send clients to a community rehabilitation provider, which can provide more extensive services and update the counselor on your progress.

2. After You Find Employment

Most people don't realize that VR services continue even after you have found a job. Support and counseling is available for at least 90 days following placement, and your services can continue for up to three years after your case is closed. 

Disabled clients often go to work and find they need a period of adjustment to the facilities, or that the tools they need to do the job aren't always available. VR counselors can be your advocate, making sure the company is accommodating you and you will be able to keep your job once you've found it. 

According to NPR, the federal government pays more for disabled workers than for food stamps and welfare combined. With an increased number of elderly and diseased workers in this country, you will find your ability and drive to succeed in the workplace will be applauded, and the services you need will be provided at little or no cost.

3. Why Work is Important

Many disabled people are afraid to reach out for VR benefits because they're intimidated by the prospect of employment. But the psychological benefits of work are numerous, especially for those who have already felt isolated by their condition. 

The self-worth that comes with employment has been proven to stave off depression, substance abuse, and other mental health issues. While over 17 million Americans suffer from depression every year, the risk is up to 10 times larger for people with disabilities and chronic illnesses. 

Feelings of hopelessness and frustration, as well as a lack of interest in activities or daily life, can be associated with the increased challenges a disabled individual faces. That's why helping them find employment, especially in a field they enjoy and feel passionately about, can make all the difference to their quality of life. Plus, being able to financially support yourself is a huge boost to your well-being and mental state.

The services available from Vocational Rehab counselors are extensive, and you should never assume you don't qualify. Every American should be able to pursue their goals and live their dreams, no matter what physical or mental barrier is standing in their way. VR can be the first step to overcoming your fear and taking back your life.

Brett Harris supports his local vocational rehabilitation center by volunteering his time to help the counselors. If counseling interests you as a career, check out the Top Online Masters in Counseling Programs offered by several schools.

Don't Throw a Retired Retirement Party! Make That Last Bash Count

In years past, retirement parties were solemn affairs held to acknowledge the end of a career and to commemorate years of loyal service. Today's active retirees, however, are far more likely to view their retirement as a beginning rather than an ending, and may feel that it is the outdated ideas about retirement parties that need to be retired, not them. Make that last bash for a faithful employee a resounding success with a festive celebration that recognizes that the retiree is about to embark on new and exciting adventures. 

Planning and Preparation

Before any party preparation can begin, you'll need to establish a budget, finalize the guest list, and choose a date and venue for the event. Make sure that the invitation list includes the most important people in the retiree's life, including lifelong friends, as well as family. Today's smart phone applications make it easy to keep all the details involved in party planning organized. A dedicated binder to hold items like itineraries, vendor brochures and guest lists offers a low-tech alternative.

Choose a Theme

For a fun and laid-back party, start by choosing a theme that will reflect the retiree's unique personality. Enlist help from the family and friends to find out about personal interests and hobbies that can inspire the ideal theme. Golfing, gardening, and travel themes are all popular choices. Choosing a theme is a simple way to coordinate all the aspects of party throwing, from the invitations and decorations to the choices for food and beverages.

The Perfect Soundtrack

Parties need an infusion of energy and dynamism to keep the action rolling, and nothing impacts a party's atmosphere quite like live music. A live band will keep the party-goers up and moving, but be careful to select a band from sonicbids that will play music that everyone can enjoy. When you have an atmosphere everyone can enjoy, it can help ensure the whole affair is memorable and fun.

The Party Program

No retirement party is complete without a few toasts, speeches, and gifts for the honoree but avoid bringing the festivities to a screeching halt with a stuffy award ceremony. Instead of allowing each guest to make a speech, consider hiring a videographer that can mingle among the crowd and record individual comments. Create a banner where attendees can write personal notes and congratulations throughout the evening is another great idea.

Retirement is no longer viewed as an end of a purposeful life, but as a chance to discover new adventures and opportunities. Plan for the event as if it's a bon voyage bash rather than a retirement party, and you'll increase the likelihood that the festivity is enjoyable for everyone involved.

New Health Care Law Will Change Employee Wellness Programs

In an era of rising health care costs, many employers are turning to employee wellness programs to keep their workers healthy and to keep health insurance coverage costs down. According to the National Compensation Survey conducted by the U.S. Bureau of Labor Statistics, more than half of all employees have access to some sort of wellness program benefit; programs range from discounts at local fitness facilities and educational programs to comprehensive, closely-monitored programs designed to help employees better manage chronic conditions like diabetes or make significant lifestyle changes such as quitting smoking. In exchange for undergoing screenings and meeting other goals, employees also often receive discounts on their health care coverage premiums.

While employee wellness programs are popular, some experts question their value. Because participation is voluntary and companies are prohibited by law from discriminating against employees on the basis of health screening results and their participation in wellness programs, experts point out that employees may be less than truthful (“I quit smoking!” “I go to the gym four times a week!”) to qualify for the discounts, and that the result is often higher costs to employers with few measurable benefits. However, federal lawmakers disagree with the notion that the programs are not effective — to the point that significant provisions for employee wellness programs were included in the Patient Protection and Affordable Care Act passed in 2010.

Health Insurance Discounts

One of the primary reasons that employees opt to participate in their employers’ wellness programs is that participation often translates to discounts on health insurance premiums. With the cost of coverage going up every year, especially when an employee is paying for coverage for the whole family, voluntarily participating in the employee wellness program and agreeing to engage in healthy behaviors usually means at least a small break on the cost of health insurance.

However, businesses are limited as to how much of a discount they can offer. Under federal law, the maximum discount for signing up for an employee wellness benefit is 20 percent. Employers recoup those costs in the form of fewer health care claims and an overall lower cost for their organization, as insurance carriers give their best rates to their healthiest customers.

Realizing that the bigger the incentive, the greater the participation, the government is increasing the maximum insurance discount to 30 percent for employee wellness participants, with the potential for discounts to reach 50 percent if the program is designed to help people stop smoking. At the same time, the law also allows employers to levy penalties of up to 30 percent of the cost of health coverage should employee participants fail to meet the specific health standards established by the insurer, or for engaging in unhealthy behaviors like smoking. The law does account for employees who cannot participate in wellness programs for documented reasons by allowing them to meet different health standards or participate in alternative programs.

Grants for Wellness Programs

While the majority of larger employers — those with more than 100 employees — offer some type of employee wellness program, many smaller businesses cannot afford the costs associated with managing such a program (on average, about $150 per employee per year). The PPACA aims to help smaller employers develop wellness programs by establishing a $200 million grant program designed to pay for the costs associated with employee wellness. Employers with fewer than 100 employees implementing programs that meet certain criteria (for example, making efforts to improve employee engagement and create a healthy environment) can apply for the funding. These grants will not only improve the availability of employee wellness programs, but the money will create opportunities for public health professionals, as most small businesses do not have the resources to maintain a wellness specialist on staff. (Click here for additional resources on online MPH degree programs and opportunities in the public health field). 

CDC Support

In addition to increased funding, employers can expect additional support from the Centers for Disease Control and Prevention in their efforts to get employees healthy. Under the Affordable Health Care Act, employers of all sizes will have access to the CDC’s tools to analyze, evaluate and measure their wellness efforts. These tools will help employers more effectively manage their programs and maximize their cost savings.

The PPACA will completely change the face of health care in the U.S., including the way employers manage their employee wellness programs. Programs will vary by employer, but expect to see a great deal more attention paid to these popular employee benefits.


About the Author: After earning a master’s in public health, Lara Mack went on to serve as the director of employee wellness for a large financial services provider.

3 Strategies for Affordable Travel in Your Golden Years

After decades of the long grind, you’ve retired and finally have the time to travel the world and do things you’ve always dreamed about but couldn’t do on a working schedule. As liberating as this realization may feel, it can come as both a shock and disappointment when we have the time but lack the finances to start marking off our bucket lists. 

However, keeping a few tips in mind, one shouldn’t need to sacrifice all of their retirement plans due to limited finances by keeping a few bits of advice in mind when planning their retirement travels:

1. Plan early and plan now

Nobody is too old to start planning for a better retirement. In order to be able to afford everything you need and desire in retirement, it’s first important to address how much you’ll need to survive. 

Folk who want to project their needs in the United States can use this retirement calculator, and others from New Zealand or Australia can find helpful financial tools at Suncorp Superannuation. These estimates can help those approaching retirement to gauge their assets and learn how much they’ll need to save to comfortably retire.

As with any sort of planning, the sooner you begin – the better. Retirement can be extremely difficult to accommodate without funds in old age, but it is possible. Many retired individuals continue to hold part-time jobs for additional income and employee benefits, which can help as health insurance premiums begin to rise drastically with age. 

It’s also important to consider the most cost-effective living situations in order to stretch your retirement fund as well as possible.

2. Book in advance (but not too far)

Life can be unpredictable, but your travels shouldn’t ever rely on chance or spontaneous decisions. Booking any flights you require and hotels that you’ll need to stay at least a month in advance is necessary. 

This can give you time to account for the costs of dining, travel, and other expenses you might incur while abroad. Those who scope out tickets during slumps of airline traffic can end up paying half or less for their travel fare.



However, take care to not plan too far in advance, since the personal illness, inclement weather, delayed flights, events in the family, and other issues can punch a hole through an otherwise immaculate travel plan and cause you to waste money. Tickets are almost always nonrefundable except for limited circumstances. 

When you finally have your destination chosen you should start a checklist of what you need to pack. Get out your luggage and check for damage and proper function of the latch components. Also important is your carryons, you want to have the best carryon luggage, you don't want to find out your luggage should have been updated when your already many miles from home.

When browsing, seek times between holiday seasons since travel prices go down drastically all around during periods of low traffic. Last-minute plane tickets alone can waste hundreds of dollars, and scoping these prices far in advance can reduce the likelihood of being gouged.

3. Choose thriftier destinations

While choosing destinations like Paris, London, Tokyo or Sydney might be on the top of your list for travel destinations, these options are frequently far more expensive than other options. 

Even worse, they’re often littered with tourist traps and opportunistic crooks. Choosing the road less oft traveled when choosing your travel destination can make a trip cheaper, safer, and more culturally authentic.

It’s worthwhile keeping up with current events to determine when the right time to start buying tickets. Depending on how a country’s currency is holding up, conversion rates may favor your dollar much more strongly than usual. 

This means that your dollar will hold stronger when buying tickets and on any other expenses while abroad. According to CNN Travel in 2012, tourists enjoyed vacations to Mexico, Egypt, and Greece at record low prices due to the fluctuating value of their currencies.

While affording your dream vacation might be difficult when your retirement fund needs to be stretched, managing your expectations and being smart with fiscal planning can result in your golden years is the most adventurous of your life.

Taking Vast Strides with an Offshore Umbrella Company

Making your way in the self-employment arena is a huge step that one could ever possibly take for them. This step literally makes one lose the office job security feel and can give a sense of no fullback or support.

People are now realizing the cold truth that this safety net was more like an illusion. This illusion like another social condition is fast to fade. But still one must realize that the self-employment world makes you entirely responsible for the financial days ahead. Such decisions are need a brave mind and sound one as well.

But if one does take time out to plan out the situation, things can seem to be a whole lot easier. Butterflies in the stomach are natural and are something that only go away once you face the situation head on. When you are making a plan for signing up for an onshore or offshore umbrella company, you need invest more time into the details. Making them your employer, even though you want to work on your own requires a closer look.

Offshore Umbrella company benefits

There are so many big advantages which come to mind regarding umbrella companies.

1. Umbrella companies keep your salaries away from corporate tax and instead subject them to independent contractor rates.
2. As a temporary worker, one enjoys a certain level of privacy.
3. There protection from any kind of liability. All worries can be left at back of your mind with umbrella companies.
4. You will get inside information form their professional for which umbrella service is tailor made for you.

These are just a few of the actual benefits that one enjoys when signing up with an umbrella company.

So why should one use the help of an offshore umbrella company?

It is possible for one to look into signing up with a umbrella company which is offshore than one which is in your own country. These offshore umbrella companies offer some valid reasons for dealing with them rather than your native ones. With offshore umbrella companies one gets to enjoy 100% identity protection. The second reason would be taxes. You won’t have to pay so much tax if you have signed up for an umbrella offshore company.

Many people try to set up their own umbrella service company for business but it is a whole lot easier to seek the help of an offshore company which is already established. These companies are quick to act and have simple workflow processes which are easy for common people to understand. In short, dealing with an offshore umbrella service company is much easier than bringing your own to existence.

So why should one resort to an offshore umbrella company?

You don’t want to take a jump into quicksand without thinking about all the pitfalls, do you? Nobody does. This is primarily why such decisions regarding an offshore umbrella company require due consideration and a good sit down. Thinking hats on folks! This decision is going to affect your financial days ahead and as of now is probably isn’t the most traditional way of leveraging. If you must, get professional advice. They will guide to choosing the right offshore umbrella company and will give you good inside information about how things work there. The professional advice will come in handy in making a good selection.

Always make sure that you pick an offshore umbrella company which has a good reputation in the Industry

Many people affiliate themselves with an offshore umbrella company just because their advertising was so good. One would be shocked to know how many people actually do that. One doesn’t need to be told this, but only good can come when you are linking yourself to an umbrella company that is well spoken about. Dealing with an umbrella company that has managed a good reputation over the years is the need of the hour.

Before taking the plunge, make sure that you do your homework and work to find facts and figures before signing ontoan offshore umbrella company. Make the most of the Internet and be as diligent as possible to ensure you are dealing with the right kind of people. This tactic is going to help you increase your savings and will reduce all liabilities that you are usually responsible for. It is important as a customer that you enjoy the full benefits of privacy which you wouldn’t be able to get otherwise. Choosing an offshore umbrella company requires a lot of research and is a decision that must be taken with utmost seriousness.

Credit Card Processing from A-Z

Credit card processing does not have to be difficult when using the North American Bancard. 

The North American Bancard is a tool to help small and large businesses alike. The card issued by North American helps entrepreneurs with transactions, credit billing, and any other payment method that comes before them.

The credit card processing the comes from North American Bancard is known mainly for the non-fee to cancel at any moment of the cardholder's choice. 

This mean is business is not going well then you can call and have your card terminated at no cost to the business in which the card name is in. North American Bancard is also known for the low interest rate that it comes with. 

The interest rate is not even fifty percent, and this interest rate is even lower when payments are being processed.

Another great function when engaging in credit card processing through North American Bancard is that there are no costs to start up your card and there are no hidden fees. 

Everything is spelled out for you when you sign up, and North American makes sure their customers are always happy all of the time.

North American Bancard is also known for the free credit card machine that comes with the month to month plan. The credit card machine is free of charge; it must be returned if the account is ever cancelled and absolutely no charges apply. 

There is also a small credit card machine that is made for smart phones; in some packages this machine is also free, and you can swipe a person's card right through your phone anywhere in the world. 

The Important Things to Include in Your Will

Have you thought about writing your Will yet? You might not want to think about it, because the thought that you will one day pass away is not a pleasant one to dwell on. However, anything can happen and having a Will is important to ensure that your estate is dealt with the way you would like it to be. 

A Will is the most important part of your estate plan and it will outline the way that you would like your assets to be divided when you pass away. This document will also identify your executor or personal representative who will be responsible for managing your estate and wrapping up your affairs. If you die without a Will, your relatives and dependents could have a big mess on their hands. The government will be able to decide what happens to your assets and they might not go to whom you would choose. 

What Should a Will Include?

So what sort of information should a Will actually include? First of all, you should make a complete and comprehensive inventory of all your financial assets including your credit cards, bank accounts, retirement funds, investments, real estate and much more. It is only when you understand exactly what you have that you will be able to divide it accurately. You can then explain which family members, friends and charities you would like to receive your assets.

Your will should also have information about who you would like to appoint as your executor. This is the person who will be responsible for dividing up your estate and conducting your affairs. It is a good idea to choose a backup executor in case your first choice dies before you or cannot perform their duties for whatever reason. Usually the executor is a trusted family member, friend or solicitor.

If you have children that are under the age of 18, your Will must also include information about who you would like to become the legal guardian of these children. Think about whom in your family and friends would be the best caregiver for your children and talk to them about whether they would be willing to take on the responsibility. You should also talk to your children about the choice to make sure that they are happy with who you have chosen.

These are just a few of the important details that your Will should include, of course yours Will be unique to your situation and might include other aspects. 

Taylor Brunswick Can Offer Will Planning Advice

If you are planning your Hong Kong Will, Taylor Brunswick can help you by offering you personal insurance that will put your mind at ease. They have years of experience with Will planning and they will be able to get to know your situation and provide you with advice that suits your particular needs.

Writing your Will can be quite confusing and overwhelming, but you don’t have to face it on your own. Enlist the help of these experienced and dedicated financial advisers to ensure that you have created the perfect Will for your needs.

How To Reduce The Cost of Car Insurance

While car insurance is a necessity, it can often be an expensive one. It is important to shop around for different car insurance companies to choose the one that best suits your needs. There are many ways to save on car insurance and reduce your rates and premiums. This article will discuss several ways in which you can help to reduce the cost of your car insurance. 

Once you have gained more knowledge on how you can save and the possible available discounts that are out there, you can choose the insurance company that works for you. Keep in mind that all insurance companies do not always offer the same discounts or offers so researching the discounts available at each company are your best bet. That way, based on the information below, you can choose which discounts or savings you would qualify for, and then choose the company that offers those discounts.

Multiple Policies

One way to reduce the cost of car insurance is to combine policies. You can save money on your plans if you insure all of your vehicles on one policy, including recreational vehicles, trailers, etc. Your car insurance premium may also decrease if you also purchase life insurance or home/renters insurance from your car insurance company as well. Car insurance companies are more willing to be flexible when you are purchasing multiple policies.

Drive a safe vehicle

Another way to save money on your car insurance is to drive a car that has high safety ratings, or is considered a low profile car. A low profile car is not prone to being stolen or vandalized. Choosing a safe or low profile car will allow your rates to be lower because your car is considered lower risk.

Limit your coverage

Passing on coverage you might not need is a great way to lower your car insurance rates. For example, you should consider dropping collision or comprehensive coverage on lower valued or older cars, because the amount of the deductible might exceed the value of the car itself. Keep in mind what type of coverage you will need or each vehicle, and choose your policies wisely so that you will save the most amount of money.

Student/Military/Other Discounts

Many insurance providers offer discounts to student or military servicemen and women. Also, some insurance companies also offer discounts through places of employment. It is always a good idea to ask about these special discounts when signing up for a new insurance policy. Student discounts often apply when the student is enrolled or completed a driver’s education training course.

Safe Driving Discounts

Another great way to reduce the cost of your car insurance is to be a safe driver. Many insurance companies offer reduced rates for drivers who go long periods of time without any accidents or claims made on their insurance. So while you should always drive safe, it is an added benefit that insurance companies honor individuals who stay safe on the roads by lowering their rates.


About the AuthorAshley Parker is a car insurance representative and often recommends considering purchasing liability auto insurance.

How the Affordable Care Act Could Affect Small-Business Taxes

Small-business taxes are about to become significantly more complicated thanks to the Patient Protection and Affordable Care Act (PPACA). Understanding and planning for these changes now instead of later will give your small business a competitive edge in the coming tax years. 

Because of PPACA, small-business owners need qualified accountants more than ever before. If a career in accounting interests you, then now is a good time to find out more about available online graduate tax programs. The IRS has a good resource center for more in-depth exploration, but it's no replacement for a qualified accountant.

The PPACA Contains No Mandate for Small Businesses

All small businesses with fewer than 50 employees are exempt from any employer responsibility requirements. They can take advantage of tax credits and health insurance exchanges if they want to offer coverage.

Starting in 2015, businesses with over 50 employees that either do not offer coverage or do not offer “affordable” coverage will have to pay a fine.

· In businesses with more than 50 workers, the employee's share of the premium for his or her own policy should cost no more than 9.5 percent of his or her wages. If the employee's share of premiums exceeds 9.5 percent of wages, then the coverage is not considered “affordable.” Businesses can offer insurance for family members, but employee contributions toward those policies are not subject to the 9.5 percent premium cap.

· Businesses with more than 50 employees that offer no health insurance will pay a $2,000 fine for each employee after the first 30. For example, if you have 53 employees, you will pay $2,000 x 23, or $46,000, if one of your employees receives a tax credit for buying insurance through an exchange.

· Businesses with more than 50 employees that do not meet the 9.5 percent requirement will also pay a penalty. These companies will pay $3,000 for every employee that purchases individual coverage through a health insurance exchange and receives either a premium tax credit or a cost-sharing reduction.

Tax Credits Small Businesses Can Get for Offering Health Insurance

Small businesses meeting the following requirements are eligible for a tax credit to offset the cost of purchasing health insurance for employees:

• Employ fewer than 25 full-time employees. Workers count as full-time if they work 30 or more hours per week. Two part-time workers is the equivalent of one full-time worker under the law. Seasonal employees can work no more than 120 days per year or else they will count as part-time workers.
• Pay average annual wages of $50,000 or less
• Contribute 50 percent of total premium cost for employees

Currently, small businesses are eligible for a tax credit of up to 35 percent of their contributions toward employee premiums. In 2014, the credit rises to 50 percent of contributions as long as insurance is purchased through state insurance exchanges. The 50 percent credit is offered for two years.

Tax Planning Issues to Talk Over With Your Accountant

When you're deciding what you want to do about offering health insurance, these are some questions that you should address with your accountant:

• How many employees should I hire? If you're near the 50-employee cutoff, then you may want to make sure that you have no more than 50 employees to avoid penalties. Also, you may want to be careful to limit your seasonal employees to 120 days. 
• Will I benefit from purchasing employee coverage from state health insurance exchanges? Combining the tax credit with potentially lower premiums from the state health insurance exchange may lower your overall costs. Alternatively, a private insurance option may be more affordable. 
• Should I offer coverage if I have more than 50 employees? Your accountant can calculate whether coverage would cost more than the penalty for not having it. You'll also need to weigh whether insurance is an important benefit for hiring and retaining employees.
• What procedures should I change? Work with your accountant to adjust your HR and payroll procedures to meet the new reporting requirements.

Finally, tell your accountant that you expect to be kept informed about changes in the health care laws. In all likelihood, the law will undergo changes and modifications as it rolls out. Working closely with your accountant to navigate the changes could save your small business a significant amount of money.

About the Author: Gary Robertson, M.A., C.P.A., provides tax planning services for small businesses.