Payroll for your Business

For your business.

Payroll. Most likely, someone in your business receives a paycheck. Even if you have 100+ employees or it’s just you, have you stopped to consider if you are at risk of having the IRS knock on your door? Sure it’s cheaper to do payroll yourself but if it’s not your expertise, it may make more sens to outsource it. Much like most of us don’t do our own business websites (unless that’s your business), we outsource it to someone who is going to do it right. Mullineaux Financial Services is a big advocate of outsourcing payroll. Not only does it make sure the taxes are being taken care of, but now the liability of filing correctly is on someone else. Also the tax benefits of utilizing this type of service are key as well. Call me if you have questions and I’ll tell you my personal experience with payroll.

 

How much do insurance agents make?

I get asked often how I get paid by clients. I’m happy to explain this as I feel it builds a trusting relationship. I believe the biggest reason they ask this question is because they are not sure if they are supposed to pay me directly for my time.

 

Most insurance agents and financial representatives are commission based. This means that they only make money off of you when you buy something from them. Depending on the product, will depend on how much that agent makes. Also, the insurance company they are representing can determines how much commission they will pay that agent.

Here are some examples of what you can expect your agent to make off of the products you are buying from him or her:

• Individual health insurance: 10% of premium paid
• Life Insurance Term: 50-85%
• Life Insurance Permanent: 35-65%
• Disability Income Insurance: 50-65%
• Dental Insurance: 10%
• Group Health & Dental: 10%
• Long Term Care Insurance: 50-65%

 

Some products like Medicare or accident and cancer policies vary so much or pay a flat fee that it’s hard to track them all. Just know that if you buy your policy directly from a carrier and skip the agent part, it will still cost you the same. The above commission percentages are based on our experience and does not reflect what agents make across the country, more so it gives you an idea of how much they could stand to make.

 

 

Health Is insurance and Essential Benefits

Health care reform has lifted dollar limits on essential benefits. On September 23rd of last year, the dollar limit on the following essential benefits have been lifted:

• Ambulatory patient services
• Emergency services
• Hospitalization
• Maternity and newborn care
• Mental health and substance use disorder services, including behavioral health treatment
• Prescription drugs
• Rehabilitative and habilitative services and devices
• Laboratory services
• Preventive and wellness services and chronic disease management
• Pediatric services, including oral and vision care

Keep in mind that this does not mean that you have no dollar limit on all covered services under your policy. Because there was some vagueness in the new law, carriers are altering their plans as they choose to in some areas. It is recommended that you touch base with your agent or carrier to be sure of the services that still have dollar limits on them. When 2014 rolls around, then we should see the elimination of dollar limits on all benefits. Also, because of the lift on dollar limits on essential benefits, it’s believed that this will drive up the price of health insurance.

Health Insurance and Kids: Open Enrollment

If you are thinking of applying for an individual/family plan and include your kid’s on it, then you have until December 15th here in Utah to get an application in. After that, many insurance carriers won’t let you apply for health insurance with a child on the application until the next open enrollment period (about 6 months from now). So hurry up and get it done! www.insuranceslc.com

Coffee is healthier than you think!

I love coffee. I mean I really love it. I have it every morning until about mid afternoon. I sometimes grind my own beans and if I have time, I use my French press. So what does coffee have to do with my business? Nothing really other than the fact that I completely understand that many people think insurance and investments are boring. They’re right and unless you are a geek for it like me, it is boring.  So coffee is a way for me to steer away from my work for a moment.

So what do I drink? I like South American blends: Costa Rica, Guatemalan, etc. But I do like an Italian Roast as well. The draw back is that you can’t just go buy any Italian or Costa Rica and so on and expect it to be the same. A lot or roasters vary their method which varies the consistency so once I find a roast I like I keep going back. Why change a good thing? Don’t ask me if I like S***B****s either because I have my opinion on them as well. Oh and on another note, buy Fair Trade as much as possible because none of us should have to support big roasters making thousands of dollars off of coffee beans that they only pay $0.21 to the coffee farmers for.

To grind or not to grind? Do whatever you want, that’s like saying wine in a box is horrible when in fact some wines that come in a box are just fine. You just may not want to use the box wine and leave the box on the table during dinner service if you are a high end restaurant. As for grinding, I do both, it just depends if I’m in a hurry or not. If you do grind a lot and have not tried a French Press, I highly recommend it; you can create a fantastic brew with a French press. My newest kick is the percolator; this thing is awesome and best of all you don’t have to use a filter! I’ll never go back to those expensive, programmable pieces of junk after the percolator experience.

So is my high intake of coffee unhealthy? Coffee can’t be worse than some people’s prescriptions or lack of healthy living (see Healthy Living). Actually, studies have shown that coffee can help with preventing diabetes and other ailments. http://men.webmd.com/features/coffee-new-health-food

In my quest for staying healthy, coffee is on my side so I’ll keep drinking regardless of how many times people tell me I shouldn’t drink it while they themselves are sipping on a Diet Cola laced with artificial sweetener! Also, it’s just plain rude to tell someone that drinking coffee is unhealthy. I may just accidentally spill my hot coffee on you.