Smoking and Your Health-Quit for good this time! article from HNI Risk Services

Health and wellness tips for your work, home, and life—

brought to you by the insurance and healthcare specialists

at HNI Risk Services.

Smoking and Your Health

Quit for good this time!

Few people would disagree that smoking is hazardous to their health, yet millions continue to take part in this unhealthy habit.

The Scary Truth
According to the American Lung Association (ALA), smoking kills an estimated 430,700 people each year, and the ALA predicts that number will continue to rise. Smoking alone is more lethal than AIDS, automobile accidents, homicides, suicides, drug overdoses and fires combined.

You Can Quit
Quitting smoking is said to be one of the most difficult things a person can undertake. However, with some thoughtful planning and a strong will, you can quit. There are several smoking-cessation tools and techniques available to help you in your quest to quit smoking, including:
· Nicotine replacement therapy
· Scheduled reduction
· Quitting “cold turkey”
· Hypnosis and acupuncture
· Prescription drugs
If you want to quit smoking for good, here are some suggestions to help you succeed:
· Make the decision to quit and stick to it!
· Choose a start date and method.
· Plan for cravings during withdrawal periods and determine your coping method(s).
· Commit to long-term use of the methods mentioned above to ensure that you will succeed.

Benefits of Quitting
Quitting smoking has many short and long-term health benefits:
After 20 minutes - Blood pressure, pulse rate and body temperature return to normal.
After 8 hours - The body starts to heal itself – the carbon monoxide level in your blood drops to normal and your oxygen level increases to normal.
After 24 hours - Your chance of heart attack decreases.
After 48 hours - Nerve endings begin to regenerate and your sense of taste and smell improve.
After 72 hours - Bronchial tubes relax, lung capacity increases, and breathing becomes easier.
After 2 weeks to 3 months - Your circulation improves, physical activity becomes easier and lung function increases up to 30 percent.
After 1 to 9 months - Coughing, sinus congestion, fatigue and shortness of breath decrease while your body’s overall energy level increases.

Did you know...?
Staying smoke-free is the most difficult part of the quitting process. You may experience cravings for months, even years, after you quit. Commit to long-term methods that will help you through your cravings. Don’t let all your hard work to go waste.After 5 years - Your chance of dying from lung cancer decreases by almost 50 percent.
For additional information and advice about how to quit smoking, see the Live Well, Work Well Quit Smoking series, Parts 1 through 4.

Your friendly neighborhood accountant,

Patrice Blankenship

847.485.8565

ChicagoBookkeepingServices@gmail.com

Click here to visit my blog

Providing General Accounting and Virtual Services

DOL, IRS Release Additional COBRA Guidance

Department of Labor, IRS Release Additional COBRA Guidance

Article from the MRA Website-click here

In response to the federal American Recovery and Reinvestment Act (ARRA) of 2009, the federal Department of Labor (DOL) released additional guidance on the new model notices that employers can use to comply with ARRA's premium assistance requirements under the federal Consolidated Omnibus Budget Reconciliation Act (COBRA). In addition, the federal Internal Revenue Service released ARRA COBRA guidance that specifically addresses issues related to involuntary termination of ARRA assistance eligible individuals.

On March 19, 2009, the DOL released four model COBRA notices of subsidized health care coverage under the Consolidated Omnibus Budget Reconciliation Act. The batch of notices included two versions of a general notice (full and abbreviated), an alternative notice, and a notice in connection with extended election periods. On April 2, 2009, the DOL released expanded guidance in the form of frequently asked questions on the model notices. The expanded FAQs address who should receive or send which particular notices, in addition to other questions.

Background: The American Recovery and Reinvestment Act (Pub. L. No. 111-5) included a COBRA provision that authorized a 65 percent federal subsidy for continuing health care coverage under COBRA for employees who were involuntarily terminated between September 1, 2008, and December 31, 2009.

The law allows those claiming the subsidy, known as assistance eligible individuals (AEIs), to pay only 35 percent of the full COBRA premiums under their plans for up to nine months. The employer or other responsible entity, such as the health plan issuer, may recover the remaining 65 percent of the premium by taking the subsidy amount as a credit on its quarterly employment tax return.

ARRA also mandated the department to issue the model notices within two months of the law's passage, that is, two months after February 17.
The department said plans subject to the federal COBRA provisions must send the full version of the general notice to individuals meeting all the following criteria:
Qualified beneficiaries (not just covered employees);
Individuals who experienced a qualifying event at any time from September 1, 2008, through December 31, 2009, regardless of the type of qualifying event; and
Individuals who have not yet been provided an election notice, or who were provided an election notice, or who were provided an election notice on or after February 17, 2009, that did not include the additional information required by ARRA.

Expanded GuidanceThe FAQs clarify that a qualified beneficiary whose qualifying event was divorce, aging out of dependent coverage, or voluntary termination of employment, would still be entitled to the general notice. AEIs get the same general notice, but they are only the individuals eligible for the COBRA subsidy.

The abbreviated general notice contains the same information as the full general notice regarding the availability of the premium reduction and other rights under ARRA, the department said. However, the abbreviated version does not include COBRA coverage election information and may be sent in lieu of the full version to individuals who:
Experienced a qualifying event on or after September 1, 2008,
Already elected COBRA coverage, and
Currently have COBRA coverage.

The Labor Department said states may determine separate continuation coverage requirements for health insurance issuers. Health insurance issuers that provide group health insurance coverage comparable to COBRA should send the alternative notice to individuals covered by state-mandated continuation coverage laws (including mini-COBRA laws). Continuation coverage requirements vary among states, the department said. Therefore, issuers should conform these notices to applicable state law, it added.

ARRA gave “second chance” rights to AEIs who were involuntarily terminated after September 1, 2008, and either did not elect COBRA or may already have dropped out of COBRA coverage because of a failure to pay their premiums. The window for second chance individuals to elect coverage under COBRA runs for 60 days after receipt of notification regarding the second-chance opportunity.

The FAQs are available-click here
Model notices are available-click here

IRS Releases Guidance on Premium Assistance and Definition of Involuntary TerminationThe Internal Revenue Service March 31, 2009, released Notice 2009-27 providing guidance in question-and-answer form on the premium subsidy available for continued health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986.

The notice stated that the amount of any premium reduction is excluded from an individual's gross income under tax code Section 139C, which was added by ARRA. For purposes of determining the gross income of the employer and any welfare benefit plan of which the group health plan is a part, the amount of the premium reduction is intended to be treated as an employee contribution to the group health plan, the notice said.

IRS said that under ARRA the “person to whom premiums are payable” is based on the nature of the plan and which COBRA continuation coverage provisions apply. For example, in the case of a group health plan that is a multiemployer plan, the multiemployer plan is allowed a credit against its payroll tax liabilities as reimbursement for the 65 percent of the premium that is not paid by the assistance eligible individual.

Where a group health plan is subject to COBRA requirements or the temporary continuation coverage requirements under the Federal Employees Health Benefit Plan, or a group health plan under which some or all of the coverage is not provided by insurance, the employer is entitled to the credit.

For any other group health plan subject to ARRA—generally, fully insured coverage subject to state continuation coverage requirements—the insurer providing coverage under the group health plan is allowed the credit, according to the notice.

The notice provides 58 questions and answers, divided into the broad topics the IRS has addressed in dealing with the COBRA subsidy.

For example, the notice stated that an involuntary termination includes an employer's failure to renew a contract at the time the contract expires, if the employee was willing and able to execute a new contract providing terms and conditions similar to those in the expiring contract and to continue providing the services.

In addition, an employee-initiated termination from employment constitutes an involuntary termination if the termination was due to employer action that caused a material negative change in the employment relationship for the employee.

Notice 2009-27 is available-Click here to read

Your friendly neighborhood accountant,

Patrice Blankenship

847.485.8565

ChicagoBookkeepingServices@gmail.com

www.ChicagoBookkeepingDataServices.blogspot.com

Office Expo 2009-Chicago, IL April 17 2009

Office Expo 09

When: Friday, April 17, 2009

8:00 AM - 4:30PM Event Agenda

Where: Doubletree Hotel 1909 Spring Road

Oak Book, IL 60523

Call 630.590.6572

Cost: Retail - $245.00

Special - $150.00 With Promo Code MRA321

Click Here to Register! or contact Chris Voss at 630.590.6572

Office Expo 2009

Different Suites for Different Tastes

With the enormous power and flexibility of the Microsoft Office System, companies can streamline productivity and eliminate many business challenges. Join Directions as we kick off our 2009 Office Expo.

The mission of the Expo is to offer clients a day of comprehensive skill building and quality training and effectively communicate the game changing potential and capabilities of the Microsoft Office system.

What to Expect

Choose from 20 engaging training seminars targeted towards: Business Owners Project Managers Administrative Professionals Accounting Professionals Sales Professionals Business Analysts All seminars will be held on one high powered, learning packed day.

There are a limited number of seats for this event so register today to secure your spot!

Your friendly neighborhood accountant,

Patrice Blankenship

847.485.8565

Chicagobookkeepingservices@gmail.com

COBRA Subsidy Update for Employers, according to Barack Obama's New Plan

COBRA Subsidy Update for Employers, according to Barack Obama's New Plan

Background: Click here to visit the U.S Department of Labor's Website

COBRA gives workers who lose their jobs, and thus their health benefits, the right to purchase group health coverage provided by the plan under certain circumstances. If the employer continues to offer a group health plan, the employee and his/her family can retain their group health coverage for up to 18 months by paying group rates. The COBRA premium may be higher than what the individual was paying while employed but generally the cost is lower than that for private, individual health insurance coverage. The plan administrator must notify affected employees of their right to elect COBRA. The employee and his/her family each have 60 days to elect the COBRA coverage, otherwise they lose all rights to COBRA benefits.

Note: COBRA generally does not apply to plans sponsored by employers with less than 20 employees. Many States have similar requirements for small plans providing benefits through an insurance company. The premium reduction is available for plans covered by these State laws.

During my one hour webinar, I found that employers should be abreast on the most current information for this NEW employee Cobra benefit.
Key points:
1. Employers now have to offer any terminated employees, ((employees terminated as of September 2008 and forward (excluding certain provisions)) starting March 1, 2009, the NEW Cobra Subsidy program offerred by President Barack Obama. This benefit requires employers to continue paying 65% of the medical benefits of terminated employees for an extended period of time before their Cobra benefits actually start.
2. If an employee voluntarily leaves the company, they are NOT eligible for this benefit. Also, if an employee has a dependent who reaches the age of 19 and is included on their health insurance plan, they are also NOT eligible for this benefit, but still needs to be offerred the Cobra.
3. If an employee is unwillingly terminated (excluding certain provisions) they ARE eligible to receive this benefit and must be given the proper forms to complete.

Click here, to visit HNI's website for more information and webinars on this subject.

Your Friendly Neighborhood Accountant,
Patrice Blankenship
847-485-8565
Chicagobookkeepingservices@gmail.com
Visit my blog: http://www.chicagobookkeepingdataservices.blogspot.com