Alexita Bridgeman educates Latino families and business owners on the importance of life insurance post-COVID19

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As we’ve seen throughout COVID-19 pandemic stories, many families were not prepared for this virus. Financial devastation and unexpected deaths have left many at a great loss and has emphasized the importance of things like life insurance and financial literacy, and savings. 

Alexita Bridgeman, Statewide Insurance Solutions insurance broker agent and financial literacy education coordinator. (Photo credit from 1Click Imaging)

Alexita Bridgeman is working to help inform and educate individuals on the importance of these topics through her work as an insurance broker agent and financial literacy education coordinator. 

How Alexita found her calling helping others as a Latina insurance agent 

Alexita was born in New Jersey to Peruvian immigrant parents who settled in Pennsylvania after living in Los Angeles, California and became a single mom at an early age. To provide for her family she went to college and worked real estate part-time, selling homes. Later, she got a license for insurance with the goal to work only when the banks were open, allowing more time for her family and volunteer work in the community and local prison on the weekends.  

She first started working in the Poconos, Pennsylvania a 1.5 hour ride from NY, then when Obamacare came into effect 2010, she became an agent. 

“My obstacle at the time was not being able to clone myself. The laws had changed regarding medical insurance and it was difficult to gather all information needed. Insurance is not an easy subject in English let alone Spanish. The service was in demand but it allowed me to introduce other insurance products to protect families financially. I had to sacrifice late nights in order to have weekends with my family and do what I love.”

Now, as an agent at Statewide Insurance Solutions LLC, Alexita works to assist Spanish-speaking families and business owners through the process of enrolling in health plans and other insurance products. 

Education is power, “ignorance is expensive”

Located in the heart of Easton, Pennsylvania, Statewide Insurance Solutions is just a short walk from Philipsburg, New Jersey and historical tourist attractions like the Delaware River and Crayola Factory. With Easton being home to many South and Central Americans as well as Caribbean Latinos, the Spanish-speaking insurance agency caters to the local Latino population, offering solutions for home and business. 

Alexita hosts free classes online with no pressure to buy, just to inform and educate because “ignorance is expensive.” (Photo credit from 1Click Imaging)

During the past year of COVID-19, Alexita and her agency have worked hard to provide life insurance for families and general liability insurance for new businesses starting up from home. 

“The demand for home remodelers and general contractors rose and protection for small businesses became available. Online access for business startups such as roofing, carpentry, and landscapers has always been the center of the Spanish speaking community along with restaurants and barbershops,” says Alexita. 

“Covid and other health issues have fired up the importance of life insurance, a very “un-sexy” topic for Latinos,” she says. To combat the ignorance and stigma surrounding health insurance, Alexita hosts free classes online with no pressure to buy, just to inform and educate because “ignorance is expensive,” she says. 

You might be interested: Tips to improve your financial smarts this National Financial Literacy Month 

“Just because one does not speak English, it doesn’t mean that they are not intelligent. Middle income America, in any language, is unaware of the options that are available to protect their family and protect their business reputation. People do business with those they like and trust. In my world if both do not align that means I must work harder on myself so I can sleep and know that I gave my best!” 

life insurance

7 Ways to protect your family, business, and reputation. (Photo credit from 1Click Imaging)

“Dale con ganas,” Give it your all! 

As a Latina professional, Alexita’s strengths lie in her ability to connect, network, and educate  the Hispanic community. She has been able to leverage social media to reach others and provide educational resources to Spanish-speaking families and business owners who need them most. 

“I am a proud host of free dinner classes,  lunch and learn workshops that teach about money protection, homebuying, credit counseling and tax savings programs. When people come to me for help I feel honored that they trust me to help in their family or business goals and with protecting their financial household,” she says. 

Alexita’s advice to other Latina and minority women is: “Dale con ganas,” give it your all! 

“When you take the risk, your gifts will bless others,” says Alexita. “It will all be returned to you in one way or another. Blessings are not always monetary.”

So if you have an idea, business venture, or dream, then take the risk and go for it. Your efforts will be rewarded in time.

Adriane Medeiros shares investment planning strategies for financial empowerment and tips for success

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We are proud to introduce and welcome our newest LIB Executive Board Member, Adriane Medeiros. Adriane is a Financial Services Professional with New York Life Insurance Company and specializes in life insurance and retirement investment planning. She is a great resource to our community, offering financial tips, seminars, and one-on-one appointments in financial and investment planning.

financial planning

Adriane Medeiros, Financial Services Professional and LIB Executive Board Member (Photo courtesy Adriane Medeiros)

Originally born in Brazil, she has lived in New Jersey for over 32 years and has a degree in Business with a minor in Economics and Finances, from Kean University in New Jersey.

Transforming lives through investment planning

Adriane has always had a passion for business and finances. In the early days of her career she worked for the Latino market of an investment banking company. However, after the 2009 recession, she decided to reinvent herself and pursue a career as a Registered Financial Professional.

As a Financial Professional, she works directly with individuals and small business owners and takes great pride in getting to know her clients personally one-on-one.

“I want to hear my client’s life story. Every client has a unique set of circumstances,” says Adriane, “and my approach is to learn as much as possible about my client’s financial concerns, so I can help them achieve their goals, and even transform their lives.”

This individualized approach enables Adriane to offer customized recommendations for insurance and financial products that help her clients achieve financial peace of mind.

“The most rewarding part of my career is being able to create lifelong relationships with my clients that are based on trust, service, and integrity!” she says.

Adriane with LIB founder, Susana G. Baumann (Photo courtesy Adriane Medeiros)

Trust and integrity are especially important in a field like finances. Adriane says one of the biggest obstacles she faces in her industry is that the Latino community in general does not trust financial institutions.

“Past experiences can be the reason for this distrust, and as a Latina myself, I understand the struggles that immigrants face, especially regarding financial planning” she says. “But unfortunately, when it is passed from generation to generation, it prevents Latinos from embracing opportunities to create and transfer wealth with something as affordable as life insurance.”

Adriane has seen business owners lose a lifetime of hard work and sacrifice due to lack of information and financial planning. Witnessing these hardships within the Latino community has further motivated her to help Latinos achieve financial empowerment and break the cycles of poverty and violence that are still present in Latino communities.

“My Latino clientele is very diversified, from undocumented, non-English speaking first generation immigrants, to highly educated professionals, but regardless of their background or net worth – It is my promise to treat them with respect and integrity. We work hard, and we all deserve to be a part of the American Dream.”

Life Insurance: Protecting loved ones when we are no longer here

In communities where financial and investment planning is not always the top priority, many may not think to consider a future without them in it when making plans or investments. Few want to think about such a subject as death, but it is a reality and life insurance is one key tool and investment planning strategy many can use to ensure their loved ones are taken care of later in life.

“When premature death strikes a family, it creates a lifetime of struggles and lost opportunities that can last for generations!” says Adriane.

Through her work she has seen the life-changing impact that investment planning can have on a family especially when it comes to unexpected deaths.

investment planning

Adriane at New York Life Executive Council, 2019 (Photo courtesy Adriane Medeiros)

“I always share my experience when I delivered a life insurance check to a young woman that had suddenly lost her husband. He was self-employed, and they did not have any assets, except for their home which still had a mortgage. My client’s widow was devastated and grieving, but she was extremely thankful that the life insurance death benefit would allow her family to stay in the same house so her children would not have to move to another school system. It also enabled her to keep a comfortable lifestyle and guaranteed that she would be able to afford a college education for her children later. All of that was possible because a few years earlier her late husband purchased a life insurance policy with a premium of less than $40.00 per month!”

A life insurance investment is an investment to protect your family’s future. Adriane describes it as “a love letter that protects our loved ones when we are no longer here to protect them ourselves.”

Creating a life of abundance and financial empowerment

However, when we plan for the future we must also plan for a long, healthy life as well, which is where Adriane’s other area of expertise comes in: retirement planning. Retirement planning is another important, but often overlooked, investment planning strategy.

“As immigrants, we are so eager to work and make a living, that we sometimes forget to live, and we fail to plan for our future,” says Adriane.

Retirement planning is especially important for women who face unique challenges in retirement.

“During their working years, among other things, women (1) usually earn less than men, (2) they save less than men, (3) they are more likely to take time off to be caregivers, and (4) they live longer than men (a 65 year-old woman has a 50% chance of living to age 91).”

You might be interested: Best use of PPP and other financing strategies for Latina business owners

Adriane’s goal is to help all her clients achieve a life of abundance and financial empowerment through investment planning so that they can support their families for generations to come.

Adriane helping out with Dikaion, a non-profit organization in Brazil that she has been involved with for over 20 years (Photo courtesy of Adriane Mederios)

“I love it when I can show my clients how to enjoy their lives during their working years, but also prepare for the unexpected and plan for the future! I see each appointment as an opportunity to educate and empower. I want people to be excited and fully engaged about their own finances because knowledge really is power when it comes to money.”

7 Tips for success

There’s no doubt we all want to be successful in our professional endeavors. If you’re ready to embrace a life of abundance, financial empowerment, and go for you goals, check out Adriane’s top 7 tips for success in business below!

Adriane Medeiros

Adriane at Hispanic Heritage Month Event (Photo courtesy Adriane Medeiros)

  1. Learn about yourself, and your paradigms!  The more you know about yourself, the sooner you will get rid of paradigms and negative beliefs that are keeping you from the amazing and abundant life that you deserve!
  2. Invest in you! Make professional and personal development priorities throughout your life, and please, pay attention to your finances.
  3. Take Care of Yourself! It is important to follow all the necessary steps to success, such as preparation, discipline, perseverance, knowledge, etc., but when we face challenges (and we all do) – you must remember that YOU are the most important resource in your business. You have unlimited potential, but you need to pay close attention to the warning signs when physical and mental exhaustion are hurting you and your performance. Remember to put your oxygen mask first so you can help others.
  4. Never give up on your goal! Sometimes we must change our plans, and adjust to our circumstances, but have faith that the universe is always working in your favor if you do not give up!
  5. Be profoundly grateful! Setbacks can be devastating, and we might not be able to look on the bright side when bad things are happening, but when we are grateful for everything else that we have, and for the lessons that setbacks bring us, we are actually changing our mindset. A grateful mindset restores our faith and makes us resilient!
  6. Create a Mission that aligns with your career or business! My knowledge and experience as a financial advisor has enabled me to fulfill my mission to financially empower minorities, and transform lives.
  7. Be generous with your money, your time, and your knowledge Always give to those that will never be able to pay you back.  When you start giving without any expectation of getting something in return, you have achieved an abundant and successful life.

Tips to set up a recovery plan for small businesses before disaster strikes

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We are in the middle of hurricane season and I cannot stop thinking of those businesses affected by Hurricane Harvey, Irma and now Jose. Some businesses in New Jersey are just reopening their doors after Hurricane Sandy five years ago.

Natural disasters_Sandy Hurricane

Business in New Jersey still recovering after Hurricane Sandy

How does your business –and your family– survive such disasters?

Insured losses due to natural disasters in the United States in the first half of 2015 totaled $12.6 billion, well above the $11.2 billion average in the first halves of 2000 to 2014, according to a July 2015 presentation by Munich Re and the Insurance Information Institute.

Of the 80 natural catastrophes in the first half of 2015, almost half, or 38, resulted from severe thunderstorms, which caused $7 billion in overall losses (including insured and economic losses) and $5.1 billion in insured losses, the lowest first half since 2006.

There were 11 winter storms and cold waves in the first half of 2015, resulting in $3.8 billion in overall losses and $2.9 billion in insured losses, which reached a record high for insured losses.  Drought in California continued to worsen, increasing the risk of wildfires, and record rainfall in Texas and Oklahoma alleviated drought but caused severe flash flooding in Texas.

Many businesses forced to close down following a disaster are never able to open their doors again. While there’s no way to lower the risk of a natural disaster like a hurricane, there are critical measures that can be taken to protect your company’s bottom line from nature’s fury. A disaster plan and adequate insurance are keys to recovery.

Small business in need of disaster recovery loans

Small businesses in need of disaster recovery loans (Photo: Intersect Fund)

Develop a Disaster Recovery Plan

 No matter how small or large a business, a business impact analysis should be developed to identify what an operation must do to protect itself in the face of a natural disaster. Large corporations often hire risk managers to handle this task and some companies hire consultants with expertise in disaster planning and recovery to assist them with their plans. But small businesses can do the analysis and planning on their own. Here’s a step-by-step plan:

  •  Set up an emergency response plan and train employees how to carry it out. Make sure employees know whom to notify about the disaster and what measures to take to preserve life and limit property losses.
  • Write out each step of the plan and assign responsibilities to employees in clear and simple language. Practice the procedures set out in the emergency response plan with regular, scheduled drills.
  • Compile a list of important phone numbers and addresses. Make sure you can get in touch with key people after the disaster. The list should include local and state emergency management agencies, major clients, contractors, suppliers, realtors, financial institutions, insurance agents and insurance company claim representatives.
  • Decide on a communications strategy to prevent loss of customers. Post notices outside your premises; contact clients by phone, email or regular mail; place a notice in local newspapers.
  • Consider the things you may need initially during the emergency. Do you need a back-up source of power? Do you have a back-up communications system?
  • Human Resources. Protect employees and customers from injury on the premises. Consider the possible impact a disaster will have on your employees’ ability to return to work and how customers can return to your shop or receive goods or services.
  • Physical Resources. Inspect your business’ plant(s) and assess the impact a disaster would have on facilities. Make sure your plans conform to local building code requirements.
  • Business Community. Even if your business escapes a disaster, there is still a risk that it could suffer significant losses due to the inability of suppliers to deliver goods or services or a reduction in customers. Businesses should communicate with their suppliers and markets (especially if they are selling to a business as a supplier) about their disaster preparedness and recovery plans, so that everyone is prepared.
  • Protect Your Building. If you own the structure that houses your business, integrate disaster protection for the building as well as the contents into your plan. Consider the financial impact if your business shuts down as a result of a disaster. What would be the impact for a day, a week or an entire revenue period?
  • Keep Duplicate Records. Back-up computerized data files regularly and store them off-premises. Keep copies of important records and documents in a safe deposit box and make sure they’re up-to-date.
  • Identify critical business activities and the resources needed to support them. If you cannot afford to shut down your operations, even temporarily, determine what you require to run the business at another location.
  • Find alternative facilities, equipment and supplies, and locate qualified contractors. Consider a reciprocity agreement with another business. Try to get an advance commitment from at least one contractor to respond to your needs.
  • Protect computer systems and data. Data storage firms offer offsite backups of computer data that can be updated regularly via high-speed modem or through the Internet.

  • Fires in California affecting businesses

    Fires in California affecting businesses

 

Review Your Insurance Plan

 Make sure you have sufficient coverage to pay for the indirect costs of the disaster—the disruption to your business—as well as the cost of repair or rebuilding. Most policies do not cover flood or earthquake damage and you may need to buy separate insurance for these perils. Be sure you understand your policy deductibles and limits.

New additions or improvements should also be reflected in your policy. This includes construction improvement to a property and the addition of new equipment.

For a business, the costs of a disaster can extend beyond the physical damage to the premises, equipment, furniture and other business property. There’s the potential loss of income while the premises are unusable.

Review your insurance policies to ensure there are no gaps in coverage. Your policy should include business interruption insurance and extra expense insurance. Even if your basic policy covers expenses and loss of net business income, it may not cover income interruptions due to damage that occurs away from your premises, such as to your key customer or supplier or to your utility company. You can generally buy this additional coverage and add it to your existing policy.

 

SOURCE Insurance Information Institute

Hurricane Harvey recovery

Top 5 steps to your Hurricane Harvey recovery

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Hurricane Harvey recovery is deemed to be one of the longest and most expensive tasks we will have to face in many years to come. Here are some insights from the SBA Administrator, Linda McMahon, on how her office can help. In New Jersey, we lived through Hurricane Sandy and it was a devastating experience for many residents as well as businesses without an appropriate recovery plan. Many never did recover. Reach out to the SBA to require help and assistance, do not delay! 

Hurricane Harvey recovery

Soldiers with the Texas Army National Guard move through flooded Houston streets (U.S. Army photo by 1st Lt. Zachary West Wikimedia Commons)

 

By Linda McMahon, SBA Administrator
Published: September 1, 2017

Over the past week, as the people of the Gulf Coast deal with the unprecedented effects of Hurricane Harvey, we have seen heartbreaking moments of tragedy, of lives lost, homes destroyed and neighborhoods left in ruin, as well as remarkable acts of heroism and compassion as the first responders and people of Texas and Louisiana help each other survive. I have visited Texas twice in the past week and want to extend to the Gulf community my thoughts and prayers, as well as my commitment to help them get their lives back in order through the resources available through the U.S. Small Business Administration. While FEMA addresses immediate needs like food, water and shelter in the aftermath of a declared disaster, the SBA is your partner for long-term recovery.

Experts say Hurricane Harvey will pose one of the longest and costliest post-disaster rebuilding efforts in U.S. history. If you’re a homeowner, renter or business owner facing the overwhelming task of cleaning up water-logged debris and starting over again, I’d like to share these first steps that are important in making your recovery a little easier:

  • Register for federal assistance with FEMA online at DisasterAssistance.gov, or call FEMA at 1-800-621-FEMA (3362).  This gets you quickly connected with a  variety of recovery resources available from our federal partners, which includes housing assistance, grants and SBA disaster loans.
  • Check out SBA’s Hurricane Harvey page, where you can get information about how to apply for low-interest disaster loans for homeowners, renters, businesses of all sizes, and private nonprofit organizations.
  • The SBA is offering loan deferments on existing loans to businesses and individuals in the counties affected by Hurricane Harvey. Read this policy noticeDownload Adobe Reader to read this link content for more details.
  • Beware of scams!  If someone tells you they’ll help with your SBA disaster loan application or other forms of federal recovery assistance “for a small fee,” they’re running a scam. Federal assistance programs are available to the public at no cost. Ask for identification. Protect yourself from fraudulent building contractors by asking for appropriate licenses and local references.

Now the real work begins. The SBA is committed to standing by Gulf Coast residents and businesses for the long haul. We are committee to restoring the local economy over the long term and laying a strong foundation for future growth.

Hurricane Harvey recovery

U.S Border Patrol agent Mario Fuentes searches for survivors among the rubble of a mobile home after Hurricane Harvey near Rockport, Texas, Aug. 27, 2017. U.S. Customs and Border Protection photo by Glenn Fawcett (Wikimedia Commons)

 

Fires in California affecting businesses

Why small businesses need a step-by-step disaster recovery plan

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Natural disasters_Sandy Hurricane

Business in New Jersey still waiting to recover after Hurricane Sandy

We are in the middle of hurricane season and I cannot stop thinking of those businesses that are just reopening their doors after Hurricane Sandy three years ago. On the  West Coast, drought and heat have combined to make this one of the most active fire seasons in recent years.

How do your business –and your family– survive such disasters?

Insured losses due to natural disasters in the United States in the first half of 2015 totaled $12.6 billion, well above the $11.2 billion average in the first halves of 2000 to 2014, according to a July 2015 presentation by Munich Re and the Insurance Information Institute.

Of the 80 natural catastrophes in the first half of 2015, almost half, or 38, resulted from severe thunderstorms, which caused $7 billion in overall losses (including insured and economic losses) and $5.1 billion in insured losses, the lowest first half since 2006.

There were 11 winter storms and cold waves in the first half of 2015, resulting in $3.8 billion in overall losses and $2.9 billion in insured losses, which reached a record high for insured losses.  Drought in California continued to worsen, increasing the risk of wildfires, and record rainfall in Texas and Oklahoma alleviated drought but caused severe flash flooding in Texas.

Many businesses forced to close down following a disaster are never able to open their doors again. While there’s no way to lower the risk of a natural disaster like a hurricane, there are critical measures that can be taken to protect your company’s bottom line from nature’s fury. A disaster plan and adequate insurance are keys to recovery.

Small business in need of disaster recovery loans

Small businesses in need of disaster recovery loans (Photo: Intersect Fund)

Develop a Disaster Recovery Plan

 No matter how small or large a business, a business impact analysis should be developed to identify what an operation must do to protect itself in the face of a natural disaster. Large corporations often hire risk managers to handle this task and some companies hire consultants with expertise in disaster planning and recovery to assist them with their plans. But small businesses can do the analysis and planning on their own. Here’s a step-by-step plan:

  •  Set up an emergency response plan and train employees how to carry it out. Make sure employees know whom to notify about the disaster and what measures to take to preserve life and limit property losses.
  • Write out each step of the plan and assign responsibilities to employees in clear and simple language. Practice the procedures set out in the emergency response plan with regular, scheduled drills.
  • Compile a list of important phone numbers and addresses. Make sure you can get in touch with key people after the disaster. The list should include local and state emergency management agencies, major clients, contractors, suppliers, realtors, financial institutions, insurance agents and insurance company claim representatives.
  • Decide on a communications strategy to prevent loss of customers. Post notices outside your premises; contact clients by phone, email or regular mail; place a notice in local newspapers.
  • Consider the things you may need initially during the emergency. Do you need a back-up source of power? Do you have a back-up communications system?
  • Human Resources. Protect employees and customers from injury on the premises. Consider the possible impact a disaster will have on your employees’ ability to return to work and how customers can return to your shop or receive goods or services.
  • Physical Resources. Inspect your business’ plant(s) and assess the impact a disaster would have on facilities. Make sure your plans conform to local building code requirements.
  • Business Community. Even if your business escapes a disaster, there is still a risk that it could suffer significant losses due to the inability of suppliers to deliver goods or services or a reduction in customers. Businesses should communicate with their suppliers and markets (especially if they are selling to a business as a supplier) about their disaster preparedness and recovery plans, so that everyone is prepared.
  • Protect Your Building. If you own the structure that houses your business, integrate disaster protection for the building as well as the contents into your plan. Consider the financial impact if your business shuts down as a result of a disaster. What would be the impact for a day, a week or an entire revenue period?
  • Keep Duplicate Records. Back-up computerized data files regularly and store them off-premises. Keep copies of important records and documents in a safe deposit box and make sure they’re up-to-date.
  • Identify critical business activities and the resources needed to support them. If you cannot afford to shut down your operations, even temporarily, determine what you require to run the business at another location.
  • Find alternative facilities, equipment and supplies, and locate qualified contractors. Consider a reciprocity agreement with another business. Try to get an advance commitment from at least one contractor to respond to your needs.
  • Protect computer systems and data. Data storage firms offer offsite backups of computer data that can be updated regularly via high-speed modem or through the Internet.

  • Fires in California affecting businesses

    Fires in California affecting businesses

 

Review Your Insurance Plan

 Make sure you have sufficient coverage to pay for the indirect costs of the disaster—the disruption to your business—as well as the cost of repair or rebuilding. Most policies do not cover flood or earthquake damage and you may need to buy separate insurance for these perils. Be sure you understand your policy deductibles and limits.

New additions or improvements should also be reflected in your policy. This includes construction improvement to a property and the addition of new equipment.

For a business, the costs of a disaster can extend beyond the physical damage to the premises, equipment, furniture and other business property. There’s the potential loss of income while the premises are unusable.

Review your insurance policies to ensure there are no gaps in coverage. Your policy should include business interruption insurance and extra expense insurance. Even if your basic policy covers expenses and loss of net business income, it may not cover income interruptions due to damage that occurs away from your premises, such as to your key customer or supplier or to your utility company. You can generally buy this additional coverage and add it to your existing policy.

 

SOURCE Insurance Information Institute

AffordableCareAct

ACA for small business from ADP and SHCCNJ

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AffordableCareActADP and the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ) have partnered to present “What Small Businesses Need to Know about the Affordable Care Act (ACA),” an online FREE webinar on Thursday January 29, 2015 from 11:00 am to 12:30pm EST.

A leading global provider of Human Capital Management (HCM) solutions, ADP announced the availability of information, enhancements and solutions designed to help small, midsized and large businesses in the United States manage their compliance with the evolving requirements of the Affordable Care Act (ACA).

ADP can help companies approach their ACA compliance strategically by providing solutions, resources and expertise around employee communications, eligibility, reporting and enrollment.

ADP will provide up-to-date information on the Affordable Care Act –la Ley de Cuidado de Salud a Bajo Precio– and best practices specific to small businesses in a one-hour presentation followed by a Q&A period.

1. What main regulations will be covered during the webinar about Affordable Care Act for small business owners?

ADP’s January 27 webinar will address the following ACA-related topics:

  • Components of the ACA that apply to small businesses
  • The Small Business Health Care Tax Credit and how to know whether you qualify
  • The Small Business Health Options Program (SHOP) marketplace and the changes that came about in November, 2014
  • The Employer Mandate and what it means for small business owners
  • Notification, reporting, and record-keeping requirement

2. What are the main benefits of the law for small businesses?

Benefits stemming from the ACA include:

Tax credits: Some small businesses could be eligible for the Small Business Health Care Tax Credit

Access: The Small Business Health Options Program (SHOP) marketplace is only available to small employers.  (Our webcast will focus on these provisions and provide eligibility requirements.)

Recruiting and retaining employees:  ADP’s research has shown that organizations are extending coverage beyond the mandated ACA full-time employee population to attract and retain great people.  What’s more, in our November, 2014 ACA webcast, more than two thirds (69 percent) of the 1,703 respondents to our real-time poll question (“Does Your company currently offer health insurance to its employees?”), said they did offer insurance to their employees.  Given that most respondents were from small businesses, this demonstrates that not only do many small businesses offer health insurance, but it also reinforces the importance of keeping informed about ACA-mandated health insurance reforms.

3. What timetable should small business owners pay attention to in order to stay in compliance?affordable care act ahead sign

2014:

Annual dollar limits prohibited
Waiting periods 90 days or less
Pre-existing condition exclusions prohibited
Wellness incentives

2015+:

Employer shared responsibility
Reporting requirements
Excise tax on high-cost plans (2018)

Small employers, those with less than 50 full-time equivalent employees (FTEs) as defined by the Affordable Care Act (ACA), are not subject to shared responsibility (a penalty for failing to offer group health insurance). However, small employers are still subject to other ACA provisions.

Use this checklist to help you understand some of these requirements.

 

Man identity theft

Also read:  Identity theft in healthcare coverage

 

 

4. What can ADP offer to its affiliates and potential members that other competitors cannot provide? 

As a leading global provider of Human Capital Management (HCM) solutions, ADP provides information, enhancements and solutions designed to help small, midsized and large businesses in the United States manage their compliance with the evolving requirements of the Affordable Care Act (ACA).  ADP can help companies approach their ACA compliance strategically by providing solutions, resources and expertise around employee communications, eligibility, reporting and enrollment.

Recognizing that complying with the ACA can be a challenge for small businesses, ADP’s introduced additional tools and resources to its popular RUN Powered by ADP® (“RUN”) human resource and payroll platform, including:

ACA Dashboard – Provides tools, reports, and useful links to help clients understand how the ACA impacts their business and employees;

FTE Calculator – Helps clients determine their number of Full Time Equivalent employees and if they may be considered an ‘applicable large employer’ and therefore be subject to the Shared Responsibility provision of the ACA;

Time and Attendance – provides workforce planning to improve time tracking, apply employee schedules and monitor employee hours to help clients comply with Shared Responsibility;

Health Care Tax Credit Assist – Automatically integrates with the RUN platform and organizes information about employees, which includes wages, hours and premiums to help businesses determine their eligibility for the Small Business Health Care Tax Credit; and

Ongoing ACA Alerts and Education – Legislative and regulatory alerts and educational materials, including webinars and updates, to help clients keep apprised of latest ACA developments.

HR Help Desk – ADP’s team of HR certified professionals available to help clients navigate and understand their ACA responsibilities.

5. Are you going to allow a Q&A session and if yes, how is it going to work? 

ADP is making available to attendees of the webcast a checklist in English and Spanish titled “ACA Checklist for Small Businesses” that can be downloaded during the webcast (link to checklist appears below).  In addition, we have a 30-minute bilingual Q&A session scheduled after the presentation.

Click here to register NOW!

We’ll be giving away 1 free Son Cubano Mojito coupon to each of the first 50 people who register!

Son Cubano coupon

Son Cubano coupon

Man identity theft

3 Easy steps to monitor your credit from identity theft

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Man without identity programing in technology enviroment with cy A few weeks ago, my bank called me within 20 minutes of a transaction they deemed suspicious –most banks monitor the patterns of your account’s movement. As they suspected, my checking account had been hit with a purchase in California for 160 dollars. The occurrence was not major and the bank worked with me to figure the item out. No big deal.

However, I felt very vulnerable and started thinking of all the places I used that debit/credit card for my business account. Although I usually do not store credit information on any online transaction, I remembered I had that card with my PayPal account so I could receive and make payments. I immediately cancelled the card and replaced it with a regular credit card.

So this time the incident was easy to resolve but what if I get hit big time? And even worst, what if someone would use my credit card or any other element of my credit for big purchases, to conduct any business transaction or to just live the good life on my behalf?

Even if you keep your credit in good standing, your worst nightmare, however, is when your credit is hit by identity thieves. According to the Kroll Fraud Specialists and Licensed Investigators, monitoring your credit is fairly easy if you follow some simple steps:

1. Obtain your credit report at least once a year for free

Every consumer who has established credit in the last several years likely has a credit file with at least one of the three national credit reporting agencies (CRAs)—Equifax, Experian and TransUnion. The Annual Credit Report Request Service provides consumers with a way to request a free credit report once every 12 months from each of the CRAs. You can order these by calling 877-322-8228, request by mail or online at www.annualcreditreport.com.

A consumer may order all three free reports at one time or choose to order one report from each bureau periodically (e.g., order the Equifax report in January, Experian’s in May and TransUnion’s in September). Ordering the three reports over the course of a year allows you to see snapshots of your current credit history at regular intervals.

 2. Check your credit report carefully and compare it to the previous year

Review each section of the credit report(s) looking for information that is not accurate. Understand that credit reporting errors do happen and inaccurate information on a credit report does not confirm identity theft but even simple errors need to be addressed.

Sections of your credit report include:

Account Information. The credit report reveals not just your current accounts, but the history of your use of credit over the last seven years or more. Are there accounts listed that you did not authorize?

Derogatory Accounts. These are usually collection accounts or accounts to which payments were 30 or more days late. If someone used your personal information but with a different address when opening an account with a creditor and then didn’t pay the debt, you may not find out about it until a collection action is taken.

Public Records, Judgments, and Liens. If you find data here that is not your own, verify that the information reported is really associated with your personal identifiers. This will involve a call to the court or records office in question.

Inquiries. Review only the inquiries that reflect consumer action; that is, the inquiries from companies that pulled your credit report because of an action taken, such as applying for a credit card, car loan, or utility service. If you find inquiries that do not reflect your own activity, it might be a sign that someone applied for credit or another service using your personal identifying information.

Note that inquiries related to offers of credit not initiated by the consumer are not indications of identity theft.

Demographics. This can include name, alias names, associated addresses, date of birth, Social Security number and phone number. If there are names you’ve never used, addresses at which you’ve never lived, or employers for whom you’ve never worked, it warrants further discovery.

3. Dispute the errors or verify fraudWoman calling while calculating bills in kitchen

When you find inaccurate information on your credit reports, the easiest first step is to dispute the inaccurate information by writing a letter to the CRA that is reporting the information. If it is an error, the data will be removed or corrected. If the CRA doesn’t correct an error it may be because the creditor has an error in the information they supplied to the CRA. You may have to call the creditor and have them correct the error.

However, if there is a credit account on your credit report that you did not authorize, then your first step should be to call the creditor involved. Ask to speak to the fraud department and have them search by your Social Security number to determine if there is an account associated with it that you did not authorize.

Although review of a credit report usually will reveal only credit-related identity theft, it may help you discover other types of identity theft as well. For example, an inquiry from a property management company may be a sign that someone applied for an apartment using your identity. An unfamiliar tax lien may indicate that someone did something with your information (i.e., started a business) that created a tax debt that was not paid.

When you find inaccurate information on your credit reports, the easiest first step is to dispute the inaccurate information with the CRA that is reporting the information. If it is an error, the data will be removed or corrected. If the CRA doesn’t correct an error it may be because the creditor has an error in the information they supplied to the CRA. You may have to call the creditor and have them correct the error.

Everyone with a credit history should review his or her reports at least annually. Remember, just because you aren’t using your identity to obtain credit, that doesn’t mean someone else isn’t.

Small Business Majority answers your questions on Obamacare

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Small Business Majority webinars on Affordable Care Act

Small Business Majority webinars on Affordable Care Act

Small Business Majority (SBM) New Jersey Outreach Manager Aixa Acevedo will conduct a series of webinars on “What the Healthcare Law Means for your NJ Small Business.”

This webinar will focus on what the new healthcare law, the Affordable Care Act –also known as Obamacare– means for New Jersey small businesses. It will focus on both federal and state provisions to help local small business owners understand how the law will affect them. Topics being discussed include:

  • Small business tax credits (available to businesses and tax-exempt non-profits)- who’s eligible and how to claim them
  • New Jersey marketplace update
  • Shared responsibility
  • Cost containment
  • Tools and resources available for small businesses interested in learning more about the law

Aixa will also answer questions to all participants during the session. This webinar will be repeated on the following dates. Please click the date you’d like to register.

Aixa Acevedo, NJ Outreach Manager SBM, at Rutgers/Newark event

Aixa Acevedo, NJ Outreach Manager SBM, at Rutgers/Newark event

Thursday, December 4, 2014 – 12pm

Thursday, December 11th – 12pm

Tuesday, December 16th – 12pm

You can go to the Small Business Majority website to use the small business tax credit calculator.

Calculator property of Small Business Majority and its subsidiary website California Health Coverage Guide

About Small Business Majority

Small Business Majority was founded and is run by small business owners to focus on solving the biggest problems facing small businesses today. Since 2005, we have actively engaged small business owners and policymakers in support of public policy solutions that promote small business growth and drive a strong economy. We are a team of 31 working from our offices in California, Washington, D.C., Colorado, Missouri, Ohio, New York, New Jersey, Virginia, Oregon and Washington state. We deploy our network of 25,000+ small business owners and 6,500 business organizations, along with a strategic partnership program including more than 100 business organizations, to reach more than 400,000 small business owners. Our extensive scientific polling, focus groups and economic research helps us educate and inform policymakers, the media and other stakeholders about issues including healthcare, energy, immigration, taxes, access to capital, financial reform and workforce development.

 

 

affordable care act, medicare, indetity theft

Identity theft in healthcare coverage

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affordable care act, medicare, indetity theftBy Lisa Weintraub Schifferle
Attorney, FTC

October and November are the time of year when you need to pay attention to your healthcare coverage. Whether you need to switch, revise or renew your health coverage, here are some important tips from the Consumer Information page at the Federal Trade Commission.

It’s open season for everyone who wants to switch health coverage. As you select your health insurance plan, watch out for scams. Whether you are on Medicare, selecting a plan through the Affordable Care Act (ACA), or have private insurance, here are some tips to help you more safely navigate the open enrollment season.

Affordable Care Act

If you are shopping in the Health Insurance Marketplace, only shop at HealthCare.gov. People who try to sign you up elsewhere may be scammers. If you’re overwhelmed, you can find free official helpers at HealthCare.gov. Official helpers will never ask for money or try to sell you a particular plan.

Another important tip: the government will not call to sell you health insurance. And no one from the government will ask you to verify your Social Security number or bank information over the phone.

Private insurance

If you’re looking for health insurance, make sure that’s what you’re buying. Be on the lookout for medical discount plans. They’re not the same as health insurance, even though they sometimes pretend to be. Many of these plans are scams that don’t deliver on the services promised. Others are just a way for identity thieves to get your personal information. Your state insurance commissioner’s office can tell you if a plan isn’t insurance and whether the seller is licensed in your state.

Medicare

A variety of scams take advantage of Medicare recipients. Here are a few:

  • An “official Medicare agent” knocks on your door selling Medicare insurance that can save you money. Stop. It’s a scam. There are no Medicare sales representatives. It’s probably someone who wants to use your information to commit fraud or identity theft.
  • Someone calls and says you must join their prescription plan or else you’ll lose your Medicare coverage. Don’t believe it. The Medicare prescription drug plan (also known as Part D) is voluntary.
  • Someone calls claiming that you need to give your Medicare number in order for you to keep your Medicare coverage under ACA. It’s a scam. Don’t give your personal information over the phone. If you need help with Medicare, call 1-800-MEDICARE or go to medicare.gov.

Report health care scams

If you think you may be a victim of a health care scam, report it to the FTC. If the scam is Medicare-related, report it at medicare.gov.

If you gave out personal information, then call your banks, credit card providers, health insurance company, and credit reporting agencies immediately. The FTC’s website has more information on health care scams and medical identity theft.

(Read this information in Spanish here.)