TSG Financial Blog

Posted by Jessica Dunbar on Feb 15th, 2019

Although a growing number of employers are adding a Roth 401(k) to their retirement plan offerings, the newer savings vehicle is still not widely understood. If your company provides this option or you’d like it to, the following information should prove useful. 


The Roth 401(k) provides many of the same advantages a privately held Roth IRA does. Contributions to both accounts are made with after-tax dollars, grow tax-free and offer tax-free withdrawals during retirement. But the two have marked differences, including:


Income restrictions. There are no income restrictions when contributing to a Roth 401(k). To make the maximum contribution to a Roth IRA in 2019, a single filer’s modified adjusted gross income must fall below $122,000; a married couple filing jointly must have a combined income below $193,000.


Contribution amounts. Roth 401(k)s enjoy high contribution limits. In 2019, an employee can contribute up to $19,000, or $25,000 if they are age 50 or over – compared to up to $6,000 in a regular Roth IRA, with a $1,000 additional catchup contribution for anyone 50 or older. In addition to making bigger contributions, an employee with a Roth 401(k) may benefit from an employer match. However, the employer’s portion must go into a traditional 401(k) account and will incur income tax when withdrawn.


Required minimum distributions. While there are no RMDs with Roth IRAs, distributions are typically required each year after age 70½ with Roth 401(k)s – unless the account holder is still employed by the company and doesn’t have an ownership stake in it.


Investment options. An individual with their own Roth IRA is free to choose investments, compared to a person limited to investments offered by their Roth 401(k).


Contribution deadlines. Generally, contributions to Roth 401(k)s must be made by the end of the year. But it’s possible to apply Roth IRA contributions to the current year if they’re made by the tax filing deadline in April of the upcoming year.


With the variety of retirement plans available today, it can be difficult to weigh each option’s advantages and disadvantages. Contact our office today for help determining which plan or combination of plans best suits your individual goals and circumstances.



* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Morgan Stanley Capital International Europe, Australia and Far East Index (MSCI EAFE Index) is a widely recognized benchmark of non-U.S. stock markets. It is an unmanaged index composed of a sample of companies representative of the market structure of 20 European and Pacific Basin countries and includes reinvestment of all dividends. Barclays Capital Aggregate Bond Index is an unmanaged index comprised of U.S. investment-grade, fixed-rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and 10 years. Written by Securities America, Copyright December 2018. All rights reserved. Securities offered through Securities America, Inc., Member FINRA/SIPC. SAI#2362113.1 

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Posted by Jessica Dunbar on Feb 14th, 2019

We started the New Year's off on the right foot! For more information, contact Paul Essner PEssner@tsgfin.com or Bryan Pendrick BPendrick@tsgfin.com

Paul Essner spoke at the Regional CDPAANYS Wage Parity & Provider Compliance Intensive Series.  TSGF teamed up with Bond Law Firm and spoke to everyone about wage parity


Paul Essner, Bryan Pendrick and Sean Rosenfeld attended the HCA PAC, State Advocacy Day in Albany, NY

When we work hard, we play hard too.  Risk Strategies, NY Metro celebrated the Superbowl and Wear Red Day, on Friday, February 1st.  We also enjoyed a night of bowling with the Garden City office.




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Posted by Jessica Dunbar on Feb 14th, 2019

2019 Plan Limits: Everything You Must Know

If you offer high deductible health plans (HDHPs), health savings accounts (HSAs), flexible spending accounts (FSAs) or 401(k) plans, your plans are subject to inflation-adjusted dollar limits. The following is a list of plan limit increases for 2019. It does not include limits that are staying the same from 2018.


Gen Z is Coming: Are You Prepared?

Soon, Generation Z—those born between 1996 and 2010—will be entering the workforce. Is your company somewhere they can thrive? Is it somewhere they would even want to work?

If you want to attract this budding workforce, you need to understand Gen Zers’ motivations. For instance, Gen Zers have never known a life without technology. This means if your business still touts outdated tech, Gen Zers likely won’t give you a second thought.

Consider areas where your company’s tech falls short and brainstorm how you can improve. Getting new hardware may be sufficient, but another option is hiring a tech expert to conduct an audit and make suggestions. (Hint: This might be a good job for a Gen Zer.) Beyond prizing their tech, Gen Zers also value their company’s culture. Like their millennial predecessors, Gen Zers want vibrant, collaborative spaces—think bright colors, open workspaces and natural light.

However, Gen Zers also identify as scrappier than millennials. They have a “self-made” attitude and value healthy competition. With that in mind, your workplace and culture should accommodate some isolated spaces for Gen Zers to hunker down and get things done.

For a comprehensive list of all the 2019 plan limits, or to determine if your plan offerings are subject to inflation, or for more tips on attracting this valuable workforce, please contact TSG Financial, LLC today 516-747-7373.


© 2018 Zywave, Inc. All rights reserved



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Posted by Jessica Dunbar on Feb 11th, 2019

Employers must comply with numerous reporting and disclosure requirements throughout the year in connection with their group health plans. This Compliance Overview explains key 2019 compliance deadlines for employer-sponsored group health plans. It also outlines group health plan notices that employers must provide annually. Often, employers furnish these notices with the plan’s enrollment materials during its annual open enrollment period.

Some of the compliance deadlines summarized below are tied to a group health plan’s plan year. For these requirements, the chart below shows the deadline that applies to calendar year plans. For non-calendar year plans, these deadlines will need to be adjusted to reflect each plan’s specific plan year.

Determining the Plan Year

The “plan year” is the calendar, policy or fiscal year on which the records of the plan are kept. Many employers operate their group health plans on a calendar year basis, from Jan. 1 through Dec. 31 of each year. Other employers operate their plans on a non-calendar year basis, which may be consistent with the company’s taxable year or with an insured plan’s policy year.

2019 Compliance Deadlines


IRS Forms

CMS’ online disclosure form

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Posted by Jessica Dunbar on Feb 8th, 2019

Social engineering is the art of accessing information, physical places, systems, data, property or money by using psychological methods, rather than technical methods or brute force. Reliable security systems can prevent losses for your business. While many businesses invest large sums of money into building sound physical structures and robust IT systems or even hiring on-site security guards, they often overlook the biggest security vulnerability—people.

No matter how dependable security systems might be, people with authorized access to those systems will always be a vulnerability. That’s why criminals have begun employing a series of tactics called “social engineering” to convince people to give them access—something that costs companies billions each year, and is completely preventable.

What is social engineering?

Social engineering is the art of accessing information, physical places, systems, data, property or money by using psychological methods, rather than technical methods or brute force. In order to do so, social engineering relies upon a set of tactics that exploit psychological weaknesses and blind spots in order to convince victims to give social engineers what they want.

That’s what can be so dangerous about social engineering—criminals can use psychological blind spots to have employees willingly give unauthorized parties access, information or property. These attacks can occur in a number of different forms, including a well-crafted spear-phishing campaign, a plausible-sounding phone call from a criminal posing as a vendor, or even an on-site visit from a “fire inspector” who demands access to the company’s server room.

Psychological Weaknesses

There are a number of different types of attacks, but social engineers almost always prey upon the following psychological weaknesses in order to get what they want:

  • Fear of conflict. People dislike conflict and confrontation and will use almost any excuse to avoid them. Social engineers exploit this by exuding confidence when they ask for information or physical access that they have no right to. When social engineers display confidence, most people prefer to comply with requests rather than challenge them.

  • Getting a deal. Confidence artists have always relied upon the greed of their victims; social engineers exploit a similar principle. These criminals have often been known to use gifts and giveaways to get victims to let down their guard. Sometimes, the giveaway itself will be used to masquerade a piece of malicious code that the unsuspecting victim then uploads to his or her computer.

  • Sympathy. Sometimes, social engineers employ a softer tactic, using charisma and humor to gain sympathy or to ingratiate themselves to an individual or group. By establishing rapport and breeding positive feelings, victims are too distracted to realize that they’re being scammed.

  • Need for closure. The need for closure is a well-documented psychological need, and one which social engineers exploit. In the event that they are ever questioned or confronted, social engineers who’ve done their homework will have an answer to any challenge or question likely to come their way. In most cases, any answer—even if it’s undocumented, unsubstantiated or blatantly untrue—offers people psychological closure, giving them the sense that they’ve done their due diligence.

Preventing Social Engineering Attacks

Educating your employees is essential to minimizing the risk of social engineering. Even the best security system will fail if employees willingly allow unauthorized use of their workstations or email their system credentials to a criminal. In order to make your educational efforts stick, consider employing the following strategies:

  • Encourage your employees to “Stop. Think. Connect.” The “Stop. Think. Connect.”  This campaign is a global initiative that encourages people to be smarter about online privacy and security. The motto is an easy-to-remember way to approach divulging sensitive information, both in person and online.

  • Make a personal connection. The same principles that make your company vulnerable can make your employees vulnerable in their personal lives. Show employees how the same practices for security at work will make them more secure in their personal lives as well.

  • Use “social proof” to your advantage. Social engineers will often deploy social proof—evidence of a large number of people or select important people engaging in a behavior as proof of its validity—in order to gain compliance. Use that to your organization’s advantage by making sure executives and managers make security a top priority as an example for the rest of the company.

  • Train. Getting the information out there is important, but most adult learners retain more information when they receive interactive training. Consider specific social engineering training that encourages questions and incorporates interactive examples that relate directly to your employees’ work activities.

  • Test. Make sure your educational and training efforts work by conducting regular tests. Despite growing awareness of social engineering tactics like phishing, large numbers of people still open emails and click on links that they shouldn’t. Consider conducting an in-house phishing audit to find out just how many employees have taken their security training to heart.

Remain Vigilant

Your employees will always represent a possible vector of attack for criminals, which is why you should always remember the human factor when considering security. Just as your company upgrades systems and installs software patches, so too should you periodically remind your employees of best practices and determine what new tactics social engineers are using to exploit people.

You can trust your partners at TSG Financial, LLC to help identify and communicate security threats to your organization, and to keep you up to date on new threats as they emerge.



This Risk Insights is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. © 2016 Zywave, Inc. All rights reserved.

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Posted by Jessica Dunbar on Feb 8th, 2019

Most organizations employ at least one individual who is essential to the company’s success. This person may be a partner, owner, majority stockholder or another individual who is crucial to the business. If this person unexpectedly leaves the organization—due to a death, disability or immediate resignation—it may be hard for the organization to survive.

If your organization employs individuals who are vital to its success, key-person life insurance or key-person disability insurance can help protect you from chaos caused by their abrupt absence. These insurance solutions can give your organization options other than immediate bankruptcy should you lose your company’s key person or people without warning.

Who Needs Key-person Life or Disability Coverage?

Many organizations can benefit from key-person life or disability coverage, including those that:

  • Have employees who would be extremely difficult, time-consuming or expensive to replace, such as central decision makers, chief executives, vital sales managers or employees whose ideas have critical commercial impact

  • Employ highly-skilled individuals with unique training

  • Employ people with exclusive ties to key clients, such as sports stars

  • Employ leaders with irreplaceable knowledge

  • Would lose considerable business and profit without a certain employee

  • Have narrow profit margins and would be financially distressed in the event of a key staff loss

  • Need to protect their revenue stream from loss (e.g., a hospital protecting against the loss of a high-earning, respected surgeon)

  • Would be devastated if a high revenue-producing client (e.g., actor, writer or other entertainer) died or became disabled and unable to perfor


In the event a vital employee becomes disabled or deceased, these types of insurance provide the company with income checks to make up for financial loss or to use for temporary or permanent replacement costs. Business owners should purchase separate policies for each key employee at the company.

How Does Key-person Coverage Work?


  • Employer purchases life or disability insurance for key individual(s)
  • Employer is the beneficiary of the insurance policy and owns the policy. If the key employee dies, the policy pays out to the employer.
  • Tax-free dollars from the policy can be put toward finding, hiring and training a replacement employee, compensation for lost business during the transition and/or financing timely business transactions
  • The policy can be transferred to a departing key employee as a retirement benefit or to a different key individual upon the retirement of the original key employee
  • Can be used to buy out the key employee’s shares or interest in the company
  • Premiums are based on several factors, including the key employee’s age, physical conditions, health history and the amount of coverage


Key-person Disability Insurance vs. Key-person Life Insurance

When most business leaders think of purchasing key-person coverage, they turn to life insurance. However, industry leaders point out that the chance of losing a key person to disability is 17 times greater than losing a key person to death, and the costs of hiring a recruiter to replace the key person and training him or her for a short period could be much higher than finding a permanent replacement.


Considerations before Purchasing Key-person Life or Disability Insurance

  • Estimate the value of your key employees. Think about the projects that would be lost without these people and the amount of sales that are generated by these people, as well as the costs associated with replacing them.
  • Determine if this coverage is necessary, as credit insurance will cover outstanding loans and debts.
  • Create a business continuation plan that outlines how your business will function if you lose key employees.


Requirements and Coverage Options

To obtain key-person disability or life coverage, the individual must be a consenting employee and you must demonstrate that your organization would incur substantial financial loss without him or her. To qualify as a key person, most insurers require that the employee’s salary be in the top 20 percent of the company. All key-person policies are written specifically for the employee in question. To learn about coverage options, limits and other plan details, contact TSG Financial, LLC today.


This Benefits Insights is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice.  © 2011, 2015, 2018 Zywave, Inc. All rights reserved.

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Posted by Jessica Dunbar on Feb 8th, 2019

Retaining top talent is a major priority for most businesses, especially members of the executive staff. Executive benefits are designed to provide your top employees with a higher level of benefits and compensation, especially since 401(k)s restrict the amount of money an individual can contribute on a tax-favored basis.

Executive benefits can be designed to provide tax advantages for both employers and employees. Here are some of the more common executive benefits that you may wish to offer at your organization.

Non-qualified Deferred Compensation Plans

  • Executives can defer some of their compensation, either salary or bonuses, until retirement.
  • Employers can offer Supplemental Executive Retirement Plans (SERPs), in which additional funding is provided for a defined benefit or defined contribution plan for top executives. No taxes are due on the money placed in these plans until it is received by the executives.
  • Plans pay an executive’s spouse in the event of an executive’s death before retirement.
  • Plans pay out in the event of disability.
  • These plans can be incorporated into an employer’s current qualified plan.
  • Plans avoid IRS requirements for qualified plans and require minimal ERISA compliance.
  • Plans can be informally funded with life insurance policies and aid in the cost recovery through the income tax-free death benefit.

Executive Bonus Plans (Also Known as Section 162 Plans)

  • Employees purchase a permanent life insurance policy and then employers provide the premium as a bonus. This is considered taxable income and is tax-deductible for employers.
  • Employees control the policy (including death benefits and cash value) and can take loans or withdrawals on the policy as they see fit.
  • In the event of an executive’s death, his or her family receives the death benefit.

Split Dollar Plans

Executives have the ability to purchase life insurance coverage without paying the premiums; payment responsibility rests on employers. Employers receive back the amount of the premiums when the executive dies.

Supplemental Disability Income Insurance

  • A typical group long-term disability policy provides 60 percent of an employee’s income, up to the allotted maximum amount. For executives, the maximum benefit may not reach 50 percent of their salary, which would not fare well for them in the event of disability.
  • Employers can purchase individual supplemental disability income insurance to bring the executive’s total benefit up to the same level as other employees.



This Benefits Insights is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2009, 2011, 2018 Zywave, Inc. All rights reserved.

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Posted by Jessica Dunbar on Jan 14th, 2019

It’s not uncommon for rental car agencies to offer you the opportunity to purchase additional auto coverages on your rental, but do you need them? TSG Financial, A Division of Risk Strategies has the answers.

Decide Before You Ride

The best time to make the decision about whether you will need extra rental car insurance is before you’re standing at the car rental counter. Read on to learn about car rental insurance considerations and what you need to know to make sure that you’re covered.

It’s not uncommon for rental car agencies to offer you the opportunity to purchase additional auto coverages, but do you need them? Here are some basic coverage options:

  • Collision Damage Waiver (CDW), or Loss Damage Waiver (LDW), relieves you of financial responsibility if your rental car is damaged or stolen. If you have comprehensive and collision on your own car, you most likely don’t need to purchase CDW from the rental car agency.Additionally, your credit card company may include some collision and theft protection if the rental car is paid for with your card. This includes coverage for “loss of use,” which refers to the amount of money a rental car company can stand to lose while a car is being repaired. If your credit card doesn’t offer coverage for loss of use, you may want to consider purchasing CDW from the rental agency.
  • Liability insurance provides excess liability coverage of up to $1 million for the time you rent a car. Rental companies are required by law to provide the minimum level of liability insurance required by your state. Generally, this doesn’t offer enough protection in a serious accident. If you have adequate liability coverage on your car or an umbrella policy on your home/auto, you may consider forgoing this additional insurance.

Auto Policy Options

If you don't have comprehensive and collision coverage on your own car, you won’t be covered if your rental car is stolen or if it’s damaged in an accident. If you plan to rent a vehicle frequently, your best bargain is to purchase a non-owner auto liability insurance policy from us. A non-owner auto liability insurance policy covers you for damage that you may cause to someone else’s car and liability for injuries to its occupants or pedestrians, in the event of an accident. However, non-owner auto liability insurance doesn’t provide collision coverage. Collision coverage pays for damage to the car you’re driving if you crash into another car or object.

If you drive an older vehicle, but plan to rent a luxury vehicle, it’s important to make sure that your policy will cover the complete cost of the replacement value of the vehicle you are renting.

One more thing to note: If you are renting a vehicle that is not classified as a passenger car (e.g., a moving truck or 15-passenger van), you must purchase a separate policy from the rental company to be covered in that vehicle.


Top Ways to Save on your Auto Premium

  • Consider raising your deductible.
  • Keep up your good driving record.
  • Drive less to qualify for a low-mileage discount.
  • Drive a car with safety features such as anti-lock brakes, airbags, etc.
  • Install an anti-theft device.
  • Ask about our multi-policy discounts

Your Best Bet

Before you rent a car, contact TSG Financial, A Division of Risk Strategies (516) 747-7373  to find out how much collision and liability coverage you have on your vehicle. In most cases, the coverage and deductibles you have on your personal automobile insurance policy would apply to a rental car, providing it is used for pleasure and not business.

If you don't have comprehensive and collision coverage on your own car, you won’t be covered if your rental car is stolen or if it is damaged in an accident. If you plan to rent a vehicle frequently, your best bet is to purchase a non-owner auto liability insurance policy from TSG Financial, A Division of Risk Strategies.



© 2016 Zywave, Inc. All rights reserved. This Know Your Insurance document is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.


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Posted by Jessica Dunbar on Jan 8th, 2019

An open enrollment period is a short period of time when you can enroll in or make changes to your employee benefits elections. Possible changes include adding or dropping coverage, adding or removing dependents, or enrolling in benefits for the first time.Open enrollment is your opportunity to take advantage of important benefits, such as health, vision, dental and life insurance, a health savings account (HSA), and a retirement plan. The decisions you make during the open enrollment period can have a significant impact on your life and your finances, so it is important to weigh your options carefully and to make your decisions during the open enrollment period. Failure to comply with your employer’s open enrollment deadline could result in a loss of coverage for you and your loved ones. Missing this deadline also means that you could be unable to make changes or enroll in benefits until the next open enrollment period.

One exception to this rule is if you experience a life-changing qualifying event that would trigger a special enrollment period (SEP). Events such as getting married or divorced, having or adopting children, or losing eligibility for other health coverage can trigger special enrollment rights. In some cases, you can also qualify for special enrollment if you become eligible for a premium assistance subsidy under Medicaid or a state Children’s Health Insurance Program (CHIP).

If you think you might qualify for a SEP, contact your HR manager. If you have not recently experienced a life event, but have missed the open enrollment deadline, you should also contact your HR manager to find out whether you have any other options


Missing the open enrollment deadline means that you will be unable to make changes or enroll in employer-based benefits until the next open enrollment period.

Options for Obtaining Health Coverage

If you miss your employer’s open enrollment deadline, there are a number of ways in which you can try to obtain health insurance; however, the availability of some options will depend on their enrollment deadlines.

  • Spousal Benefits: If your spouse receives benefits from his or her employer and the open enrollment period is still open (or coming up), you may be able to enroll in coverage through your spouse’s plan. 
  • Young Adult Benefits Under a Parent’s Plan: If you are younger than 26 years old, you may be able to be added as a dependent on your parent’s plan. If your parent’s plan offers dependent coverage, this option should be available to all children under 26, regardless of whether or not you are employed, married, have children or are a student. However, this option is likely available only if your parent’s work-based plan offers coverage for family members and if the open enrollment period for that plan has not yet closed.
  • State Insurance Marketplace: Depending on the timing, you can consider buying health insurance from the Health Insurance Exchange Marketplace. Marketplace coverage is only available for purchase during an annual open enrollment period, unless you qualify for a SEP. (See the SEP section of www.healthcare.gov to check). Similar to employer-based plans, a SEP can be triggered if you experience a qualifying life event. If the health insurance your job offered was affordable and covered the majority of your health care costs, you will not be eligible for a health insurance subsidy to help you pay your monthly premiums for a Marketplace plan. However, you may have more health plan options to choose from, including some lower-priced plans that would provide coverage for you until the your employer’s next open enrollment period. For more information, or to enroll in a Marketplace plan, please visit www.healthcare.gov
  • Medicaid: Medicaid provides health coverage to low-income adults. Medicaid does not have open enrollment periods, which means that you may apply at any time. Eligibility for Medicaid varies from state to state, so be sure to check www.medicaid.gov or your state’s Department of Health website to see if you qualify for this option. 
  • Short-term Health Insurance: If you are concerned about not having health insurance and are not eligible for any of the other options, you can consider purchasing a short-term health insurance policy from a private insurance company. These are temporary plans for those who are awaiting longer term, major health coverage. They generally do not cover pre-existing conditions, are not guaranteed-issue (meaning that you are not guaranteed coverage) and are subject to state and insurance company limits on how many times this type of insurance can be renewed. Most importantly, short-term insurance is not considered “minimum essential coverage” under the ACA, which means that even if you are able to enroll and maintain coverage until the next open enrollment period at your workplace, you may be subject to paying the individual mandate penalty (see below) with your federal tax return.

What Happens If You Don’t Take Any Action?

You could remain uninsured until the next open enrollment period opens up. However, accidents and diseases can strike at any time, so the cost of being uninsured can add up quickly.

As explained, there are other options for you to obtain health insurance if you have missed your open enrollment deadline. However, many of these are costly, not as beneficial as employer-provided benefits, have limited availability, are highly difficult to attain or are unattractive. In addition, many employers offer other benefits besides dental, vision and health insurance. If you miss the enrollment deadline, you could experience loss of these other benefits as well.

FSAs, HRAs and HSAs

Many employers offer one or more health spending accounts as part of their benefits packages. Depending on which type of account your employer provides, missing the open enrollment deadline will result in different consequences.

  • Flexible Spending Account (FSA): FSAs are tax-free and are only available with job-based health plans. As a result, if you missed your open enrollment deadline, you will not have ample funds in your FSA, and you will have to pay out of pocket for any costs your insurance does not cover. Also, if your employer usually makes a contribution to your FSA, you would miss out on that. Your taxable income will also be higher if you are not making pre-tax contributions.
  • Health Reimbursement Arrangement (HRA): A HRA is an account set up and funded by your employer. While some employers allow unspent funds to be carried over to future plan years, most do not. In the event that you have unspent money in your account and your employer allows carryovers, you would need to remain HRA-eligible (enrolled in the company health plan) to access those funds. Therefore, if you miss your employer’s open enrollment deadline, you will typically lose access to your HRA as well, and you will have to pay out of pocket for any costs your insurance does not cover.
  • Health Savings Account (HSA): An HSA is an account, owned by you, in which you can contribute either pre-tax or post-tax income. If you miss the open enrollment deadline to make contributions to this type of account, you will be unable to contribute pre-tax amounts to your HSA using payroll deductions, and your taxable income will be higher. Also, if your employer makes any contribution to the HSA, you would miss out on that. However, you can still make contributions to an HSA if you are an eligible individual, and you can deduct any amounts contributed. If you missed the opportunity to set up an HSA through your employer, you can still set one up on your own with a bank or other HSA custodian if you are an eligible individual.

Although you can certainly pay out of pocket for additional health care costs, without tax-advantaged funds, these expenses can be overwhelming. If your employer offers either an FSA or HSA, it is true that you are typically the only contributor to these accounts. However, the money you are contributing is pre-tax. Missing out on either of these will result in your post-tax budget taking a hit. Be sure to enroll in a health spending account that your employer offers before the open enrollment period closes so that you can receive the health care that you need without having to empty your pockets.

Don’t Forget About Your Other Benefits

Additionally, if you’ve missed open enrollment, you will be missing out on a lot more than just health care benefits. Some other benefits that you may be losing out on include the following:

  • Life Insurance: If you have lost coverage or do not have ample coverage for the next year due to missing the open enrollment deadline, consider buying a term life policy from a third-party to ensure that you and your loved ones will be taken care of if anything should happen to you. Talk to TSG Financial, LLC for more information on this option.

  • Retirement: Although it may seem like missing a year of contributions to an employer-matched plan is not a big deal, setting yourself up for a comfortable lifestyle after retirement should be a top priority. If you are worried about falling behind on saving for retirement after losing out on the ability to make contributions to your employer-sponsored retirement fund, consider setting up an individual retirement arrangement (IRA) or a Roth IRA on your own. You should also reference your tax withholding statement and make adjustments to your allowances accordingly as you will no longer be receiving the tax break on retirement deductions from your paycheck.

  • Disability: Disability insurance replaces some of your income if an injury or illness prevents you from working, which can ease the financial burden on a household. Short-term disability (STD) pays you a portion of your income for a short period of time (generally between nine and 52 weeks) after you run out of paid sick leave. Long-term Disability (LTD) pays you a portion of your income after you run out of both paid sick leave and STD. If you have missed open enrollment and are unable to enroll or amend your work-based policy, consider purchasing coverage on your own. Talk to TSG Financial, LLC for more information on this option


Missing your employer’s open enrollment deadline can be costly. Be proactive—mark deadlines on your calendar and create reminders in your phone so that you do not miss your employer’s open enrollment period. If you do happen to miss the deadline, be sure to talk to your HR manager right away.



© 2016 Zywave, Inc. All rights reserved. This Know Your Insurance document is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.



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Posted by Jessica Dunbar on Jan 7th, 2019


The Consumer Directed Personal Assistance Association of New York State (CDPAANYS) is excited to announce the first two installments of our 2019 regional intensive series!

TSG Financial and Bond, Schoeneck and King Attorneys are leading an intensive seminar on how fiscal intermediaries can ensure compliance with New York's wage parity laws and stay current with recent changes in federal tax law. As you know, home care worker wage parity went into effect in October 2017, and applies to all fiscal intermediaries in Westchester, New York City, and Long Island without exception.

This session will seek to answer your toughest questions, and will help Fiscal Intermediaries understand:

·  How to structure benefits programs for personal assistants;

·  New ways to effectively implement policies and procedures that comply with the law;

·  Ways to discern quality wage parity benefits from non-compliant;

·  New changes to IRS tax law in 2018;

·  And much more!

Paul Essner of TSG Financial will co-present with Logan Geen of Bond, Schoeneck & King Health Law Practice. This session will target fiscal intermediaries who are affected by home care worker wage parity. For further information, please visit the event page at our website.

Space is limited and registration will be held on a first-come, first-serve basis. This event will take place in New York City at the UJA-Federation of New York in midtown Manhattan on January 30, and in Long Island at the Hilton Long Island/Huntington on January 31. 

Not in a wage parity county? We will be announcing regional intensive dates for Northeastern and Western New York in the coming days!

Risk Strategies, TSG Financial, Bond, Schoeneck and King Attorneys, The Consumer Directed Personal Assistance Assocation of New York State (CDPAANYS) and the Securites America companies are separate entities.

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