Year End Reminders!

In All by Brian Imrich

As the holiday season speeds towards us there are a few reminders I wanted to share (as boring as they might be for a Friday afternoon happy hour post!)

If you’re a client who is still working:

  1. Spend your Flex Spending Account before it’s too late – Some employers have a longer “spend” window that may extend through January or April, but if you are not sure, find out right away so you know for certain.
  2. Inspect your group benefits if its open enrollment time – now is a great time to get that additional, for example, 1x pay in life insurance coverage, or increase your group disability coverage. If you need help, call us!
  3. The 2018 tax legislation changed how much is automatically being withheld from your paycheck.  If you are nervous about your tax return or owing unexpectedly, here is a great website and with only a couple of inputs will help get you pointed in the right direction. (https://apps.irs.gov/app/withholdingcalculator/)

If you’re a client who is retired:

  1. Medicare Advantage Plans annual election period ends December 7th – If you need help, we have a great resource, just let us know!
  2. For those collecting Social Security – Starting January 2019 your benefit will get a 2.8% boost.  On the downside though, the minimum Medicare Part B premium (for those over 65) increased to $135.50 from $134 in 2018.  
  3. If you you are thinking about gifting money to children or family, the federal gift tax limit for 2018 is $15,000 (per person).  Give us a shout if you are unsure what the best move might be!

Happy Friday!