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Three Services Your Business Needs

Three Services for Businesses

At Elite Insurance Solutions, we provide not only many different types of insurance services for personal needs, but we also offer a wide variety of business insurance policies. Our experienced staff is familiar with all of the state and federal laws and regulations that are necessary for a business owner in the state of Tennessee to protect the owner, the employees, and the customers. We can tailor your insurance policies to your specific industry or field, and you will not have to worry about being sold a lot of services you and your business do not need. Of course, there are general business insurance services most every business needs, no matter the industry, and we’d like to tell you about three services we offer that will benefit both you and your employees.

Call us today to inquire about these three services. We also have other insurance to support business owners.

Call us today to inquire about these three services. We also have other insurance to support business owners.

  • Group health insurance A key component of an excellent benefits package, group health insurance is employer-sponsored, which means you will share the costs of health insurance with your employees. The average employer generally pays a half, or even more, of the monthly premium. Our insurance veterans at Elite Insurance Solutions will help you select from our range of Tennessee group health insurance plans and even customize a benefits package where you can offer your employees a choice in a plan. The types of health insurance plans we offer include Office Visit Co-Pay plans, 100% After Deductible plans, and Dental and Vision insurance plans. We also provide Health Saving Plans (HSA), Health Reimbursement Arrangements (HRA), and Flexible Spending Accounts (FSA), which can assist your employees with a high-deductible health plan. Our staff can answer your questions about group health insurance plans in Tennessee and help you provide your employees with the one of the best benefits you could offer.
  • Insurance-based retirement plans Another way to reward your employees with a great benefit, insurance-based retirement plans provide your employees with life insurance and an extra way to earn supplemental retirement income. Elite Insurance Solutions also offers supplemental executive retirement plans which give a tax-free opportunity for employees to save more retirement money once they have maxed out their contribution to a qualified plan. These plans benefit both the owner and the employee. As the owner, you can choose which employees will receive benefits, a powerful recruiting and retention tool. Owners also receive tax deductions when employees gain compensation from the plan. For employees, they can obtain deferred tax on income until compensation is given, enjoy unlimited deferrals, earn more retirement income, and be awarded for their contributions.
  • Workers’ compensation coverage In the state of Tennessee, most business owners with five or more employees are required by law to provide workers’ compensation coverage. Elite Insurance Solutions will help you with the state laws and guidelines for workers’ compensation, so you will be able to understand your responsibilities if one of your employees is ever injured on the job. As a business owner, the last thing you want to deal with is a lawsuit for workers’ compensation, so let our staff protect you with our coverage package.

We at Elite Insurance Solutions provide even more business insurance services, so contact us at any of our offices across the state. We will be happy to answer any business insurance questions you may have as well as advise you on the best insurance plans for your business.

Preparing for Retirement Checklist

Planning for your retirement will ultimately give you great happiness and contentment. Know your options.

Planning for your retirement will ultimately give you great happiness and contentment. Know your options.

best way to ensure a happy retirement is to plan for it and, of course, the earlier the better. No matter where you are in your working life, you can take steps now to help create a viable and rewarding retirement. In fact, the more you learn about your retirement options, the clearer you can be about what makes sense for you. You need to ask yourself questions like:

  • What do I want my retirement to look like? What will I do with my time?
  • How do I check my Social Security earnings and benefits? How are my Social Security benefit amounts calculated?
  • Can I take money out of my retirement plan early?

These are just a few of the questions you must consider when you start planning for retirement; becoming more informed about the various processes that are involved will help you remain more stress-free throughout the planning process.

Planning for Retirement

It’s never too early to plan for what you will do in your golden years. To start, take a few minutes to write down the things you expect to be actively involved in. Don’t count solo activities such as reading, watching TV, or jogging. While fine in themselves, they are not likely to keep you energized and interested for long. Be as specific as you can. For example, if you plan to participate in charitable activities aimed at helping educate Third World children, with whom will you work and what will you do? Keep in mind that participating in just a few activities won’t keep you interested in life and interesting to others. So if your list consists of travel, adult education courses, and golf, you’ll need to do more planning. Consider things like working part-time, volunteering, and exploring hobbies.

Social Security

Periodically checking your estimated Social Security benefits serves several purposes: it helps you plan for retirement and allows you to check for and correct errors. The Social Security Administration (SSA) keeps a database of your earnings record and work credits, tracking both through your Social Security number. You can see this information on your Social Security Statement (SSS), which is available to everyone age 25 and over. The SSS also gives you an estimate of the benefits you’ll receive at retirement age, which can plan an important role in your financial planning.

Retirement Plans

If you need to dip into a retirement account—whether it’s a 401(k), IRA, or something else—before you retire, you’ll likely pay a penalty. If you take a distribution from your retirement plan early (meaning before the day you turn 59 ½) you will generally have to pay a 10% early distribution tax above and beyond any regular income taxes you may owe on the money. The extra 10% might be called a tax, but it looks and feels like a penalty. In fact, the early distribution tax is the cornerstone of the government’s campaign to encourage us to save for retirement—or put another way, to discourage us from plundering out savings before our golden years. There are, however, a few ways to avoid the penalty. We recommend looking over the IRS’s FAQ on Substantially Equal Periodic Payments.

There are plenty of ways to do retirement, just as there are plenty of ways to do a career. You can leave your career, but turn your hobby into part-time work, or you can stop working altogether. Your goal should be to create the ideal vision for your life, your needs, your desires and, if applicable, your family. Whether you want to use your retirement to sail around the world or lie on the couch and read romance novels, it’s important to know what you want and put a plan into place to get it. Contact us today to see what Elite Insurance Solutions can do for you!