Why Long-Term Investing Works

Financial planning is more than just setting aside money for the future—it's about making intentional decisions today that will benefit your financial well-being tomorrow. From saving for retirement to managing health and life insurance, your financial choices have long-term impacts. Let’s explore how you can take small steps to improve your financial outlook and tie those efforts into the critical role of insurance. Leverage Compound Interest for Long-Term Growth One of the most powerful tools in financial planning is compound interest. By making small, consistent contributions to your retirement fund, you can significantly grow your savings over time. For example, investing just $50 a month for 40 years at a 10% annual return could grow your investment of $24,000 into around $265,000, with $241,000 coming from compound interest alone. This illustrates the magic of letting your money work for you over the long term. This approach isn't just about retirement funds—it’s also essential when planning for unexpected life events, such as health issues or accidents. Having life and health insurance ensures that your financial growth isn’t derailed by unforeseen medical expenses. With proper coverage, you can focus on saving for the future, knowing your health and well-being are protected. Automate Your Savings A great way to stay on track with your financial goals is by automating your savings. Set up automatic transfers to your savings or retirement accounts. This "set it and forget it" method ensures consistent contributions without needing to remember or be tempted to spend the money elsewhere. The same principle applies to insurance payments. Automating payments for health, life, or disability insurance means you’re always covered, no matter what happens. Your future self will thank you for having the foresight to prioritize both savings and insurance protection without extra effort on your part. Review and Adjust Your Budget Regularly Budgets aren’t set in stone—they need to evolve with your financial situation. By reviewing your budget regularly, you can identify areas where you can cut back and direct those funds toward savings or insurance. For instance, the average monthly value of unused paid subscriptions in 2024 is $32.84. Canceling these can free up money for more important financial goals. Just as you adjust your budget for daily expenses, it's crucial to evaluate your insurance needs. Life and health insurance policies should be revisited regularly, especially during major life events such as getting married, buying a home, or starting a family. Ensuring you have the right coverage in place can save you from future financial strain. Take Advantage of Employer Matching If your employer offers a 401(k) match, make sure to contribute enough to receive the full benefit. This is essentially “free money” that can significantly boost your retirement savings. For example, if your employer matches 50% of your contributions up to 6% of your salary, contributing 6% of a $50,000 annual salary would result in your employer adding $1,500 to your 401(k) each year. Employer-sponsored insurance programs often work similarly. Many companies offer group health and life insurance policies, which can save you money while ensuring you're adequately covered. Make sure you’re taking full advantage of any employer-provided benefits. Plan for Healthcare Costs in Retirement Healthcare is often one of the largest expenses in retirement. To help manage these costs, consider contributing to a Health Savings Account (HSA) if you're eligible. HSAs offer tax advantages and can be used for qualified medical expenses, giving you another way to save for both short- and long-term health costs. Having health insurance now is an essential step toward preparing for these future expenses. A comprehensive health insurance plan can cover preventive care, medications, and other treatments that keep you healthy as you age, reducing out-of-pocket costs down the line. Pay Off Your Mortgage Faster with Extra Payments Making just two extra mortgage payments a year can shave years off your loan and save you thousands in interest. For example, if you have a 30-year mortgage on a $300,000 home at a 4% interest rate, your monthly payment is about $1,432. Adding two extra payments a year could shorten the loan term to about 24 years and seven months, saving you over $45,000 in interest. While paying down your mortgage is important, balancing this goal with maintaining adequate life and health insurance coverage is essential. Paying off debt can provide peace of mind, but only if you're protected from the unexpected costs of illness or injury that could derail your financial progress. Protecting Your Financial Future with Insurance Financial planning isn't complete without protecting what you’re building. Life insurance safeguards your loved ones by providing financial security in the event of your passing. Health insurance ensures you’re covered for routine care and medical emergencies, which could otherwise lead to overwhelming debt. By integrating these insurance options into your financial plan, you’re not just saving for retirement—you’re securing your financial well-being, both today and for the future.  Interested in more financial tips and insights? Follow us on social media for the latest updates and advice on financial planning, health, and life insurance! Like and follow to stay informed!

If you are an EBS client, you should have received several notices and updates from us regarding the data breach of the Change Healthcare system. As members who were affected by the breach, we received the official notice from Change Healthcare and wanted to share it with you. While this event caused long outages and problems for members, providers, and even our office, it did not deter us from notifying our clients and going the extra mile to provide the best service we could. This is just one example of how Employee Benefits Solutions strives to provide our clients with the most relevant, current information. To stay up to date and see all the services we provide, check out our website! There is something for everyone, whether it be an informational blog post, answers to commonly asked questions or more specific resources, like tax form or group specific information. We would love to help you! For more information on the official notice from Change Healthcare, please view the document below.

September is Life Insurance Awareness Month, making it the perfect time to consider how life insurance fits into your family’s financial security. Life can be unpredictable, and ensuring that your loved ones are protected should the unthinkable happen is essential. Whether you're a millennial just starting a family or someone well into their career, life insurance is a key element of any comprehensive financial plan. Why Life Insurance is Necessary Life insurance provides a financial safety net for your family in the event of your passing. If you're the primary income earner or contribute significantly to your household's finances, the sudden loss of income could be devastating. Life insurance ensures that your family can continue to meet their financial obligations, such as mortgage payments, education costs, and daily living expenses, even when you're no longer there to provide for them. Here are the main reasons why life insurance is critical: Protect Your Family's Future Imagine how difficult it would be for your family to maintain their lifestyle without your income. Life insurance can replace lost income, helping your loved ones cover necessary expenses and preventing financial stress during an already difficult time. Pay Off Debt From mortgages to student loans, many of us carry debt throughout our lives. If something were to happen to you, those debts wouldn’t disappear. Life insurance can help pay off these financial obligations, ensuring your family isn't left with this burden. Funeral Expenses Funeral and burial costs can easily exceed $10,000. Without a life insurance policy, your loved ones might have to use their savings or take out loans to cover these expenses. Life insurance provides immediate funds to cover these final costs. Leave a Legacy Life insurance can also serve as a means of leaving a financial legacy for your children or grandchildren, helping them secure a better future through education or homeownership. It’s not just about protection but also about creating opportunities for the next generation. Tailored to Your Needs When it comes to life insurance, there are different types of policies designed to suit various needs. For example, term life insurance offers coverage for a specific period, making it more affordable for younger families. On the other hand, whole life insurance provides lifetime coverage with added benefits such as cash value accumulation, offering both protection and an investment component. It’s Time to Act Life insurance is not just about peace of mind today—it’s about ensuring that your family is taken care of tomorrow. If you don’t yet have life insurance or if it’s time to review your existing coverage, now is the perfect time to take action. During Life Insurance Awareness Month, many companies, including Employee Benefits Solutions, are offering special consultations to help you assess your needs and explore the best options available. Schedule a consultation with Employee Benefits Solutions today to safeguard your family’s future.

Introduction to PriorityBaby™ Becoming a parent brings a whirlwind of new experiences and responsibilities. From the moment your little one arrives, the need for reliable information and support becomes paramount. PriorityBaby™ is designed to be your go-to resource, providing essential guidance on health, safety, and wellness for both you and your baby. Let's explore how PriorityBaby™ can help you navigate the early stages of parenthood with confidence and ease. Comprehensive Well-Child Guide One of the most critical aspects of early childhood is ensuring that your baby receives timely and appropriate medical care. The PriorityBaby™ Well-Child Guide offers a detailed schedule of checkups from birth to your baby's second birthday. This easy-to-follow guide outlines what to expect at each visit, helping you stay informed about developmental milestones and necessary vaccinations. By keeping track of these appointments, you can ensure your baby grows healthy and strong. Understanding Emergencies vs. Non-Emergencies Parents often find themselves worrying about their baby's health, especially when it comes to common ailments. PriorityBaby™ provides a handy chart to help differentiate between emergencies and non-emergencies. This quick reference guide can be downloaded and printed, making it easy to determine the best course of action for various symptoms. Knowing when to seek immediate medical attention versus when to use home remedies can save you time, reduce stress, and ensure your baby receives the appropriate care. Fever Facts and Pediatric Care Fever is one of the most common concerns among new parents. PriorityBaby™ offers a comprehensive guide on pediatric fevers, including how to treat them and when to seek professional help. This resource covers everything from identifying fever symptoms to understanding potential causes and treatments. Having access to this information ensures you are prepared to handle fevers effectively, keeping your baby comfortable and safe. Safety First with SafeTV As your baby grows, ensuring their safety becomes a top priority. PriorityBaby™'s SafeTV provides practical tips and guidance on preventing accidents and injuries at home. From car seat installation to baby-proofing your living spaces, SafeTV covers essential safety measures for your little one. By following these guidelines, you can create a secure environment that supports your baby's exploration and development. Additional Resources for Parents PriorityBaby™ also includes a variety of resources to support your overall well-being as a parent. Topics such as feeding tips for returning to work, mental health support, and understanding ENT concerns for your baby are covered in depth. Moreover, staying informed about the risks of skipping vaccines and the importance of maintaining a vaccination schedule is crucial for your child's health. Dental and Toddler Care Dental health is an often-overlooked aspect of early childhood care. PriorityBaby™ provides insights into maintaining your baby's oral hygiene, setting the foundation for healthy teeth. Additionally, as your child transitions into toddlerhood, managing their safety and dealing with frequent illnesses become new challenges. PriorityBaby™ offers advice on toddler safety, coping with germs, and the benefits of early childhood illnesses in building a stronger immune system. Stay informed and supported throughout your parenting journey. Follow and like our social media accounts to receive the latest updates, tips, and resources tailored to help you and your baby thrive. Together, we can navigate the exciting and challenging path of parenthood with confidence.

Continued Growth of Priority Health Priority Health, a leading Michigan-based health plan, is making significant strides in its growth journey by expanding into Northern Indiana and Ohio. This expansion is facilitated through the acquisition of Physicians Health Plan of Northern Indiana (PHPNI). Priority Health, which currently serves over 1.3 million members, is set to enhance its service offerings and member experience by incorporating PHPNI's 52,000 members into its fold. Enhanced Member Experience and Coverage Praveen Thadani, President of Priority Health, emphasized the commitment to providing high-quality, affordable coverage, focusing on whole-person health and an exceptional member experience. The acquisition aims to simplify and enhance the experience for members of both plans, especially those residing near the Indiana or Ohio borders. This strategic move underscores Priority Health's dedication to ensuring seamless and comprehensive healthcare services across state lines. Community and Business Benefits Gary Shearer, President and CEO of PHPNI, highlighted the potential benefits of this acquisition for the communities and businesses they serve. The integration with Priority Health is expected to bring additional resources and innovation to PHPNI customers and members. This transaction is poised to close by the end of 2024, subject to required approvals, with both organizations anticipating minimal changes to product lines and member coverage. Supporting Community Health Initiatives The financial proceeds from this transaction will significantly advance the mission of the PHP Foundation. These funds will enhance the Foundation's ability to support health and wellness needs of unserved and in-need populations in Northern Indiana communities. This focus on community health underscores the shared values and commitment of both Priority Health and PHPNI to improving health outcomes for the populations they serve. Legal and Financial Guidance Cain Brothers, a division of KeyBanc Capital Markets, is acting as the exclusive financial advisor for PHPNI, while Faegre Drinker Biddle & Reath LLP serves as legal counsel. For Priority Health, Taft Stettinius & Hollister is providing external legal counsel. This professional guidance ensures that the acquisition process is handled smoothly and effectively, aligning with the strategic goals of both organizations. About Priority Health With over 30 years of experience, Priority Health is the second-largest health plan in Michigan. It offers an extensive portfolio of health benefits options for employer groups and individuals, including Medicare and Medicaid plans. Recognized for quality, customer service, transparency, and product innovation, Priority Health continues to set high standards in the healthcare industry.  Stay updated with the latest news and developments by following Priority Health on social media. Connect with us for health tips, updates on our services, and insights into how we are continually working to provide the best healthcare coverage for our members.

The Small Business Support Hub (SBSH) Grant Program is an initiative designed to help first and second-stage businesses recover from the adverse impacts of the COVID-19 pandemic. It provides various forms of support, including free programming, courses, events, and direct monetary grants, all aimed at fostering business growth and stability. What is the SBSH Grant Program? The SBSH Grant Program offers a comprehensive suite of services and resources to help small businesses navigate the challenges brought on by the pandemic. It is spearheaded by the SBAM Foundation and is geared towards businesses that have been disproportionately affected by COVID-19. The program includes free access to educational courses, events, and expert support, with the goal of helping businesses regain their footing and thrive in the post-pandemic economy. Who is Eligible? Eligibility for the SBSH Grant Program is straightforward. Established first-stage and second-stage businesses that have been significantly impacted by the COVID-19 pandemic are encouraged to apply. There is no requirement to be a member of the Small Business Association of Michigan (SBAM) or any other organization to qualify. The application process is designed to be simple and does not require the submission of detailed financial reports or previous tax returns. How Does It Work? Application Process: Businesses interested in participating can visit the SBSH Grant Program website and complete an application through Submittable®, a user-friendly application management platform. Creating an account is free and the application can be completed in about 20 minutes. Qualification Review: Once submitted, the SBAM Foundation team reviews the application to determine eligibility. Qualified participants are granted full access to the program's resources. Access to Resources: Approved businesses can choose from a wide range of free programming, courses, and events. These resources are curated by subject matter experts and cover key business areas such as marketing, leadership, financial literacy, and more. Programs and Services Offered The SBSH Grant Program provides a dynamic array of services tailored to meet the diverse needs of small businesses. These include: Marketing Strategies: Enhancing brand visibility and customer engagement. Growth Strategy and Leadership Development: Building effective leadership and strategic planning. Operations and Procedures: Streamlining business operations for efficiency. Financial Literacy and Accounting: Improving financial management and literacy. Human Resources: Strengthening HR practices and policies. Sales Strategy and Improvement: Boosting sales techniques and performance. Business Communication: Enhancing interpersonal and business communication skills. Information Technology: Leveraging technology for business growth. CEO Roundtables and Mentorships: Providing networking and mentorship opportunities. Compliance and Governance: Ensuring regulatory compliance and effective governance. How is it Beneficial? The SBSH Grant Program is highly beneficial for small businesses as it provides critical support at no cost. By offering free access to expert-led programming and courses, the program helps businesses enhance their stability, growth, and overall efficiency. Additionally, participants can qualify for direct monetary grants, further aiding their recovery and growth efforts. The program’s comprehensive support ensures businesses are better equipped to face future challenges and achieve long-term success. Learn More  To learn more about the SBSH Grant Program and start your application, visit www.sbam.org/sbsh-grant . Don't forget to follow and like our social media accounts to stay updated on new programs, courses, and events that can help your business thrive.

Navigating the Medicare reimbursement process can be daunting, but understanding the basics can help you manage your healthcare expenses effectively. This guide provides clear instructions on when and how to file a Medicare claim, ensuring you receive the benefits you're entitled to. When Do I Need to File a Claim? For most services, you won't need to file a claim if you have Original Medicare. By law, doctors and suppliers are required to file Medicare claims for covered services and supplies on your behalf. However, there are rare instances where you might need to file a claim yourself: Medicare Advantage Plan (Part C): These plans don’t require you to file claims because Medicare pays private insurance companies a set amount each month. Unfiled Claims: If your provider doesn’t file a claim in a timely manner, you may need to file it yourself. Claims must be submitted no later than 12 months after the service date. How Do I File a Claim? If you find yourself in a situation where you need to file a Medicare claim, follow these steps: Complete the Claim Form: Use the Patient Request for Medical Payment form (CMS-1490S). This form is available in both English and Spanish. Gather Necessary Documents: Itemized bill from your doctor, supplier, or other healthcare provider. A letter explaining why you’re submitting the claim (e.g., your provider isn’t able or refuses to file the claim). Any supporting documents related to your claim. Submit the Claim: Send the completed form and supporting documents to the address provided on the second page of the form's instructions or your Medicare Summary Notice (MSN). You can also find this address by logging into your secure Medicare account. What Should I Include with the Claim? Ensure you include all necessary information to avoid delays: The completed CMS-1490S form. The itemized bill from your healthcare provider. A detailed explanation for submitting the claim. Any additional supporting documents. Checking Your Claim Status After filing, you can track the status of your claim by: Reviewing your Medicare Summary Notice (MSN), which you receive every three months. Logging into your secure Medicare account online. If your claim isn’t being processed in a timely manner, you can contact your doctor or supplier to remind them to file the claim. If they still don’t file it, call Medicare at 1-800-MEDICARE (1-800-633-4227). Additional Tips Keep Copies: Always keep copies of the forms and documents you send. Timeliness: Ensure claims are filed within the 12-month limit. Authorization Forms: If you want someone to call Medicare on your behalf, fill out the "Authorization to Disclose Personal Health Information" form.  Understanding and following these steps can help you navigate the Medicare reimbursement process smoothly. If you need further assistance, don't hesitate to Contact Employee Benefits Solutions for professional support and guidance in managing your Medicare claims.

With the arrival of spring, we're all enjoying the promise of warmer weather, longer days, and, importantly, new opportunities to positively impact our local businesses and communities. At Employee Benefits Solutions, we're particularly excited about helping more companies thrive through effective health insurance solutions. If you're currently partnering with us, you know first-hand the commitment and quality we bring to managing health insurance plans. Our focus is always on making sure your needs are met with the utmost attention and expertise. But did you know that your experience with us could also benefit fellow business owners across Michigan? The Power of a Good Referral Referrals are the backbone of business growth and client satisfaction. They signify trust and satisfaction, and at Employee Benefits Solutions, we thrive on the positive feedback from clients like you. If you’ve found our services beneficial, there’s a good chance your peers will too. After all, who better to inform others about our services than someone who has experienced them first-hand? Why Your Referral Matters By referring another business to us, you are not only helping them to potentially improve their employee benefits, but you're also strengthening the local business community. A robust benefits package is key to attracting and retaining top talent, which can lead to a more competitive business environment overall in Michigan. It's Easy to Refer Someone! We understand that your time is precious, and we want to make the process of referring as smooth as possible. If anyone in your network is in need of guidance with their health insurance or employee benefits, we would “bee” honored if you’d send them our way! Feel free to give us a “buzz” or pass along our contact information to anyone you think could benefit from our assistance. And, as always, reach out if you have any questions or needs over the next few months. We’re always here to help, ensuring your business and those you refer can enjoy the peace of mind that comes with excellent health insurance. Let’s Make a Difference Together! We're eager to expand our services and help more businesses in Michigan enjoy the benefits of well-managed health insurance plans. Your referral can make a big difference, not just in another business's life but in strengthening our entire community's economic health. To discuss further how we can assist or to pass on a referral, don't hesitate to contact us. Your trust and support mean everything to us, and we look forward to continuing to serve you and the Michigan business community with dedication and expertise. Let's make this year a transformative one for businesses across Michigan with the right partnerships and the right coverage. We're just a phone call or email away! 

As a business owner, you're no stranger to the myriad of responsibilities that come with running a company. Among these tasks, one of the most crucial is ensuring that your corporate taxes are filed accurately and on time. At Acorn & Oak Wealth Management, we understand the importance of this process and are here to guide you through it. The corporate tax filing deadline for most businesses in the United States is April 15th . This date is not just a mark on the calendar; it's a significant milestone in your business's financial year. Meeting this deadline is essential to avoid penalties and maintain a good standing with the Internal Revenue Service (IRS). It's crucial to note that if April 15th falls on a weekend or a holiday, the deadline is extended to the next business day, offering a slight reprieve for last-minute filings. For corporations operating on a fiscal year different from the calendar year, the deadline is the 15th day of the fourth month following the end of their fiscal year. The key to successfully navigating this deadline is not to delay . Procrastination can lead to rushed filings, errors, and potential penalties. Instead, it's advisable to start the tax preparation process well in advance. This allows ample time for gathering necessary documents, reviewing financial statements, and seeking professional advice if needed. Remember, tax filing is more than just an obligation; it's an opportunity to understand your business's financial health better. It provides a clear picture of your income, expenses, and overall profitability. This information is invaluable for making informed decisions about your business's future. At Acorn & Oak Wealth Management, we believe in empowering business owners with the knowledge and tools they need to manage their finances effectively. We understand that tax season can be a stressful time, but with careful planning and timely action, it can be navigated smoothly. While this post does not include a call to action, we encourage you to stay informed and proactive about your corporate tax responsibilities. Remember, the key to a successful tax season is not to delay. Start early, stay organized, and don't hesitate to seek professional advice if needed. In conclusion, the corporate tax filing deadline of April 15th (or the next business day if this falls on a weekend or holiday) is an important aspect of your business's financial management. By not delaying and starting the preparation process early, you can ensure a smooth, stress-free tax season. At Acorn & Oak Wealth Management, we're here to help you navigate this process and make the most of your business's financial potential.