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California COBRA Insurance & More

Many companies have benefits needs that go beyond group health insurance and dental or vision plans. Amorosi is experienced in short and long term disability, COBRA insurance, and medical flexible spending accounts. Give us a call for a consultation and we’ll work with you to determine the best combination of benefits for your particular needs.

Disability and COBRA Insurance Page Photo

STD – Short Term Disability

Short term disability pays a percentage of an employee’s salary for a specified amount of time if they are ill or injured and cannot perform the duties of their job. Coverage usually starts anywhere from one to 14 days after an employee suffers a condition that leaves them unable to work. Sometimes, employees are required to use sick days before short term disability kicks in.

  • Insurance to replace a portion of your income during the initial weeks of a disabling illness or accident
  • Coverage can range from 6 months up to one year of disability

LTD – Long Term Disability

According to industry sources, 3 out of every 10 workers between the ages of 25 and 65 will experience an accident or illness that keeps them out of work for 3 months or longer. When an employee cannot work for an extended period of time, a long term disability plan can help cover a portion of the employee’s salary. Long term disability usually kicks in after a short term disability policy has run out.

  • Insurance to replace a portion of your income during an extended period of disabling illness or accident
  • Provides a steady income to help meet financial obligations while the insured is unable to work

COBRA Insurance

What is COBRA insurance? The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for limited periods of time under certain circumstances such as voluntary or involuntary job loss, reduction in the hours worked, transition between jobs, death, divorce, and other life events. Qualified individuals may be required to pay the entire premium for coverage up to 102 percent of the cost to the plan.

  • Continuation of health care coverage when there is a qualifying event that would result in a loss of coverage under an employer’s plan

Medical Flexible Spending Accounts

A Medical Flexible Spending Account (FSA) is an IRS-approved, tax-exempt account that saves you valuable tax dollars on eligible medical expenses. Each pay period, an amount of money that you have specified is deducted from your gross pay before federal income, Social Security, and Medicare taxes are calculated.

When you enroll, you estimate your family’s annual health expenses and choose the amount of money you want to set aside pre-tax for the plan year. The amount you choose is deducted evenly from your paychecks throughout the year.

  • A plan that provides employees a choice between taxable cash and non-taxable benefits for unreimbursed health care expenses
  • Plan qualifies under Section 125 of the IRS Code

Medical Flexible Spending Accounts Dependent Care

FSAs can also be established to pay for certain expenses to care for dependents who live with someone while that person is at work. While this most commonly means child care, for children under the age of 13, it can also be used for children of any age who are physically or mentally incapable of self-care, as well as adult day care for senior citizen dependents who live with the person, such as parents or grandparents. Additionally, the person or persons on whom the dependent care funds are spent must be able to be claimed as a dependent on the employee’s federal tax return. The funds cannot be used for summer camps (other than “day camps”) or for long term care for parents who live elsewhere (such as in a nursing home).

The dependent care FSA is federally capped at $5,000 per year, per household. Married spouses can each elect an FSA, but their total combined elections cannot exceed $5,000. At tax time, all withdrawals in excess of $5,000 are taxed.

Unlike medical FSAs, dependent care FSAs are not “pre-funded”; employees cannot receive reimbursement for the full amount of the annual contribution on day one. Employees can only be reimbursed up to the amount they have had deducted during that plan year.

If married, both spouses must earn income for the Dependent Care FSA to work. The only exception is if the non-earning spouse is disabled or a full-time student. If one spouse earns less than $5,000 then the benefit is limited to whatever that spouse earned.

  • A plan that provides employees a choice between taxable cash and non-taxable benefits for unreimbursed health care expenses
  • Plan qualifies under Section 125 of the IRS Code

Whatever your ancillary benefits needs — whether COBRA Insurance, short or long term disability, or flexible medical spending accounts, Amorosi Insurance can help.