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Business Articles

Timely and relevant business advice and news curated by the Chamber. Offering essential information, we will help you succeed and stay current.

Article of the Week: Everyday Earth Day Tips For Small Business Owners

Since 1970, Earth Day has been celebrated on April 22nd each year in an effort to both celebrate Mother Nature and all that the Earth provides for us, as well as to help raise awareness and bring action towards environmental issues. Forty-six years later, Earth Day continues to "lead with groundbreaking ideas and by the power of our example", as stated on the official Earth Day website, Among these groundbreaking ideas include ways in which small business owners - possibly even yourself - can rally around Earth Day everyday to help Mother Nature all year long. To get started in seeing what you can do to help your business become more Earth friendly, consider the ideas below.

Track The Energy You Use

Did you know that there is an online tracker to help you measure the energy you use and water you consume? The EPA created the ENERGY STAR Portfolio Manager® - an online measurement tool - to benchmark the performance of one building or a whole portfolio of buildings in a secure environment. For your own small business, this is a great way to better understand what you are using energy on, while also helping to evaluate ways you can improve your energy consumption. Additional tips to help you control your energy use include turning off your computer when it's not being used, or at the very least putting it in hibernation mode while you are away from it. Additionally, don't forget to turn off any lights or other electronics that are not needed or in use. Remind others in your business to also do the same, and make it a company policy to eliminate using lights or other things that use energy whenever it's not necessary.

Incorporate More Eco-Friendly Products Into Your Routines 

Computers are a must nowadays for businesses, but did you know that laptops consume significantly less energy than desktop computers? If you have been debating on making the switch to laptops, iPads or other smaller electronic devices to manage and operate your business, let this be your reason why. Additionally, rechargeable batteries are a great way to reduce battery waste, plus the disposable types are expensive to recycle and often never make it to a recycling center to even do so. More simpler ways to become more eco-friendly in your office, store, cafe or other business environment include using paper clips versus staples, recycling paper and re-purposing back sides of paper whenever possible and reusing boxes, packaging materials and folders time and time again. Finally, if you have old or unused electronics taking up space in your office, consider donating them or recycling them versus tossing them in the trash, as well.

Introduce Green Business Efforts Into Your Business Strategy

The Small Business Administration (SBA) states that "there's a new focus on environmental responsibility, and as a small business owner, you can make a difference." Among the ways in which they suggest you can help to protect our ecosystem include "adding sustainability and green marketing to your business strategy that may enhance your brand image and secure your market" as well as gaining some eco-labeling certifications to help your brand or business. This labeling, as the SBA explains, is a way to "differentiate your product or service as environmentally sound" while also giving you an "important way to market your product to green consumers." There are countless other ways in which you can be more green in your small business environment, but what will help you get to this next step is first identifying what's most important to you and your business when it comes to achieving more eco-friendly success. The EPA offers a sustainability outline to help you navigate these decisions, as well as a thoughtful reflection on your daily activities in which impact the environment the most can help you clarify these possibly tough choices.

Finally, when aiming to incorporate more Earth friendly practices into your everyday routines, consider how you get to and from work each day. Do you carpool or drive alone? Do you use public transportation or ride a bike? Do you take the scenic route or most direct? Even the littlest of changes can make a big difference to Mother Nature, so there's no need to dive in full force if baby steps are all you can offer right now. Every step, as it turns out, can help make everyday Earth Day if we all begin to make changes... beginning today.

Article of the Week: Financial Fitness for Your Small Business

On March 31, 2017, President Donald J. Trump proclaimed April National Financial Capability Month and the U.S. Small Business Administration (SBA) is excited to be a part of its observation. National Financial Capability Month is dedicated to promoting the resources that help Americans make informed financial decisions. The SBA knows that at no point is it more important to make an informed financial decision than when someone decides to start or expand a small business. We are dedicated to equipping everyone, especially entrepreneurs, with the knowledge and protections necessary to have a secure and stable financial future.

The SBA wants to bring financial literacy not only to America as a whole, but specifically to small businesses and future entrepreneurs. Whether your target market is global or local, the SBA’s network of Small Business Development CentersWomen’s Business Centers, and SCORE chapters can help at every stage of turning your entrepreneurial dream into a booming business.  Additionally, the SBA’s Online Learning Center offers free 24/7 online courses to help you brush up on your financial skills.

If you want to start a business or learn how to better manage your business finances, begin with the Money Smart for Small Business (MSSB).  The SBA and FDIC collaborated to provide a free instructor-led business curriculum that introduces practical business topics related to starting and managing a business. MSSB has 13 modules, including Managing Cash Flow, Banking Services Available for Small Businesses, Credit Reporting, Tax Planning and Selling a Small Business. The curriculum is available for download at no cost in both English and Spanish.

For more information on MSSB or to download the free course visit

For free resources on money management and on making the best financial decisions for you, visit or call 1-800-FED-INFO (1-800-333-4636).

Article of the Week: 15 Signs You Have Emotional Intelligence

By: Travis Bradberry

When emotional intelligence (EQ) first appeared to the masses, it served as the missing link in a peculiar finding: people with average IQs outperform those with the highest IQs 70% of the time. This anomaly threw a massive wrench into the broadly held assumption that IQ was the sole source of success.

Decades of research now point to emotional intelligence as being the critical factor that sets star performers apart from the rest of the pack. The connection is so strong that 90% of top performers have high emotional intelligence.

Emotional intelligence is the “something” in each of us that is a bit intangible. It affects how we manage behavior, navigate social complexities, and make personal decisions to achieve positive results.

Despite the significance of EQ, its intangible nature makes it very difficult to know how much you have and what you can do to improve if you’re lacking. You can always take a scientifically validated test, such as the one that comes with the Emotional Intelligence 2.0 book.

Unfortunately, quality (scientifically valid) EQ tests aren’t free. So, I’ve analyzed the data from the million-plus people TalentSmart has tested in order to identify the behaviors that are the hallmarks of a high EQ. What follows are sure signs that you have a high EQ.

You Have a Robust Emotional Vocabulary

All people experience emotions, but it is a select few who can accurately identify them as they occur. Our research shows that only 36% of people can do this, which is problematic because unlabeled emotions often go misunderstood, which leads to irrational choices and counterproductive actions.

People with high EQs master their emotions because they understand them, and they use an extensive vocabulary of feelings to do so. While many people might describe themselves as simply feeling “bad,” emotionally intelligent people can pinpoint whether they feel “irritable,” “frustrated,” “downtrodden,” or “anxious.” The more specific your word choice, the better insight you have into exactly how you are feeling, what caused it, and what you should do about it.

You’re Curious about People

It doesn’t matter if they’re introverted or extroverted, emotionally intelligent people are curious about everyone around them. This curiosity is the product of empathy, one of the most significant gateways to a high EQ. The more you care about other people and what they’re going through, the more curiosity you’re going to have about them.

You Embrace Change

Emotionally intelligent people are flexible and are constantly adapting. They know that fear of change is paralyzing and a major threat to their success and happiness. They look for change that is lurking just around the corner, and they form a plan of action should these changes occur.

You Know Your Strengths and Weaknesses

Emotionally intelligent people don’t just understand emotions; they know what they’re good at and what they’re terrible at. They also know who pushes their buttons and the environments (both situations and people) that enable them to succeed. Having a high EQ means you know your strengths and you know how to lean into them and use them to your full advantage while keeping your weaknesses from holding you back.

You’re a Good Judge of Character

Much of emotional intelligence comes down to social awareness; the ability to read other people, know what they’re about, and understand what they're going through. Over time, this skill makes you an exceptional judge of character. People are no mystery to you. You know what they’re all about and understand their motivations, even those that lie hidden beneath the surface.

You Are Difficult to Offend

If you have a firm grasp of whom you are, it’s difficult for someone to say or do something that gets your goat. Emotionally intelligent people are self-confident and open-minded, which creates a pretty thick skin. You may even poke fun at yourself or let other people make jokes about you because you are able to mentally draw the line between humor and degradation.

You Let Go of Mistakes

Emotionally intelligent people distance themselves from their mistakes, but do so without forgetting them. By keeping their mistakes at a safe distance, yet still handy enough to refer to, they are able to adapt and adjust for future success. It takes refined self-awareness to walk this tightrope between dwelling and remembering. Dwelling too long on your mistakes makes you anxious and gun shy, while forgetting about them completely makes you bound to repeat them. The key to balance lies in your ability to transform failures into nuggets of improvement. This creates the tendency to get right back up every time you fall down.

You Don’t Hold Grudges

The negative emotions that come with holding onto a grudge are actually a stress response. Just thinking about the event sends your body into fight-or-flight mode, a survival mechanism that forces you to stand up and fight or run for the hills when faced with a threat. When the threat is imminent, this reaction is essential to your survival, but when the threat is ancient history, holding onto that stress wreaks havoc on your body and can have devastating health consequences over time. In fact, researchers at Emory University have shown that holding onto stress contributes to high blood pressure and heart disease. Holding onto a grudge means you’re holding onto stress, and emotionally intelligent people know to avoid this at all costs. Letting go of a grudge not only makes you feel better now but can also improve your health.

You Neutralize Toxic People

Dealing with difficult people is frustrating and exhausting for most. High EQ individuals control their interactions with toxic people by keeping their feelings in check. When they need to confront a toxic person, they approach the situation rationally. They identify their own emotions and don’t allow anger or frustration to fuel the chaos. They also consider the difficult person’s standpoint and are able to find solutions and common ground. Even when things completely derail, emotionally intelligent people are able to take the toxic person with a grain of salt to avoid letting him or her bring them down.

You Don’t Seek Perfection

Emotionally intelligent people won’t set perfection as their target because they know that it doesn’t exist. Human beings, by our very nature, are fallible. When perfection is your goal, you’re always left with a nagging sense of failure that makes you want to give up or reduce your effort. You end up spending your time lamenting what you failed to accomplish and what you should have done differently instead of moving forward, excited about what you've achieved and what you will accomplish in the future.

You Disconnect

Taking regular time off the grid is a sign of a high EQ because it helps you to keep your stress under control and to live in the moment. When you make yourself available to your work 24/7, you expose yourself to a constant barrage of stressors. Forcing yourself offline and even—gulp!—turning off your phone gives your body and mind a break. Studies have shown that something as simple as an e-mail break can lower stress levels. Technology enables constant communication and the expectation that you should be available 24/7. It is extremely difficult to enjoy a stress-free moment outside of work when an e-mail that will change your train of thought and get you thinking (read: stressing) about work can drop onto your phone at any moment.

You Limit Your Caffeine Intake

Drinking excessive amounts of caffeine triggers the release of adrenaline, and adrenaline is the source of the fight-or-flight response. The fight-or-flight mechanism sidesteps rational thinking in favor of a faster response to ensure survival. This is great when a bear is chasing you, but not so great when you’re responding to a curt e-mail. When caffeine puts your brain and body into this hyper-aroused state of stress, your emotions overrun your behavior. Caffeine’s long half-life ensures you stay this way as it takes its sweet time working its way out of your body. High-EQ individuals know that caffeine is trouble, and they don’t let it get the better of them.

You Get Enough Sleep

It’s difficult to overstate the importance of sleep to increasing your emotional intelligence and managing your stress levels. When you sleep, your brain literally recharges, shuffling through the day’s memories and storing or discarding them (which causes dreams) so that you wake up alert and clearheaded. High-EQ individuals know that their self-control, attention, and memory are all reduced when they don’t get enough—or the right kind—of sleep. So, they make sleep a top priority.

You Stop Negative Self-Talk in Its Tracks

The more you ruminate on negative thoughts, the more power you give them. Most of our negative thoughts are just that—thoughts, not facts. When it feels like something always or never happens, this is just your brain’s natural tendency to perceive threats (inflating the frequency or severity of an event). Emotionally intelligent people separate their thoughts from the facts in order to escape the cycle of negativity and move toward a positive, new outlook.

You Won’t Let Anyone Limit Your Joy

When your sense of pleasure and satisfaction are derived from the opinions of other people, you are no longer the master of your own happiness. When emotionally intelligent people feel good about something that they’ve done, they won’t let anyone’s opinions or snide remarks take that away from them. While it’s impossible to turn off your reactions to what others think of you, you don’t have to compare yourself to others, and you can always take people’s opinions with a grain of salt. That way, no matter what other people are thinking or doing, your self-worth comes from within.

Bringing It All Together

Unlike your IQ, your EQ is highly malleable. As you train your brain by repeatedly practicing new emotionally intelligent behaviors, it builds the pathways needed to make them into habits. As your brain reinforces the use of these new behaviors, the connections supporting old, destructive behaviors die off. Before long, you begin responding to your surroundings with emotional intelligence without even having to think about it.

Please share your thoughts in the comments section below, as I learn just as much from you as you do from me.

Article of the Week: Five Simple Questions to Help Determine Your Business Financing Options

By: Marco Carbajo,

The funding strategy a business selects is something unique to each company and needs to be precise. Before an owner sets out and applies for financing, he or she needs to know what options are available and what direction should be taken.

The good news is as a business owner, you have many options when it comes to business financing, but the key is choosing which option will work best for your situation. Each financing option has its advantages and disadvantages, and some could be a much better fit for existing businesses than to startups. It’s important to do your due diligence by conducting a fair amount of research so you can ensure you make an informed decision prior to moving forward and submitting a business credit application.

Here are five simple questions to help determine which financing option may be a fit for your business.

Do you have a detailed business plan that shows financial projections, cash amount needed and what the funds will be used for?

Having a business plan is one of the key items required for any small business loan application submitted according to the Small Business Administration website. A well written business plan shows lenders, banks or credit unions that you understand your industry, your customer, and can generate the cash flow needed to make loan payments on time. “Business plans aren’t just for startups seeking a loan—that’s really a myth about small business planning,” says Sabrina Parsons, CEO of Palo Alto Software.

How are your personal credit ratings and how much debt do you have?

Credit scores play an important role in one’s ability to successfully obtain business financing. According to the Small Business Administration (SBA), credit scores reflect how well you handle money. Business lines of credit, business credit cards, business loans, and other traditional forms of financing all require personal checks as part of the lender’s credit granting decision.

With strong personal credit ratings, banks interpret that the applicant has the proper skills to manage finances. Additionally, a business owner can improve their overall credit standing and chance of approval by keeping their credit utilization on revolving credit card accounts at or below 50% with 30% being ideal. 

What kind of collateral (business and personal) do you have to support a business loan request?

Banks require collateral that can guarantee a traditional business loan if it goes into default. The amount a bank will lend to a business largely depends on the value of the collateral that the business owner is willing to pledge. Although online lenders may not require collateral for a business loan, the interest rates charged are substantially higher.

Does your business have outstanding invoices?

Rather than struggling with unpaid invoices, you can recover some of the funds by converting unpaid invoices into cash. Invoice factoring also known as accounts receivable financing enables you to sell any outstanding invoices to a private lender in return the lender will give you a percentage of the funds due to your company. Once the customer pays the invoice in full, the lender will send the remaining balance owed, less the fees due to the lender. If your business has a time gap between sales and payments, then this financing option may be an option to consider.

Does your company have healthy cash flow?

Strong cash flow shows a bank that the business has enough cash to make monthly loan payments in addition to covering its operational costs. As a business owner, it’s essential to understand how much cash is flowing through the business. “If your business has too tight of a margin, work toward lowering expenses or finding ways to grow revenue before applying for a loan,” says Jay DesMarteau, head of small business banking at TD Bank.

Remember that the business financing options listed here are not a one size fits all. All types of funding programs are different among lenders so be sure to take the necessary time to research which option is right for your business.

Paid Family Leave Proposed Regulations Released

The NYS Workers Compensation Board and the NYS Department of Financial Services released proposed rules regarding the implementation and administration of New York’s new Paid Family Leave law.  As you know, this law is scheduled to take effect January 1, 2018 and is the most expansive paid family leave law in the nation.  The law applies to employers of one or more employees and, when fully implemented, will provide up to 12 weeks of paid leave for an employee to care for a family member with a serious health condition, the birth or adoption of a child, or for a qualified military exigency. 

The proposed rules from the Workers Compensation Board (WCB) address the administration of employee leave including eligibility, notice requirements, medical certification, reinstatement rights, health insurance continuation, and coordination with FMLA and other laws.  You can read the proposed WCB rule here.

The Department of Financial Services (DFS) has released proposed rules that establish minimum standards for the form and rating of family leave benefits coverage.  The proposed rules establish that the benefits coverage will be community rated, establishes procedures for establishing the community rate, relate to the content and sale of policy forms for the family leave benefits coverage, and authorizes the superintendent to set the maximum employee contribution for family leave benefits coverage.  You can read the proposed DFS rule here.

In both cases, public comments on the rule will be accepted until April 8, 2017.  The Business Council staff will be conducting an in-depth analysis of the proposed regulations, identifying our concerns, and submitting comments to the WCB and DFS.   

We appreciate your feedback.  Please submit your comments/concerns regarding the proposed rules to us as soon as possible.  For feedback related to the WCB proposed rules, please contact Frank Kerbein at (518) 465-7511, ext. 210.   For feedback related to the DFS proposed rules, please contact  Lev Ginsburg at (518) 465-7511, ext. 207.  

Article of the Week: Tips To Ease Small Business Tax Season Stress

By: Chris Rush,

Are you stressed about tax season? It certainly breeds its own intense levels of anxiety for many business owners. Whether you outsource your tax preparation to an accounting professional or handle your taxes in-house, it pays to be prepared. Preparing for tax season in the right way can save you valuable time and arm you with useful information that can enhance your business’s efficiency and success.

As you embark on this annual business exercise, here are some steps you can take to streamline tax-related jitters.

Take stock of your financial situation. 

Make sure the information you have about your employees and contractors is current and correct. Did anyone move, get married or have children? For employees, double-check items, such as employee name, address, social security number, lived-in and worked-in jurisdictions, paid time-off information (to determine whether appropriate withholdings or deductions were applied), status (active, terminated or on leave of absence), filing status (exempt or non-exempt), number of exemptions, year-to-date wages and taxes, and pre-tax year-to-date amounts, such as contributions to 401(k) and benefits plans.

Confirm independent contractor classifications. 

The misclassification of employees as independent contractors is a major area of enforcement for government agencies. If you already work with independent contractors, evaluate current relationships since they may have changed over time (You may want to refer to the Internal Revenue Service common law requirements). Double check contractors’ names, Taxpayer’s Identification Numbers (TIN) (which is either their social security number or Employer Identification Number), addresses, state and local work locations, and earnings totals for each jurisdiction. Double check wages paid to employees and contractors (Form W-2, Form W-3, and Form 1099) and compile rent or property documents, income and expenses. Finally, examine reimbursements to employees and contractors.

Organize your paperwork.

Keep your records organized so the preparation process can be more efficient.  Should you be audited, you may not have to scramble to assemble your documentation. For your reference, this list includes forms that must be filed. It’s a good idea to check the websites for your applicable state or local guidelines:

  • Annually:

    • Employer's Annual Federal Tax Return (Form 944); only file Form 944 annually if you do not file Form 941 quarterly
    • Employer's Annual Federal Unemployment (FUTA) Tax Return (Form 940)
    • Federal Wage and Tax Statements (Form W-2)
    • Transmittal of Income and Tax Statements (Form W-3)
    • Federal 1099-MISC form
    • Federal 1096 form
    • Employer information about health care coverage enrollment for their employees, such as Forms 1095-C and 1094-C if you are an applicable large employer 
    • One form for each employee to report health care coverage; provide Form 1095-C if you are an applicable large employer, or if you are self-insured, you will need to give your employee(s) Form 1095-B
    • Some states require income tax returns 
    • Some states require unemployment tax returns 
    • Form 943 if you are in the agriculture industry
  • Quarterly:

    • Employer's Quarterly Federal Tax Return (Form 941)
    • Some states require income tax returns 
    • Some states require unemployment tax returns   
    • Most local income tax returns need to be filed quarterly

Clarify exemptions, deductions, and rebates.

View your employees' 2016 earnings and deductions in your books. Bonuses are generally considered supplemental wages and are subject to federal taxes, as well as certain state taxes. In addition, you must account for certain fringe benefits, retirement plans and any other necessary adjustments to employee wage and tax amounts.

Think long term. 

Make it a habit to follow these tips and remain organized. Understand your long-term business goals and make sure tax preparation reflects these goals by consistently updating your paperwork, tracking your employee and contractor base, and looking ahead to the next major milestone in business reporting. You may also want to consider including future leaders in the tax preparation process so they can familiarize themselves with exemptions, deductions and rebates when they take on a leadership role.

Don’t go it alone.

The regulations and paperwork surrounding tax preparation can be daunting. Don’t be afraid to ask for help or use additional resources to inform your decisions. Outside consultation can often be the easiest quickest option, and at the risk of misclassifying workers and incurring a penalty, sometimes more cost effective. 

Devoting the time and resources necessary for tax preparation can help you start 2017 on the right foot. Organizing and evaluating the status of your business early will ensure that tax preparation runs smoothly and accurately. 

Article of the Week: Health Savings Account Information

Brought to you by the insurance professionals at Bouchey & Clarke Benefits, Inc.

Health savings accounts (HSAs) are a growing trend in health care. An HSA is a tax-exempt
savings account established for the purpose of paying for the qualified medical expenses
of an individual and/or his or her spouse and tax dependents. HSAs are designed to
provide eligible individuals with the following federal tax benefits:

  • HSA contributions are tax-free.
  • Interest and other earnings on HSA contributions accumulate tax-free.
  • Amounts distributed from an HSA for qualified medical expenses are tax-free as well.

In addition to tax benefits, HSA plans have grown in popularity because they offer potential health care cost savings to both employers and employees. For example, individuals covered under an HSA are more likely to seek preventive care, choose generic drugs, not misuse the emergency room, and use online tools to research health care providers.

HSA Eligibility

HSAs are offered in combination with high deductible health plans (HDHPs). To be HSA eligible, an individual must be covered under a qualified HDHP and not also covered by another health plan that is not an HDHP (with a few exceptions, including disability, dental care, vision  care and long-term care insurance). HDHPs generally have lower monthly premiums and higher deductibles than traditional health plans.

HSAs can cover medical expenses until the HDHP deductible is reached. The idea of this design is that the HSA pays for routine, smaller health expenses, while the HDHP offers protection in the event of a catastrophic medical expense, such as an unexpected illness, injury or hospitalization.

Because HSA amounts are non-forfeitable, amounts contributed to an HSA can increase savings for future health care needs, even into retirement. In general, money placed into an HSA can be withdrawn at any time. Any HSA withdrawal used for a purpose other than to pay for qualified medical expenses is taxable as income and subject to an additional 20 percent penalty. After an individual reaches age 65, the additional penalty tax does not apply to HSA withdrawals.

Additional HSA Basics

  • HSAs are controlled and owned by the individual or employee. HSA owners are responsible for annually reporting HSA contributions and distributions to the Internal Revenue Service (IRS) as an attachment to their IRS Form 1040 (U.S. Individual Income Tax Return).
  • HSA contributions are non-taxable, and can be made by the HSA owner, an employer, a family member or any other person for months during which the owner is HSA-eligible.
  • Annual limits apply to HSA contributions. The amount of the annual limit is federally mandated, and depends on whether the HSA owner has individual or family HDHP coverage.
  • HSA funds, including interest and earnings, accumulate tax-free from year to year. HSAs are not subject to the “use it or lose it” rule applicable to health flexible spending accounts (FSAs). HSAs are portable, meaning individuals keep their HSAs even if they change jobs, change medical coverage or make other life changes.
  • Even if an HSA owner is no longer HSA-eligible (for example, because the owner is no longer covered under an HDHP), he or she can still use accumulated HSA funds to pay for qualified medical expenses on a tax-free basis.
  • HSAs are an inheritable asset. If a surviving spouse is the beneficiary, the spouse becomes the owner of the account and can use it as if it were his or her own HSA. For other beneficiaries, the account will no longer be treated as an HSA, and will pass to a beneficiary or become part of the deceased individual’s estate.
  • HSAs can help individuals become better health care consumers by giving them more of a stake in controlling their health care costs. Since they are responsible for more out-of-pocket costs due to the higher deductible, many employees become more conscious of the health care dollars they are spending.

HSAs are not for everyone. The decision of whether to choose HSA/HDHP coverage is different for each individual, and may depend on the predictability of health care costs. If an individual is generally healthy and/or has a reasonable idea of health care costs, then HSA/HDHP coverage may make more financial sense than traditional health plan coverage.

HSA Annual Limits for 2016 and 2017 Single Coverage

  • HDHP minimum deductible: $1,300
  • HDHP maximum out-of-pocket maximum: $6,550
  • HSA maximum contribution: $3,350 for 2016 ($3,400 for 2017)

Family Coverage

  • HDHP minimum deductible: $2,600*
  • HDHP maximum out-of-pocket maximum: $13,100
  • HSA maximum contribution: $6,750

*For family plans that have deductibles both for the family as a whole and for individual
members: If either the family deductible or the deductible for an individual member is less
than the minimum required deductible, then the plan is not an HDHP.

Example: A family plan has a family annual deductible of $3,500 and an individual
deductible of $1,500 per family member. This plan is not a qualified HDHP.

Catch-up Contributions
Individuals who are 55 years old and older are allowed to contribute an extra $1,000 per
year to their HSA, to help them save for retirement.

For more information about HSAs, contact Bouchey & Clarke Benefits, Inc. today.

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