Monthly Archives: June 2022

Wellman Shew: 5 Questions About Short-term Disability Insurance You Should Answer Truthfully

Short-term disability insurance is designed to help bridge the gap in your finances if you can’t work for a short period. It provides benefits when a person is unable to work, says Wellman Shew. 

Before buying, ask yourself these 5 questions to make sure you’re making the right decision.

What is Short-term Disability Insurance? Wellman Shew Explains.

Short-term disability insurance provides an income if you’re unable to work for a short time due to injury or illness. It provides coverage for six to 12 months, after which your long-term disability coverage kicks in if you still can’t work.

Wellman Shew says it’s different from long-term disability insurance, which replaces a portion of your income if you become disabled and can’t work for a year or more. You can get short-term disability insurance through your employer as a voluntary benefit or purchase it as supplemental coverage.

Short-term disability insurance is also different from health insurance, which pays for medical bills related to an illness or injury.

Why Is Short-term Disability Insurance Important?

If you’re injured or fall ill, short-term disability insurance offers financial security by paying part of your lost income. It gives you time to recover and return to work.

It can also help cover the cost if you have a disability-related expense. And the policy can help ease the financial burden if you can’t work for a short time due to injury, illness, or a family member’s medical needs. Wellman Shew adds that if you don’t have savings or can’t cover the costs, you could face financial difficulty and stress.

Who Is Eligible for Short-term Disability?

Short-term disability insurance provides a benefit if you become unable to work for a short period due to injury or illness. The length of time you can receive short-term disability benefits varies and is based on the type of policy you have and the reason for your disability.

The insurance plan typically provides coverage for six to 12 months and then transitions to long-term disability coverage. In some cases, short-term disability benefits may be available even if you’re not disabled.

Short-term disability policies may require you to be absent from work due to an injury or illness that is verified by a doctor. Policies vary, so check with your employer to understand the specific requirements for your coverage.

How to Choose the Right Short-term Disability Plan? 

Wellman Shew says you need to read the fine print to understand the details of the plan if your employer provides short-term disability coverage. You can also purchase the policy on your own if your employer doesn’t offer short-term disability coverage.

When choosing a short-term disability policy, consider the following:

  • Does the policy require a waiting period?
  • How long is the waiting period?
  • What is the benefit amount?
  • How is the benefit amount calculated?
  • Is there a maximum benefit amount?
  • Does the policy cover ongoing medical expenses?
  • Is there a coverage amount per month?
  • Is there a maximum coverage amount per month?
  • What is the insurance company’s rating?
  • Are there any discounts or other benefits associated with the policy?

Short-term disability insurance can help ease your financial burden of a disability by replacing some of your income while you recover. To decide if the coverage is right for you, consider your current financial situation and plan for unexpected events.

Wellman Shew holds a business administration degree and has been in the insurance industry since 1982. As the founder and owner of Shew & Company Inc. since 2005, he is a specialist in employee benefits, Section 125 plans, health savings accounts, long-term care, 401k plans, life insurance, and disability insurance. Wellman Shew is currently the agency manager of employee benefits brokerage at his company. 

Building a Better World Through BioPharma

Travere Therapeutics is a biopharmaceutical company that is focused on the delivery of advanced and innovative therapies to people dealing with rare diseases. Founded by Kevin Mulleady and others, this company is located in San Diego, California, where it serves a global community of patients who often have very few options for treatment and specialized care.

Travere Therapeutics provides the following services for rare disease patients:

  • Delivery of innovative treatments
  • Access to commercial therapies
  • Patient advocacy and formation of rare disease initiatives
  • Diagnostic testing

Travere Therapeutics stands as a leader and a resource for helping to create a better world for those dealing with rare diseases and conditions.

Moving Forward

Recently Travere Therapeutics announced announced that their new drug application for sparsentan, a treatment for rare kidney diseases, was accepted and granted a priority review by the US Food and Drug Administration. With no advisory committee meetings scheduled to discuss the application, the FDA has designated the review process to be complete by the middle of November 2022.

This is a big step forward for Travere and the people they serve. Sparsentan is on track to be the first FDA-approved non-immunosuppressive treatment for IgA nephropathy. Also known as Berger’s disease or synpharyngitic glomerulonephritis, IgA nephropathy affects the kidney and the immune system. In its most aggressive forms, it includes the following symptoms:

  • Nephrotic syndrome (inflammation in the kidneys)
  • Acute kidney failure
  • Chronic kidney failure

Several serious diseases are commonly associated with aggressive IgA nephropathy, including cancer, celiac disease, heart failure, HIV, liver failure, and various types of arthritis. Complete remission of Berger’s disease is rare. The survival rate of aggressive IgA nephropathy is about 25%.

Supporting the Science

When Kevin Mulleady and others began Travere Therapeutics, they envisioned a company built on partnering with other entities to fund the science and research needed for new, innovative therapies. The FDA application for sparsentan was based on results from the Phase 3 PROTECT study, which involved the treatment of over 400 patients who experienced persistent proteinuria, often a condition associated with IgAN. For nine months, patients who had received sparsentan showed a reduction of proteinuria of almost 50%, compared to the 15% reduction using irbesartan, a treatment for protecting kidneys from damage. The study suggested that sparsentan was well-tolerated. 

Sparsentan will be subject to a priority review by the FDA. This type of review is usually reserved for applications for drugs that, if approved, represent a significant advancement in the safety and efficacy of treatment, diagnosis, or prevention of disease and conditions. Travere Therapeutics is proud to be a major supporter and advocate for new therapies that can achieve better outcomes for patients with few options for dealing with rare diseases.

Dr. Gregory Finkelson on Launching a U.S. Business From Outside the Country

In 2020, foreign individuals or entities spent $1.9 billion to establish new businesses in the United States. Though the country is open to non-native business ownership, the federal government requires several steps before you can operate within the country. Dr. Gregory Finkelson offers guidance on how to proceed if you cannot travel to the U.S. to set up in person.

Dr. Gregory Finkelson’s Recommendations for Establishing a Business in the U.S.

Before you can open your business within the United States, you need to go through the legal process of registering your company, obtaining a tax ID number and opening a bank account with a U.S. financial institution, with intervening steps in the process. Fortunately, you can take care of them without setting foot inside the country. Follow this procedure to take advantage of the U.S. business environment.

1. Identify a Home State for Your Company

Your first step is to identify a state to register your company in. Consider the state’s foreign business regulations, filing fees and tax structure. Dr. Gregory Finkelson recommends registering with a state that does not have corporate or capital gains taxes, leaving you only to deal with federal taxes. However, if you are opening a business that requires you to operate in a particular state, you should choose that state as your home base.

2. Hire a Registered Agent and Submit State Registration Documentation

A registered agent is an individual or entity responsible for handling legal documentation for your business. The agent can be anyone over 18 with a physical address in the state you are registering your business in, though Dr. Gregory Finkelson suggests you hire a registered agent service.

3. Obtain Your Employer Identification Number

As a foreign business operating in the U.S., you need a federal tax ID number. Your EIN serves this purpose. To obtain one without a social security number or individual tax ID number, you need to FAX or mail a completed and signed Internal Revenue Service Form SS-4, the EIN application.

4. Establish a Physical Mailing Address

Before opening a bank account, you need to set up a physical mailing address. If you intend to have a physical office or business location, you can use that address. Otherwise, you will need to use a mail service that provides a physical address rather than just a box number.

5. Open an Account at a U.S. Financial Institution

Dr. Gregory Finkelson cautions that some U.S. banks require you to visit the bank in person to open a business banking account. However, many banks now allow you to complete the process online, as long as you have the required documentation. Furthermore, the number of digital banks legally operating in the U.S. is increasing, with many offering business banking services.

Finally, be sure you understand your tax-filing responsibilities in your business’s home state and with the federal government. Once you complete all steps in the process, you can begin operating your business within the U.S.

Barry Bulakites on How CPAs Can Benefit from the Addition of Financial Planning Services

Barry Bulakites is recognized for developing highly profitable growth strategies and helping business owners to integrate multiple sales channels into their current operations. As President and Chief Executive Officer at Table Bay Financial Network, Inc, Barry Bulakites realizes there are many ways to expand a business. For CPAs, the best choices include entering new territories to hopefully land a new customer base or offering your current clientele a more comprehensive set of services.

Mr. Bulakites strongly believes the addition of financial planning services is not only a good fit for the knowledge base and expertise of CPAs but is also a good lateral service that operates in a similar market and deals with a similar customer base. Consider these three benefits that CPAs can gain when they add financial planning services to their existing business model. We offer a full range of bookkeeping and tax services charlotte nc designed to help you establish, achieve, and maintain financial success.

Increase Customer Base = Increased Profit

Accountants may wonder if adding financial planning services or wealth management consulting to their current business model will bring financial success and business longevity. Barry Bulakites believes if you develop a solid plan and have the expertise and clientele, then there is no reason why you shouldn’t expect increased profits. Also, customers are very apt to refer their financial advisor to friends and family when they see their own wealth increase.

According to The American Institute of Certified Public Accountants (AICPA), there is an ‘increased demand and projected growth of personal financial planning services in areas such as estate, retirement, risk management, and investments.” CPAs are already trusted by their clients for financial decisions, so Mr. Bulakites feels that this type of financial services offering is a natural fit for accountants.

Financial Services is a Value-added Service

Value-added service is one that generates additional revenue for stakeholders by offering increased benefits to clients. The CPA becomes more valuable to the client when they also act as trusted financial advisors. The other value is the closer client-CPA bond that is intrinsically formed.

Barry Bulakites believes a CPA can leverage those existing relationships because, as the person’s accountant, you have already obtained good experience with these clients, and you actually know what they really need and what they really want. Your current working relationship with existing clients is of tremendous value when you decide to add financial planning services to your business plan.

CPAs Can Also Leverage Their Tax Knowledge

Barry Bulakites believes that taxes are a critical component of wealth management and financial planning. After all, the final return on any investments will be affected by your tax bracket and how well you use the tax laws to your advantage. And, as our client’s wealth grows, you can remind them that they become more exposed to being audited.

Acting as both accountant and financial planner, Barry Bulakites believes you are in a better position to soothe nervous clients about what is happening, show any historical data about why it is happening, then advise clients on what they should do to reduce any chances of penalties or fines – if it were to happen.

Consider expanding your CPA business to include financial planning services and offer your clients a one-stop solution to wealth management.