Planning for this potential risk is critical for corporate executives. As a corporate executive, the amount of your future earnings can be negatively impacted if you become disabled through illness or injury.When considering the effects of a disability, you should first examine what existing coverage you have in place through your executive compensation program.
A health savings account (HSA) is a tax-advantaged way of saving for health care expenses now and in the future. The contributions you make to an HSA are income-tax-free, the growth and earnings are tax deferred (or tax-free), and the distributions are tax-free, provided they are used for a qualified health expense. A health savings account is also a portable account, meaning you own and control it, and there are no “use-it-or-lose-it” provisions.
COVID-19 has greatly impacted the way we work, with most companies having to quickly switch to employees working remotely. This rapidly changing environment has required businesses to modify day-to-day operations and procedures like making payments. M&T Bank’s Frank Lago, Leigh Balcom and Kristen Karkau sit down to discuss threats that may impact businesses operating in a remote environment.