Thursday, January 22, 2015

Retirement Plan Contribution Limits

            Many people get closer and closer to retirement age, fully aware of the fact that they do not have enough money saved up to live comfortably during their retirement years. They rely solely on the fact that there are programs such as Medicare and Social Security to help them, not realizing that these programs are slowly shrinking and are failing to provide an adequate amount of help.  For those who do save for retirement, they face another issue: the strict annual contribution limits on tax advantaged retirement savings vehicles.

            If you know you don’t have enough money saved up, you should start saving now. Using the following will help you take advantage of tax advantaged savings vehicles by using employer sponsored retirement accounts.

            With Traditional and Roth 401 (k), 403 (b) and 457 (b) Retirement accounts, you are able to contribute up to $18,000 a year if you are less than 50 years old or $24,000 if you are 50 years old or older. Many employers match contributions and/or provide profit sharing contributions. The maximum contribution amount you and your employer (combined) can make per year is $53,000, based on $265,000 of maximum considered compensation. The traditional 401(k), 403(b) and 457(b) provide an immediate tax benefit and a deferral of income taxes, while the Roth versions forego the immediate tax benefit and provide tax free withdrawals.

            SEPs or Simplified Employee Pension Plan Accounts are employer sponsored retirement plans with generous employer contribution limits. Generally, employers can contribute up to 25% of an employee’s compensation. The maximum contribution an employer can make is $53,000 based on $265,000 of maximum considered compensation.

            SIMPLE plan accounts (also known as Savings Incentive Match Plan for Employees) are employer sponsored retirement plans with generous employee contribution limits. Generally, you can contribute up to $12,500 per year if you are less than 50 years old or up to $15,500 if you are 50 years old or older. Additionally, employers are required to make contributions to your account on an elective or nonelective basis. The maximum elective match is 3% of compensation, not to exceed $12,500) if you are less than 50 years old or up to $15,500 if you are 50 years old or older. The nonelective contribution is 2% of compensation based on $265,000 of maximum considered compensation.


            Instead of or in addition to employer sponsored retirement plans, you can contribute to an IRA. You can contribute up to $5,500 per year if you are less than 50 years old or up to $6,500 if you are 50 years old or older. The Traditional IRA provides pre-tax or post tax contributions (based on your income and employer sponsored retirement plan status) and tax deferral. The traditional IRA provides an immediate tax benefit and a deferral of income taxes, while the Roth version does not have an immediate tax benefit but provides tax free withdrawals.

Call the Law Office of Inna Fershteyn today. (718) 333-2394
or visit us online at www.Estate-Lawyer-NY.com

Wednesday, January 14, 2015

Medicaid Fraud Letter

Receiving this letter can be a very scary thing. Do not try to handle this alone. By going to an interview without sound legal advice from a professional, you are only making the problem worse. Consult with a Medicaid Fraud Attorney to learn how to work with this type of investigation. Handling this wrong may lead to criminal charges. New York Top Medicaid Fraud Attorney Inna Fershteyn knows how to handle Medicaid Fraud Cases quickly and has never had any of her Medicaid Fraud cases go to criminal court. Protect you and your loved ones,

Call the Law Office of Inna Fershteyn today. (718) 333-2394
or visit us online at www.Medicaid-Fraud-Attorney.com


Monday, January 12, 2015

Carrollton chiropractor sentenced to 12 years in federal prison for health care fraud

A Carrollton chiropractor who committed health care fraud was sentenced Monday to 12 years in prison, the U.S. attorney’s office said.
Dr. Abbas Zahedi, 49, also was ordered to pay about $2.4 million in restitution for a scheme that involved billing insurance companies for health care services that were not performed, authorities said.
Zahedi, owner of DFW Rehab & Diagnostics, was convicted in June 2014 of one count of conspiracy to commit health care fraud, five counts of health care fraud and four counts of aggravated identity theft. Zahedi has been in federal custody since his conviction.
Five others who were convicted in the case have also been sentenced.
Reginald Guy, 44, of Arlington, was sentenced to 13 years in federal prison and ordered to pay about $2.4 million in restitution. Guy was a factory worker and union representative in Arlington who used his union position to recruit and refer workers to DFW Rehab & Diagnostics.
The workers claimed health care services they didn’t receive in exchange for monthly kickbacks, work excuse notes and “a variety of prizes,” authorities said.
The conspiracy took place from 2009 to 2012.
Co-defendants James Sterns, Tina Perkins, Donna Harris and Gregory Wattron cooperated with the government and testified against Zahedi and Guy at their trial.
Sterns, 50, of DeSoto, was sentenced to 10 months in federal prison and ordered to pay about $2.2 million in restitution.
Perkins, 43, of Dallas, was sentenced to 10 months in federal prison and was ordered to pay about $2.4 million in restitution.
Perkins’ sister-in-law, Donna Harris, 43 of Haltom City, was sentenced to eight months in federal prison and was ordered to pay about $2 million in restitution.
Wattron, 56, of Grapevine, was sentenced to six months in federal prison and was ordered to pay about $1.3 million in restitution.

Friday, January 9, 2015

Pharmacy Chain Owner Convicted of Health Care Fraud

The owner of a pharmacy chain has been convicted of defrauding Medicaid and Medicare by submitting false claims for prescription refills, according to The Associated Press (AP).

Reddy Vijay Annappareddy, 46, was found to have defrauded the programs of $1.5 million, the AP reported.

Annappareddy hired Vipinkumar Patel and Jigar Patel to work as pharmacy technicians in 2009 and 2010 at Pharmacare and Caremerica, respectively, in Bel Air, MD. According to the AP, these 3 billed insurance programs for prescription refills despite the fact that the pharmacy customers had not requested the refill. The pharmacy workers allegedly used their customers’ real names, insurance, and identification numbers on the false refills, the AP reported.

After a federal search warrant was issued to examine a home listed in Annappareddy’s wife’s name, agents found undelivered medications worth $100,000 there at the home, which allegedly housed Pharmacare employees. Agents also found signature logs, which suggested confirmation of medication delivery to Pharmacare customers, according to the AP.

Both Patels have pleaded guilty to making false statements related to health care matters, and they will be sentenced on January 15, 2015. Annappareddy could see 10 years in prison for health care fraud, plus 2 years in prison for aggravated identity theft, and a $250,000 fine, the AP reported. He will be sentenced in March 2015.

Source: Pharmacy Times


Thursday, January 8, 2015

HHS Inspector General assesses new healthcare fraud alert topics

Clinically integrated networks, clinical trials and continuing medical education are the subject of OIG debate in semiannual report.

This week the OIG published its annual solicitation of recommendations for new or modified safe harbor provisions under the federal anti-kickback statute.
This week the OIG published its annual solicitation of recommendations for new or modified safe harbor provisions under the federal anti-kickback statute.

This week the Department of Health & Human Services Office of Inspector General (OIG) published its annual solicitation of recommendations for new or modified safe harbor provisions under the federal anti-kickback statute, as well as potential topics for new OIG Special Fraud Alerts.
Comments will be accepted until March 2, 2015.
In a separate report, the HHS OIG discussed the following three safe harbor proposals received in response to its 2013 solicitation:
  • A new safe harbor protecting free continuing medical education programs offered by hospitals to physicians – The OIG is not adopting this suggestion, stating that the concept of free programs could vary greatly and should be addressed on a case-by-case basis, such as under the advisory opinion process.
  • A new safe harbor that would permit healthcare providers and suppliers in certain circumstances to compensate individuals in clinical trials and to provide services related to the clinical trials at no cost, including the waiver of cost-sharing obligations – The OIG is considering the adoption of a safe harbor that would protect the waiver of cost-sharing obligations and possibly other incentives to participants in clinical trials sponsored by certain federal government entities.
  • A new safe harbor protecting clinically integrated networks’ entry into contracts with commercial third party payors for value-based payments, including pay-for-performance bonuses and shared savings awards for high quality and cost-effective health care – The OIG believes the issues raised in the proposal require further study.