MDNews - Cleveland-Akron-Canton

AKRON GENERAL HEALTH & WELLNESS CENTER - WEST 4125 MEDINA ROAD AKRON, OH, 44333 This one-day event will offer practical information to help with initial evaluation and management of patients with common musculoskeletal disorders. This event is appropriate for primary care and acute care physicians, nurse practitioners, physician assistants, chiropractors, residents, and allied healthcare professionals whose scope of practice or profession involves orthopedics. Akron General Medical Center is accredited by the Ohio State Medical Association to sponsor continuing medical education activities for physicians. Akron General Medical Center designates this educational activity for 7.0 hours of Category 1 credit toward the AMA Physician's Recognition Award. Each physician should claim only those hours of credit that he or she actually spent in the educational activity. Nurses may use AMA PRA Category 1 credits for licensure renewal. Participants may claim 7 Contact hours. Visit akrongeneral.org/orthocme for more details and to register. Call 330-344-6055 for information. PRACTICAL MANAGEMENT OF MUSCULOSKELETAL ISSUES FRIDAY, OCT. 16, 2015 | 8 A.M.- 4 P.M. Maximizing FDIC Coverage of Bank Deposits By Michael T. Livesay, CPA/PFS T HE FEDERAL DEPOSIT Insurance Corporation (FDIC) has provided deposit insurance coverage to depositors of insured banks since 1933. This protection is important to all investors, especially those who tend to be invested heavily in cash and who are dependent on these accounts to cover liv- ing expenses. All types of deposits received by a finan- cial institution in its usual course of business are insured. Any person (U.S. citizen or not) or entity can have FDIC coverage at an insured bank. However, only deposits that are payable in the U.S. are covered. Securities, mutual funds and similar types of investments, even if purchased through a bank, are not covered, nor are safe deposit boxes or their contents. Similarly, treasury securities purchased by an insured institution on the customer's behalf are not insured, but these investments are backed by the full faith and credit of the U.S. government. A depositor is normally insured up to $250,000 in each insured financial institu- tion. Accrued interest is included when calculating insurance coverage. Deposits maintained in different categories of legal ownership are separately insured. Accordingly, an individual can have more than $250,000 of insurance coverage in a single institution, provided the funds are owned and deposited in different ownership categories. Deposits held in one insured bank are insured separately from any deposits held in another separately insured bank. Funds deposited in separate branches of the same insured bank are not separately insured. FDIC coverage is not determined on a per-account basis, but on an ownership basis. Thus, the type of account has no bearing on the amount of insurance coverage, and the social security numbers or tax identifica- tion numbers do not determine coverage. Instead, separate insurance coverage is provided for funds held in different owner- ship categories. This means that a bank customer who has multiple deposits may qualify for more than $250,000 in insurance coverage if the customer's accounts are deposited in different ownership categories and the requirements for each ownership category are met. Thus, increasing your available FDIC coverage may be as simple as retitling accounts so they fall into differ- ent ownership categories. For example, an individual with three individual accounts at the same bank, each worth $100,000 for a total of $300,000, would have only $250,000 of coverage. However, a joint account worth $500,000 would be fully covered ($250,000 per person). Mike Livesay is a CPA and principal of Weidrick Livesay & Company in Akron, Ohio. ■

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