Snitsky's back acne Posted May 18, 2011 Share Posted May 18, 2011 Courtesy of pwinsider.com...... Â WWE is now requiring all of of their signed talents to personally purchase and maintain medical insurance for themselves. WWE will not be picking up the costs of the insurance I am told but are requiring the talents to have the insurance for their own benefit. I heard rumblings of this a few months back, but confirmed Monday that the company went through with the decision to require talents to maintain their own insurance. Â For those wondering, the amendment was presented to talents prior to the announcement that UFC was going to provide all of their fighters with medical insurance, so this is not a reaction to that. The decision was in the works well before the UFC announcement. Â Now, as to why the company doesn't cover talents themselves with medical insurance, it should be pointed out that as independent contractors, the talents would be able to write off the cost of the medical insurance as a business expense. Â It should also be pointed out that WWE does cover the costs of any surgeries and physical rehabilitation needed based off injuries suffered while performing, as well as any costs for substance abuse treatment needed by talents, past or present, who have worked for the company Link to comment Share on other sites More sharing options...
andrew "the ref" coyne Posted May 18, 2011 Share Posted May 18, 2011 Courtesy of pwinsider.com...... WWE is now requiring all of of their signed talents to personally purchase and maintain medical insurance for themselves. WWE will not be picking up the costs of the insurance I am told but are requiring the talents to have the insurance for their own benefit. I heard rumblings of this a few months back, but confirmed Monday that the company went through with the decision to require talents to maintain their own insurance.  For those wondering, the amendment was presented to talents prior to the announcement that UFC was going to provide all of their fighters with medical insurance, so this is not a reaction to that. The decision was in the works well before the UFC announcement.  Now, as to why the company doesn't cover talents themselves with medical insurance, it should be pointed out that as independent contractors, the talents would be able to write off the cost of the medical insurance as a business expense.  It should also be pointed out that WWE does cover the costs of any surgeries and physical rehabilitation needed based off injuries suffered while performing, as well as any costs for substance abuse treatment needed by talents, past or present, who have worked for the company  Personally I feel it makes sense for talent to get there own health insurance. Firstly it forces the talent to protect there own health future, and realistically it would be difficult to organised personalised insurance for all talents when they're on various subscripted (and non subscripted) medication.  Besides don't most Americans organise they're own insurance?  In my opinion this a positive thing. Link to comment Share on other sites More sharing options...
Paid Members Halitosis Romantic Posted May 19, 2011 Paid Members Share Posted May 19, 2011 Courtesy of pwinsider.com...... WWE is now requiring all of of their signed talents to personally purchase and maintain medical insurance for themselves. WWE will not be picking up the costs of the insurance I am told but are requiring the talents to have the insurance for their own benefit. I heard rumblings of this a few months back, but confirmed Monday that the company went through with the decision to require talents to maintain their own insurance.  For those wondering, the amendment was presented to talents prior to the announcement that UFC was going to provide all of their fighters with medical insurance, so this is not a reaction to that. The decision was in the works well before the UFC announcement.  Now, as to why the company doesn't cover talents themselves with medical insurance, it should be pointed out that as independent contractors, the talents would be able to write off the cost of the medical insurance as a business expense.  It should also be pointed out that WWE does cover the costs of any surgeries and physical rehabilitation needed based off injuries suffered while performing, as well as any costs for substance abuse treatment needed by talents, past or present, who have worked for the company  Personally I feel it makes sense for talent to get there own health insurance. Firstly it forces the talent to protect there own health future, and realistically it would be difficult to organised personalised insurance for all talents when they're on various subscripted (and non subscripted) medication.  Besides don't most Americans organise they're own insurance?  In my opinion this a positive thing.  In my experience, people depend on their company as much as possible. Link to comment Share on other sites More sharing options...
Paid Members Your Fight Site Posted May 19, 2011 Paid Members Share Posted May 19, 2011 British wrestling gets one step closer to the dizzying heights of WWE! Link to comment Share on other sites More sharing options...
Main Event Jobber Posted May 19, 2011 Share Posted May 19, 2011 British wrestling gets one step closer to the dizzying heights of WWE! ah you beat me to it was goin to say that as well Link to comment Share on other sites More sharing options...
Paid Members GlennCullen Posted May 19, 2011 Paid Members Share Posted May 19, 2011 Like the article said if they do it themselves they can make it a tax write off. Makes sense to me, and the WWE is still covering them for any injuries incurred while working. Not as good as UFC sure, but not exactly cold blooded on WWEs part. Link to comment Share on other sites More sharing options...
Paid Members herbie747 Posted May 19, 2011 Paid Members Share Posted May 19, 2011 Like the article said if they do it themselves they can make it a tax write off. Makes sense to me, and the WWE is still covering them for any injuries incurred while working. Not as good as UFC sure, but not exactly cold blooded on WWEs part. Â Do you know what a tax write off is? It doesn't mean it costs nothing. Â e.g. If CM Punk earns 100k in 2011, and he has business expenses of 20k (let's say 10k being his imposed health insurance, the other 10k being misc travel/hotels/supplements, etc), he then pays income tax on his earnings of 80k. But if he had no insurance, he'd pay tax on the 90k that he earned - sure, he'd pay more tax on 90k than if he had only cleared 80k, but he'd still get more money without paying for the insurance. "Writing it off" doesn't make it free - it just means you can deduct that cost before you have your pre-tax net earnings figure. Assuming that extra 10k would have been taxed at the higher tax band, the 10k insurance will in effect only cost him around 6k (* if the tax rate was 40%) - so it's just non-taxable expense - but not free. Â Anyway - just an example. Link to comment Share on other sites More sharing options...
Paid Members GlennCullen Posted May 19, 2011 Paid Members Share Posted May 19, 2011 Like the article said if they do it themselves they can make it a tax write off. Makes sense to me, and the WWE is still covering them for any injuries incurred while working. Not as good as UFC sure, but not exactly cold blooded on WWEs part. Â Do you know what a tax write off is? It doesn't mean it costs nothing. Â e.g. If CM Punk earns 100k in 2011, and he has business expenses of 20k (let's say 10k being his imposed health insurance, the other 10k being misc travel/hotels/supplements, etc), he then pays income tax on his earnings of 80k. But if he had no insurance, he'd pay tax on the 90k that he earned - sure, he'd pay more tax on 90k than if he had only cleared 80k, but he'd still get more money without paying for the insurance. "Writing it off" doesn't make it free - it just means you can deduct that cost before you have your pre-tax net earnings figure. Assuming that extra 10k would have been taxed at the higher tax band, the 10k insurance will in effect only cost him around 6k (* if the tax rate was 40%) - so it's just non-taxable expense - but not free. Â Anyway - just an example. Â Yes, yes I do. Obviously it doesn't mean it's free, but it can work out better for the wrestlers, especially if they are getting insurance for their whole family. Link to comment Share on other sites More sharing options...
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