Author Archives: Hoffman Insurance Group

Number of Uninsured Drivers Increases as Rates Rise 5.9% in H1 2023

By Will Jones As personal auto insurance rates continue to accelerate upward, drivers are at a crossroads. Some are taking to the market to find cheaper rates—while others are choosing to drive without coverage. Auto insurance premiums have increased at … Continue reading

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CHECKLIST- Completing Form I-9

Federal law requires employers to hire only individuals who may legally work in the United States—either U.S. citizens or authorized foreign nationals. To comply with the law, employers must verify the identity and employment authorization of each individual they hire … Continue reading

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Educating Young Employees on Open Enrollment

Many employees need help with open enrollment. This is particularly true among younger workers, who typically have less experience selecting benefits than older generations that have been in the workforce longer. A study by insurance and employee benefits provider MetLife … Continue reading

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Insurance Explained: : What Are “Named Perils”?

When it comes to home insurance, policies can come with a lot of industry jargon. But it’s important to understand the different terms and coverage options available. One common term you may come across is “Named Perils.” These are specific … Continue reading

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Auto Insurance Rates On The Rise

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Health Care Costs Projected to Grow 7% in 2024

Health care costs are expected to grow 7% in 2024 due to rising pharmaceutical expenses driven by specialty drugs and insurers increasing rates in response to inflation, according to an annual report from professional services firm PricewaterhouseCoopers (PwC). This trend … Continue reading

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FICA Reduction Redux – IRS Issues Guidance on Wellness Indemnity Payments

On June 9, 2023, the IRS released OCC Memo 202323006, which advises that wellness indemnity payments under a fixed indemnity insurance policy are wages for purposes of Federal Insurance Contributions Act (FICA) taxes, Federal Unemployment Tax Act (FUTA) taxes, and … Continue reading

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New FAQs on ACA’s Cost-sharing Limit and No Surprises Act

On July 7, 2023, the Departments of Labor, Health and Human Services, and the Treasury (Departments) issued frequently asked questions (FAQs) on the implementation of the Affordable Care Act’s (ACA) overall cost-sharing limit and the No Surprises Act’s (NSA) protections … Continue reading

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Major Health Insurers Warn of Increased Medical Costs

Major health insurers UnitedHealth and Humana are warning about a jump in medical costs this year due to higher-than-anticipated demand for surgeries and other medical procedures. Insurers have benefited from nonurgent surgery delays during the COVID-19 pandemic and hospital staffing … Continue reading

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What Is Loss of Use Coverage in Homeowners Insurance?

Imagine your home is damaged and you have no choice but to temporarily leave it while repairs are underway. The question arises: Where would you stay? Will the cost of a hotel or temporary apartment fit into your budget? This … Continue reading

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