Category Archives: Insurance Agent
IRS Releases Updated Form 720 Used For PCORI Fee Payments
As we recently reported, on June 8, 2020, the IRS released the applicable PCORI fee for plan years ending between October 1, 2019 and September 30, 2020. As we indicated in that alert, an updated Form 720 had not yet … Continue reading
IRS Increases Health FSA Contribution Limit for 2020, Adjusts Other Benefit Limits
On November 6, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-44, which raises the health Flexible Spending Account (FSA) salary reduction contribution limit by $50 to $2,750 for plan years beginning in 2020. The Revenue Procedure also contains … Continue reading
Summary of the 2019 Employer Health Benefits Annual Survey
Each year, the Kaiser Family Foundation and the Health Research & Educational Trust conduct a survey to examine employer-sponsored health benefit trends. This article summarizes some of its main points. Request a full summary from Hoffman Insurance Group, LLC for … Continue reading
IRS Confirms ACA Pay or Play Penalties Still Apply
Overview The IRS Office of Chief Counsel recently released an information letter regarding the employer shared responsibility (pay or play) penalties under the Affordable Care Act (ACA). This information letter confirms that the pay or play penalties continue to apply … Continue reading
New Overtime Rule Raises Salary Cut-Off to $35,568
Employees who make less than $35,568 are now eligible for overtime pay under a final rule issued today by the U.S. Department of Labor (DOL). The new rate will take effect Jan. 1, 2020. To be exempt from overtime under … Continue reading
Back-to-School Insurance tips for Parents & Students!
It’s that time of year – back to business, sending your kids off to college for the new school year. Whether they live on campus or off campus, here are some tips for an accident prepared semester! Home & Living: … Continue reading
2019 HB2102: Prohibition against “Deductible Eaters”
The waiving deductible practices of some contractors has been a widespread issue throughout Texas and other states. Policyholders are duped into fraudulent insurance claims with promise of “rebates, deductible waivers, credit” for their business. Most commonly done in the roofing … Continue reading
2020 HSA Contributions
IRS Releases 2020 HSA Contribution Limits and HDHP Deductible and Out-of-Pocket Limits In Rev. Proc. 2019-25, the IRS released the inflation adjusted amounts for 2020 relevant to HSAs and high deductible health plans (HDHPs). The table below summarizes those adjustments … Continue reading
Hurricane season is coming
August will mark 2 years since Harvey. Some repairs are finished. Some people have sold their homes in different stages of repair. I know a couple people that had to demolish their home and build another house with a higher … Continue reading
Client alert post
CMS Extends Transition Relief for Non-Compliant Plans through 2020 On March 25, 2019, the Centers for Medicare & Medicaid Services (CMS) announced a one-year extension to the transition policy (originally announced November 14, 2013 and extended five times since) for individual … Continue reading
