Articles
2023 Health FSA & Qualified Transportation Limits
Thursday, October 20, 2022
In Revenue Procedure 2022-38, the IRS sets forth a variety of 2023 adjusted tax limits. Among other things, the notice indicates that employee contribution limits toward health flexible spending arrangements (FSAs) and qualified transportation fringe benefits will increase for 2023.
Keeping Workers Safe: How The Longshore and Harbor Workers’ Compensation Act Can Help
Tuesday, October 18, 2022
As the maritime industry continues to face staffing challenges, having robust and affordable USL&H coverage in place will help ease the burden if an injury occurs to employees who are not considered Jones Act seamen but may become injured in the course of maritime employment over or adjacent to navigable waters.
IRS Issues Final Rules for Family Coverage Affordability Determination
Tuesday, October 18, 2022
The IRS has issued final regulations that change the way employer-sponsored plan affordability is calculated when determining if a family is eligible for a premium tax credit (PTC) when purchasing individual health insurance through a public Exchange.
What Employers Need to Know About Paid Leave Oregon
Wednesday, October 5, 2022
Paid Leave Oregon rolls out in January 2023, providing employees with up to 12 paid weeks of leave for family, medical, and safe leave. Employers must either contribute to the new Paid Leave Oregon program or offer their employees comparable paid leave benefits.
MLR Rebates Are Coming
Monday, September 26, 2022
Employers sponsoring a fully-insured group health plan may soon be getting a check from their insurer. This check is a medical loss ratio (MLR) rebate that insurers are required to distribute to their plans when too large of a portion of the premiums charged in the previous year go toward the insurer’s administration, marketing, and profit, rather than going toward paying claims and quality improvement initiatives.
Medicare Part D Notice Reminder: Deadline of October 14th
Monday, September 26, 2022
Employers with group health plans that provide prescription drug coverage to individuals who are eligible for Medicare Part D must comply with certain disclosure requirements.
Markets in Focus :: Q3 Insurance Pricing & Market Update
Wednesday, August 31, 2022
Even though the commercial insurance industry has grown over the past few years and revenues have been increasing, the market has slightly slowed down because of the COVID-19 pandemic. This was mainly due to the severe economic downturn that forced many businesses to close temporarily or permanently.
What’s in a Name?
Thursday, August 25, 2022
Builder’s risk insurance is a special type of property coverage that indemnifies against damage to buildings while under construction. Typically, the project owner or general contractor requires that these policies be purchased according to the master contract, such as the American Institute of Architects’ form.
How to Protect Your Business from Water Damage
Tuesday, August 16, 2022
Water damage: two words no business owner wants to hear. Many business owners and property managers’ greatest concerns stem from fire damage, but water can be just as catastrophic. While fire losses continue to top the severity charts, water damage has climbed the ranks the past few years in both frequency and severity.
2023 “Affordability” Percentage
Friday, August 5, 2022
In Revenue Procedure 2022-34, the IRS significantly decreased the affordability percentage from 9.61% to 9.12% for 2023. This percentage determines which applicable large employers may face penalties under §4980H(b) for failure to offer affordable coverage as well as which individuals may qualify for subsidized coverage through a public Exchange.
Insurance Takeaways from the 2022 Washington State Legislative Session
Tuesday, July 19, 2022
Learn more about these bills on long-term care taxes, credit scoring use in personal lines insurance, and ergonomics regulations and the impact they could have on your programs from Parker, Smith & Feek Account Executive Chris Corry in the Puget Sound Business Journal.
Busting the Myths About Cyber Insurance
Thursday, July 14, 2022
With cyberattacks on the rise, cyber liability insurance has become an important component of any risk management plan. However, many businesses believe that they don’t need cyber insurance and haven’t considered it. Parker, Smith & Feek Account Executive Janie Ma busts four common myths about the protection that cyber insurance provides in Alaska Business.
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