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Employee Benefits IRS Announces 2023 Retirement Plan LimitsThe Internal Revenue Service (IRS) has released Notice 2022-55, containing cost-of-living adjustments for 2023 that affect amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs).

2023 Increases
The employee contribution limit for 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. Other key limit increases include the following:

  • The employee contribution limit for IRAs is increased to $6,500, up from $6,000.
  • The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is increased to $7,500, up from $6,500.
  • The employee contribution limit for SIMPLE IRAs and SIMPLE 401(k) plans is increased to $15,500, up from $14,000.
  • The limits used to define a “highly compensated employee” and a “key employee” are increased to $150,000 (up from $135,000) and $215,000 (up from $200,000), respectively.
  • The annual limit for defined contribution plans (for example, 401(k) plans, profit-sharing plans and money purchase plans) is increased to $66,000, up from $61,000.
  • The annual compensation limit (applicable to many retirement plans) is increased to $330,000, up from $305,000.

 

The income ranges for determining eligibility to make deductible contributions to traditional IRAs, contribute to Roth IRAs and claim the Saver’s Credit (also known as the Retirement Savings Contributions Credit) also increased for 2023.

 

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Gulfshore Insurance is a Naples, Florida based insurance agency specializing in employee benefits insurance including group medical, dental, vision, life insurance, short and long term disability, voluntary life, employee assistance programs, wellness programs, individual life insurance, and more. Our insurance and risk management advisors are experts can provide valuable services including benefits plan design and administration, human resources support, funding options, compliance assistance, benefit administration, and enrollment services. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

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If you have any questions or need assistance, please reach out to your Gulfshore Insurance Account Manager.

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in employee benefits insurance including group medical, dental, vision, life insurance, short and long term disability, voluntary life, employee assistance programs, wellness programs, individual life insurance, and more. Our insurance and risk management advisors are experts can provide valuable services including benefits plan design and administration, human resources support, funding options, compliance assistance, benefit administration, and enrollment services. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

EB 10 Open Enrollment Terms You Should Know 1 Open enrollment can be a hectic time, so it’s important to understand the terms used in your benefit descriptions.

Coinsurance

The amount or percentage that you pay for certain covered health care services under your health plan. This is typically the amount paid after a deductible is met, and can vary based on the plan design. For example… If your plan’s coinsurance is 80%, that means the plan covers 80%of the costs after the deductible is met and you cover the other 20%.

Copayment

A flat fee that you pay toward the cost of covered medical services. That means, if a doctor’s visit has a $20 copay, you’d pay $20 every time you went to the doctor, regardless of what the visit is for.

Deductible

A specific dollar amount you pay out of pocket before benefits are available through a health plan. Under some plans, the deductible is waived for certain services. Pay close attention to the health plan options during open enrollment. Some plans have higher deductibles and lower monthly payments, which means you’d have to spend more to reach your deductible before your benefits kick in.

Premium

The amount you pay for a health plan in exchange for coverage. This is sometimes shown as a per-paycheck, monthly or annual amount, so pay attention to how it’s written in your benefits descriptions. Health plans with higher deductibles typically have lower premiums.

Eligible Medical Expenses

Expenses that you are allowed to spend money on, as specified by the medical plan. For example… Specific treatments and medication may qualify as eligible medical expenses, whereas rent or groceries would not. This term is commonly associated with health savings accounts and similar plan types.

Health Savings Account (HSA)

An employee-owned medical savings account used to pay for eligible medical expenses. HSAs can only be used with qualified high deductible health plans. Funds contributed to the account are not taxed and do not have to be used within a specified period.

High Deductible Health Plan (HDHP)

A type of health plan that has lower monthly premiums, but higher deductibles and out-of-pocket limits, than a traditional health plan. HDHPs are often coupled with an HSA.

Health Reimbursement Arrangement (HRA)

An employer-owned medical savings account in which the company deposits pre-tax dollars for each of its covered employees. You can then use this account to pay for qualified medical expenses.

In Network vs. Out of Network

  • In network: Health care received from your primary care physician or from a specialist within an outlined list of health care practitioners. Basically, this is a term used to describe a doctor whom you can visit without it costing you more money.
  • Out of network: Health care you receive without a physician referral, or services received by a non-network service provider. Out-of-network health care and plan payments are subject to higher deductibles and copays. Basically, this is a term used to describe doctors who are not pre-approved by your plan. You can still visit them, but you may have to pay more.


Out-of-pocket Maximum

The highest out-of-pocket amount paid for covered services during a benefit period. Typically, if you spend enough money in a year to reach this amount, all expenses will be covered by your plan.

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in employee benefits insurance including group medical, dental, vision, life insurance, short and long term disability, voluntary life, employee assistance programs, wellness programs, individual life insurance, and more. Our insurance and risk management advisors are experts can provide valuable services including benefits plan design and administration, human resources support, funding options, compliance assistance, benefit administration, and enrollment services. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

Employee Benefits Employers to Continue Using Current Form I 9 Until Further Notice

On Oct. 11, 2022, the U.S. Department of Homeland Security (DHS) published instructions for employers to continue using the Employment Eligibility Verification form (Form I-9) when hiring new employees until a new version of the form is published.

Form I-9

Federal law requires employers to verify the identity and employment authorization of each individual they hire by completing and retaining Forms I-9. Employers must have a completed Form I-9 for every employee hired after Nov. 6, 1986.

DHS reviews and updates Form I-9 periodically. The most recent version of this form is set to expire on Oct. 31, 2022. Historically, DHS has allowed employers to continue using the most recent version of the form beyond its expiration date when a new form is not available by the time the most current version expires.

Expected Updates

Industry experts anticipate DHS is delaying publishing an updated version of the form before the expiration date because of possible substantial changes to the form or the processes related to some of the form’s instructions.

In addition, given the recent extension of temporary remote verification procedures for Form I-9 supporting documents, some speculation has also risen on whether some of these temporary policies may become permanent.

Impact on Employers

Employers can rely on this agency notification as evidence that I-9 compliance will require using the most current version of Form I-9 until a new form is published. Once the new form is published, employers will need to update their hiring processes to ensure they are using the newest version of the form and following any updated instructions.


Legal Update

 

Click here to download the bulletin.

 





Gulfshore Insurance is a Naples, Florida based insurance agency specializing in employee benefits insurance including group medical, dental, vision, life insurance, short and long term disability, voluntary life, employee assistance programs, wellness programs, individual life insurance, and more. Our insurance and risk management advisors are experts can provide valuable services including benefits plan design and administration, human resources support, funding options, compliance assistance, benefit administration, and enrollment services. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.

Hurricane Ian’s historic size and impact has been felt throughout Florida. Recovery will take time and require work and resources we are just beginning to understand. We hope that you and your family are safe following this event.

We have reopened our offices in a limited capacity following Hurricane Ian and will be open from 8:00 AM to 5:00 PM daily. If you need to report a claim from Hurricane Ian, our Claims Team is committed to assisting you.

Please be sure to read the important information below and take the necessary steps to file your claim. As a reminder, to expedite the claims process, you are best served by reporting your claim directly to your insurance carrier. Visit the links below to obtain the necessary contact information.

Report a Claim – Homeowners

Report a Claim – Businesses

If you have filed a claim for a loss from a hurricane, the following helpful information will assist you during this process:

  1. Your insurance company will assign an adjuster to contact you at the number you provided on your claim report, so be sure to let us know if that has changed or if there is an alternate number where you may be reached. Insurers usually send adjusters to the more severely damaged properties first. If you suffered minor damage, please be patient.
  2. If your business or home is uninhabitable or you move somewhere else temporarily, be sure to let the insurance company or Gulfshore Insurance know where you can be reached. Spray-painting your building is not recommended, as most policies do not cover exterior painting. Your name and correct address should be sufficient for an adjuster to find you.
  3. In some instances, an adjuster may issue you an advance check. This emergency advance will be deducted from your final claim payment.
  4. Take pictures of the damage including your contents, prior to making any temporary repairs.
  5. Begin making temporary repairs to prevent further damage. Save all of your receipts, the company will ask for them at a later date. Do not remove any of the debris until it has been seen by the adjuster.
  6. Do not attempt to make permanent repairs on your home or business until an adjuster has inspected it.
  7. You will be required to complete a Personal Property Inventory form for damaged items. We suggest that you complete this on a per location basis. List the “Replacement Cost” of each item and it’s actual cash value, if you know it. Replacement cost is what it would cost today to replace an item with another one just like it. Actual Cash Value is what the item is really worth after deducting for depreciation and wear. Attach any available documentation (receipts, photos, cancelled checks, credit card statements, warranty booklets, etc.).
  8. Most homeowners and business owner policies provide for removal of trees or branches that have fallen on a covered structure. They usually do not pay for removal of trees or debris that blew into your yard or fell in your yard without damaging anything. This coverage will vary by company.
  9. If your property is rendered uninhabitable, most policies provide Loss of Use Coverage which is designed to reimburse you for extra expenses and temporary housing. Usually, temporary housing coverage is based on a similar home of like kind and quality, and the length of time you will be displaced. (subject to your policy limits) Additional Living Expenses: Extra Expense coverage is designed to reimburse you for the extra expenses you incur after a loss that you would not normally incur, such as renting a temporary space, additional mileage, generators, electrical, computer or phone expenses over and above your usual costs, if you have this coverage. This coverage is typically paid on an incurred basis. You must incur the extra expense and provide proof of loss in the form of receipts or invoices.
  10. If you are unable to temporarily relocate your business and must completely shut down until repairs are made, or if you do maintain operations but at a lower business volume, you may also be able to recoup some of your lost profits and continuing expenses, such as payroll for key employees, if your policy includes Business Interruption coverage.
  11. If you have had a change of mortgage on a property; completed paying for a vehicle or piece of equipment; or had a change in the named insured (due to death or divorce, etc.), then make sure that you have notified us and an endorsement is made to correct your policy. Any related checks with an insured lienholder will be made payable to YOU AND THE LIENHOLDER, as shown on your policy.
  12. If you have not heard from an adjuster within 7 to 14 days, notify us immediately so that we can determine what the delay is. We can assist you with your claim.
  13. Depending on the severity of storm damage in your area, you may need to arrange to meet the adjuster somewhere else and then proceed to your property.

Know that our claims team is on call if you need help getting back on your feet. Please advise us if you are having difficulty with your claim so that we will be in a position to assist you. You can reach us at (239) 261-3646 or (800) 793-5238.

Please don’t hesitate to reach out if you need us – we’re here to help.

Warning! Don’t Become a Victim of Insurance Fraud! Do NOT Sign an AOB Contract!

An Assignment of Benefits is an agreement that transfers all insurance policy benefits and rights from you, the policyholder, to a third party such a contractor or repair vendor after damage has occurred to your property. An AOB is intended to help expedite the claims process and make things easier for the insured, but oftentimes, and AOB is fraudulently misused for repair vendors to seize control of the claims process with the intention of overcharging and inflating repair costs, often while keeping the insured in the dark. We recommend never signing an AOB and transferring your benefits to a vendor. If you have experienced damage from the Hurricane, please call your insurance company first or contact a member of our team. We are here to help!

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, home and homeowners insurance, car and auto insurance, boat and yacht insurance, property insurance, umbrella insurance, valuables insurance for fine art, jewelry, wine, and more. Navigating insurance requires an experienced and trusted insurance agent who understands your risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.