Updated HSA Contribution Limits for 2020

Posted by on Oct 4, 2019 in Benefits Update, News |

Each year the IRS releases updated health savings account (HSA) and high-deductible health plan (HDHP) limits for the coming year.  2020’s limits are listed below and further information can be found on the IRS website HERE or by contacting Heather Baird at hbaird@insurancetrust.us.   2020 HSA Contribution Limits Individual: $3,550 ($50 increase from 2019) Family: $7,100 ($100 increase from 2019) Over 55 catch-up $1000 (remains the same) 2020 HDHP minimum annual deductibles Individual: $1,400 ($50 increase from 2019) Family: $2,800 ($100 increase from 2019) 2020 HDHP maximum out-of-pocket amounts Individual: $6,900 ($150 increase from 2019) Family: $13,800 ($300 increase from 2019) Contact Form Name* First Last Email* PhoneWhat would you like to learn more...

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Potential Anesthesia Side Effects Linked with Marijuana Use

Posted by on Aug 6, 2019 in Benefits Update, News |

Did you know that anesthesiologists routinely ask about marijuana use? Here’s why: Although the research thus far has been minimal, recent studies in Colorado indicate that marijuana use could result in a need for additional anesthesia which can have side effects such as low blood pressure and depressed heart function. Though everyone can have differing reactions to anesthesia, it’s important to be honest with all medical professionals about the use of marijuana for health & safety purposes. See this article for more details: Read...

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Introducing our New Employee Benefits Specialist

Posted by on Jun 18, 2019 in Benefits Update, News |

Insurance Trust is pleased to introduce Pam Huntington as our new Employee Benefits Specialist. Pam comes to our team with more than fifteen years of experience in the health insurance and voluntary benefits field.  She has previously worked as an Account Manager at both the health insurance carrier and broker levels.  Pam also worked in multiple roles at a local Maine credit union for five years.  Pam was born and raised in Portland where she attended Deering High School.  She then attended Southern Maine Community College where she earned an Associate Degree in Automated Office Management.  Pam enjoys spending time with her husband, children and black lab, Bo, as well as motorcycle rides and time at the lake. “I am excited to be part of the credit union movement and look forward to the opportunity to assist our credit union and small business partners with all of their employee benefits needs.  I like that I can use the skills I have learned from my previous experiences to help educate employees on how to best understand what they have for benefits at a level that is comfortable for them.  I am excited for this journey.”   As Employee Benefits Specialist, Pam’s focus will be to communicate with our insurance carriers, credit unions and small business clients to provide education and service for all group employee benefits programs.  Pam will conduct renewal meetings for our clients and continually work to present new and alternative options for our current and potential clients. Pam can be reached at 207-773-0925 ext. 314...

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The Maine Bureau of Insurance Approves Health Insurance Association for Maine’s Credit Unions

Posted by on Apr 30, 2019 in Benefits Update, News |

INSURANCE TRUST 2 Ledgeview Drive Westbrook, ME 04092 MEDIA RELEASE For Immediate Release April 19, 2019   The Maine Bureau of Insurance Approves Health Insurance Association for Maine’s Credit Unions (Westbrook) – On March 29, 2019 the Maine Bureau of Insurance approved a new Multple Employer Welfare Arrangement (MEWA), an association formed to provide a collective non-profit health insurance program, for Maine’s 54 Credit Unions.  The MEWA has been named “Maine Credit Union League Insurance Trust” and will be governed by a board of 7 trustees to represent its more than 500 employees.  The non-profit health insurance plan will be administered by Insurance Trust in Westbrook, ME, an insurance agency founded in 1963 by Maine Credit Unions. The association is sponsored by the Maine Credit Union League, Maine’s credit union trade organization.   “This employee benefits association for Maine’s Credit Unions is something that’s been needed for a long time. For many years, I’ve known this was a possibility, and Insurance Trust is truly honored to have led the charge in the creation of the Maine Credit Union League Insurance Trust.  This would not have been possible without the amazing cooperative spirit of the Maine credit union movement; we are truly better together when it comes to health insurance.  I believe it’s vitally important that we take care of our credit union employees and their families, so that the credit unions’ employees can best take care of their members and their communities.  We are proud knowing this program will continue to help credit unions and their employees for years to come.” – Kim Daigle President & CEO, Insurance Trust   About Insurance Trust Insurance Trust was founded in 1963 by Maine Credit Unions to provide insurance solutions for their members. For over 50 years, Insurance Trust has been the premier provider of insurance and loan protection products throughout the Northern New England credit union community. Visit www.insurancetrust.us for more information.   About Maine Credit Union League The Maine Credit Union League is a nonprofit, professional trade association that exists to serve Maine’s credit unions. Founded in 1938, the League is committed to helping credit unions succeed, and improve the financial lives of their members.   For more information please contact: Seth McClellan Marketing Director 2 Ledgeview Drive, Westbrook, ME 04092 Office: 207-887-8255...

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Insurance and Financial Checklist for Soon-to-be and New Parents

Posted by on Apr 23, 2019 in Benefits Update, News |

By Elizabeth Ingram (who just added child #2) Vice President – Operations Insurance Trust Finding out you are having a kid, even if planned, is overwhelming.  What do you need to have on hand or want?  When do you start to prep & who do you turn to for advice?  Your family & friends will probably be able to give you tons of advice on where to register & their favorite diaper brands or tricks (& there’s something to learn every time as I’ve recently discovered thanks to my coworker & mom of 3, Heather Baird, who is also our benefits Account Manager).  However, there are also a bunch of long-term items that you need to be on top of to take care of your growing family.   Before Baby Arrives Start looking for childcare ASAP if one parent isn’t planning to stay home.  A lot of childcare centers have long waiting lists for babies or don’t accept them until 6-12 months.  Also, this is going to have a major impact on your budget & the sooner you know how much you’ll be shelling out each week, the sooner you can plan.  Ask friends, family, & coworkers with young kids for advice or check out https://www.maine.gov/dhhs/ocfs/ec/occhs/child-care.html in Maine. Find a pediatrician around the middle of your pregnancy.  Your primary care doctor may also care for kids, but if they don’t, ask for a recommendation.  If you don’t have a primary care doctor, or don’t feel comfortable with their advice, crowdsource & then meet the pediatrician to make sure you feel comfortable with them (think of it as an interview).  You’ll also want to make sure the doctor is in-network for the medical coverage that will be covering the baby as it will save you some major money on those first-year vaccines. Check in with HR (human resources) if you are working (both parents need to do this) to find out what your Family Medical Leave (HR) eligibility is.  On the federal level, FML applies to groups with 50+ employees (https://www.dol.gov/whd/fmla/), and in Maine, a more limited FML applies to groups with 15+ employees (http://www.mainelegislature.org/legis/statutes/26/title26sec844.html).  Your eligibility depends on how long you have been with the company and how many hours you work.  You will also want to ask whether leave needs to be taken as a block or can be taken intermittently.  Also, ask HR if you are eligible for any paid leave and confirm what you have for sick and vacation time. Pregnant moms will also want to confirm with HR if they have short term disability (STD) coverage.  STD can be an employer paid benefit or a voluntary benefit that you pay premiums for; you might have neither...

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Providing the Required Employee Benefits Notices to Employees

Posted by on Oct 29, 2018 in Benefits Update, News |

Open enrollment season is upon us. Employers are required to provide employees with certain benefit notices during this time of year. It is important to know which notices your group is required to provide. For example, the summary of benefits and coverage (SBC) must be provided at open enrollment time. Other notices must be distributed annually, such as the Women’s Health and Cancer Rights Act (WHCRA) notice and the Children’s Health Insurance Program (CHIP) notice. Insurance Trust includes these notices in employee packets to help our clients satisfy this requirement. However, there are some notices that will vary by group. For example, Employers with Medicare Part D eligible individuals must notify them about whether the drug coverage is creditable or non-creditable before October 15 each year. Employers may not easily be able to identify those who are eligible for Medicare Part D, so many employers choose to satisfy this requirement by providing the notice to all plan participants. Groups that are subject to ERISA must provide new health participants with a Summary Plan Description (SPD) for each benefit offered within 90 days of when coverage begins. In lieu of a SPD, a “wrap” document can satisfy this SPD requirement in one document for all plans offered. The(se) documents needs to be maintained annually and if any material modifications have been made, updated notices must be provided to participants at least every 5 years. (If no material modifications have been made, every 10 years.) Groups’ health plans that are subject to COBRA must provide a written General Notice of COBRA rights to covered employees within 90 days after their health plan coverage begins. This is often added to open enrollment materials as it will satisfy the requirement for new enrollees added at open enrollment. It is advisable to include this in any new hire packets as well. The Notice of Patient Protections is required when plan participants are required to designate an in-network primary care provider. This is often included in the insurance certificate provided by the issuer or Summary Plan Description. Insurance Trust works closely with clients to assist in complying with State and Federal laws. If you have questions about your responsibilities as an employer or would like assistance, feel free to contact us. Thank you and here’s to a successful season! Contact Form Name* First Last Email* PhoneWhat would you like to learn more...

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