Retirement Announcement for Barbara Christy and Kathy Brann at CU Insurance Solutions
CU Insurance Solutions announces retirement of Office Manager, Barbara Christy
Westbrook, ME – CU Insurance Solutions announced that Barbara Christy, Office Manager, will retire on December 31, 2020 concluding her career, having been with CU Insurance Solutions for over 36 years. She has been in her current position since 2007.
Barbara has held many roles at the Trust over her tenure including Special Olympics liaison. During her time as the Trust liaison to the Social Responsibility Committee, Barbara has helped to raise $907,050. Her organizational skills and kindness will be greatly missed at Special Olympics events.
The CU Insurance Solutions team is thrilled for Barbara and wishes her the best in her next chapter.
Barbara’s role as Office Manager is being filled internally by Sharon Little. Sharon Little was previously the Director of Personal Lines on our Equinox personal lines team; she has previously worked at Holden Agency. She brings experience in insurance, event planning, and customer service as well as a love of learning to her new role.
CU Insurance Solutions announces retirement of Accounting Manager, Kathleen Brann
Westbrook, ME – CU Insurance Solutions announced that Kathleen (Kathy) Brann, Accounting Manager, will retire on December 31, 2020 concluding her career, having been with CU Insurance Solutions for over 26 years.
Kathy previously worked at Shaw’s before joining the CU Insurance Solutions team in 1994. She has held many roles at the Trust over her tenure and has been in the Accounting Manager position since 2007.
The CU Insurance Solutions team is thrilled for Kathy and wishes her the best in her next chapter.
Kathy’s role as Accounting Manager is being filled internally by Amber Hollo who will be replaced as Accounting Specialist internally by Trevor Pietila.
September is Life Insurance Awareness Month
September is Life Insurance Awareness Month. Life insurance is one way to prepare for the hyperbole floods in our life. “It wasn’t raining when Noah built the Ark.” In our present circumstances, we’re reminded of how fragile life can be. If you have someone in your life who depends on you and your income you need to consider your life insurance needs. Do you have employer-paid life insurance? Is it enough? How much coverage do you need? These are all questions that should be considered. http://worklife.coloniallife.com/calculator/
If you have questions about your coverage our Employee Benefits Specialist, Pam Huntington, is available to review your options and make sure you and your loved ones are protected. If you currently have life insurance it’s a good practice to review your beneficiary forms annually. Have you had any changes in your life (i.e. marriage, the birth of a child. etc.)? Reach out to your HR contact and request a form for updates.
“You can’t go back and change the beginning, but you can start where you are and change the ending.” C.S. Lewis
Patient-Centered Outcomes Research Institute (PCORI) Fees Due July 31, 2020
Patient-Centered Outcomes Research Institute Fees, most commonly known as PCORI fees, were created in accordance with the ACA. PCORI Fees were scheduled to expire for plan years ending on or after October 1, 2019. With the enactment of a Federal spending bill at the end of 2019 PCORI fees have been extended for an additional 10 years through 2029. As a result, Notice 2020-44 increased the fee amount for plan years ending on or after October 1, 2019 and before October 1, 2020 to $2.54 per average number of lives covered under a plan. PCORI fees are required to be paid annually on IRS Form 720 by July 31 of each year. For plans ending in 2019, the next PCORI fee payment will be due July 31, 2020.
FSAs and HRAs
Generally, health care flexible spending accounts (FSAs) are not required to file a Form 720 unless the employer (and not just the employee) makes contributions that exceed the lesser of $500 annually or a dollar-for-dollar match of the employee’s contribution. Employers that have a fully-insured health plan coupled with an integrated HRA must pay the PCORI fee for the HRA, but they may treat each HRA participant as a single covered life. The fee generally does not apply to spouses or dependents covered under the HRA. When applicable FSA and HRA providers generally contact clients with guidance and direction on the filing of their PCORI fees.
Post-Pandemic Tax and Safety Reminders
Author: Elizabeth Ingram
Vice President of People Strategy
CU Insurance Solutions
The past few months have been a wild ride, and it isn’t over yet. In the midst of all the stress of COVID-19 and Black Lives Matter, remember that thinking ahead can still save you a little stress later on. I won’t reiterate all the advice about saving if you can and helping others; it’s good advice if you can but not what it’s on my mind these days.
I know next April seems a lifetime away given how quickly the world changes, but it is coming and with it will be tax day. Remember, you can change your W4s with every paycheck (although it’s much easier on your payroll staff if you don’t). If you’ve had any change income (layoff, furlough, overtime) or deductible expenses (childcare, mortgage or student loan interest), it makes sense to check the IRS calculator (https://www.irs.gov/individuals/tax-withholding-estimator) and make sure your withholdings are still on target. This could mean a little less in your paycheck now to keep you from having a hefty check to write in April; you could also switch up your direct deposit and put that money in special savings account so you know you have it. But it could also result in a little needed cash in your pocket now. So gather up your paystubs (& your spouse’s) and last year’s tax return and spend 15 minutes to make sure there isn’t a preventable financial surprise coming your way.
My second tip isn’t financial. Eventually, most of us will be returning to the workplace and those of us with children will send them back to school. But it’s not going to be the same. Although we don’t know what life will look like come September, I’m going to assume that masks will still be part of the occasion. And my soon-to-be kindergartener is NOT a fan. I’m not interested in a daily mask battle, so now is the time to find a comfortable and practical style to have on hand for you and the family. If your kiddo, like mine, isn’t tying shoes yet, a mask that ties isn’t practical. Ear savers may or may not be worth the extra effort, so I have some on hand in case day 3 of school results in chaffed ears. Fabric, shape, and pattern are also key; who knew that a pizza pattern was ‘more comfortable’ than the same style with a different pattern! Lastly, we all lose things, but kids seem to lose more items that they’re wearing. So, prepare for lost or sticky masks and have more spares than you think you need for you and your family. You’ve got this!
Tough Conversations: Advice for Preparing for the Death of a Parent
Author: Sarah Nash
Property & Casualty Account Manager
CU Insurance Solutions | Equinox
I know that this is a very tough subject to discuss, but I wanted to share the important things I learned from my personal experience of losing a parent. The following are many important questions to ask along with some informative discoveries I made regarding all of the medical, insurance, financial and personal matters that arise. One piece of advice I offer to you is to do your best to prepare for the death of a parent. It’s going to happen. We can’t avoid it. We all tend to think that we have plenty of time. Sometimes you don’t. Sometimes a sudden illness can cause death to happen quickly, and I’d be willing to bet that at least half of us are unprepared for this event. Talk to them now while you’re both able. Not one part of the conversation is fun or easy. No one likes to think about their own death and departure. I think the older you get the harder it is for some to discuss their ultimate wants and wishes at the end of life. (more…)
Updated HSA Contribution Limits for 2020
Ship steer in control room Japanese ferry
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)
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Should GAP Be Sold on RVs and Travel Trailers?
Article by our partners at Frost Financial Services | www.frostinsure.com
Do you ever finance RVs or travel trailers? If so, make sure to stress the importance of GAP protection on these loans. While you may not see many accidents involving RVs or travel trailers, many of them experience total losses each year. Accidents are certainly not as frequent, but plenty are so severely damaged due to flood, vandalism, fallen trees, and fire that they are unrepairable and deemed total losses by primary insurers.
Adding to the GAP risk on RVs and travel trailers is the challenge of accurately valuing the collateral at the time of financing. You can utilize a guide book or even refer to a dealer invoice, but validating model and options can oftentimes lead to many more challenges and errors in valuing RVs and travel trailers than we see in the much more standardized world of autos. These errors can create significant overvaluation of collateral and unexpected exposure to loss. And, if you think automobiles and trucks are depreciating rapidly these days, these are luxury items and can see even more wild swings in values from year to year as market conditions change.
Lastly, the loans for these collateral types tend to be longer terms. This means that the loan balances will amortize down more slowly and only add to the potential of a large GAP loss even when the loan was financed well under 100% of the value at loan origination.
A recent claim highlights how a number of the above factors can come together and result in a significant GAP claim.
In May 2015 the lender financed $92,485 on a 42′ Jayco RV that had an assumed value of $83,710. Three years later a fire caused a total loss of the RV and the settlement provided by the primary insurer was $53,445. This left an outstanding loan balance of $30,595. Fortunately, this loan had GAP protection and the $30,595 loan balance was paid in full.
Introducing our New Employee Benefits Specialist
CU Insurance Solutions 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 or phuntington@insurancetrust.us
17th Annual Golf Tournament for Special Olympics Maine
Dear valued clients and partners of CU Insurance Solutions,
We invite you to join CU Insurance Solutions for the 17th Annual Golf Tournament to support Special Olympics Maine on Thursday, July 18, 2019, at Falmouth Country Club in Falmouth, ME.
Registration is now open! Be sure to mark your calendars, register your golf teams early (as space is limited) and sign up to become a Platinum, Gold, Silver or Bronze tournament sponsor.
Please come out, enjoy a fun day of golf and help support Special Olympics Maine Athletes and their families!
Location:
Falmouth Country Club
Golf Course 1 Congressional Drive
Falmouth, ME 04105
Time:
Registration from 7:45 AM to 8:45 AM
Continental Breakfast included
Sponsored by: Equinox Insurance
Shot Gun Start at 9:00 AM
(Scramble format)
Fees:
$140.00 per Golfer
(This fee includes: greens fees, golf cart, continental breakfast, bag lunch, post-golf reception and four mulligans per team, maximum of 144 golfers.)
To register, contact Barbara Christy at bchristy@insurancetrust.us
The Maine Bureau of Insurance Approves Health Insurance Association for Maine’s Credit Unions
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 CU Insurance Solutions” 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 CU Insurance Solutions 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 CU Insurance Solutions is truly honored to have led the charge in the creation of the Maine Credit Union League CU Insurance Solutions. 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, CU Insurance Solutions
About CU Insurance Solutions
CU Insurance Solutions was founded in 1963 by Maine Credit Unions to provide insurance solutions for their members. For over 50 years, CU Insurance Solutions has been the premier provider of insurance and loan protection products throughout the Northern New England credit union community. Visit insurancetrustweb.com/cuis 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
smcclellan@insurancetrust.us