Posts Categorized: Benefits Update

Deduction Calculations

Article by Elizabeth Ingram VP of People Strategy  – CU Insurance Solutions  Determining an employee’s Insurance Deduction Calculations isn’t always a lot of fun, but making sure they are correct is essential for both the employee and employer. Deduction calculations happen at renewal time (before and after), as well as any time an employee comes… Read more »

Employee Benefits Nondiscrimination Testing

If you offer any pre-tax employee benefits, you need to have a Section 125 (also known as a POP or Cafeteria Plan) in place.  These benefits may include your medical, dental, vision, life, disability, voluntary benefits, FSA, HRA, or more. After your plan year ends each year,* you need to complete non-discrimination testing for your… Read more »

Kids and Insurance

  Article by Heather Baird Employee Benefits Account Manager CU Insurance Solutions In the past few years, I’ve come to the epiphany of how important taking care of my mental health and wellbeing is in relation to my children and parenting. As a working parent, I’ve many times been overwhelmed with guilt. As a result,… Read more »

Budgeting for the New Year

  Article by Elizabeth Ingram  Vice President of People Strategy, CU Insurance Solutions  There are several situations that may warrant readjusting your budget: salary changes, benefit renewals, life changes (marriage, divorce, addition of a child, moves, etc.), and the start of a new (tax) year.  Having a written budget that details your monthly income and expenses… Read more »

Consumerism – What does that actually mean?

Article by: Pam Huntington Employee Benefits Specialist – CU Insurance Solutions  In relation to healthcare, it’s defined as, “transforming an employer’s health benefit plan into one that puts economic purchasing power—and decision-making—in the hands of participants”*. It’s about supplying the information and decision support tools you need, along with financial incentives, rewards, and other benefits… Read more »

What is a MEWA?

Article by: Elizabeth Ingram  Vice President of People Strategy, CU Insurance Solutions  MEWA is an acronym for Multiple Employer Welfare Association.  It’s a group of employers with some sort of commonality that joins together, primarily for the purpose of offering employee benefits. Here in Maine, many Credit Unions and Credit Union Service Organizations (CUSOs) are… Read more »

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… Read more »

Updated HSA Contribution Limits for 2020

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 2020 HSA Contribution Limits Individual: $3,550 ($50 increase from 2019) Family: $7,100… Read more »