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Bowers Insurance Blog
From: Smith & Downey Recently, we have seen a dramatic increase in inquiries relating to compliance with wage and hour laws, especially the Fair Labor Standards Act. Several factors are contributing to this surge, including a significant increase in Department of Labor investigations and an ever-increasing number of overtime lawsuits filed under the FLSA. In order to assist our clients and friends in complying with wage and hour laws, we are sponsoring a breakfast seminar that will discuss these issues from three perspectives: 1. Employer Compliance: Doug Desmarais will share observations from his perspective of representing employers in this area. 2. Employee Rights: Steve Lebau, from the plaintiff's law firm of Lebau & Neuworth, has agreed to share his point of view during the seminar. Naturally, this portion of the seminar should be invaluable to our employer clients. 3. Government Enforcement: Richard Castleton from our Firm will share insights from his previous work as an investigator for the DOL Wage and Hour Division. The seminar will be held at Abilities Network, located at 8503 Lasalle Road, Towson, Maryland 21286, from 8:30 a.m. to 10:30 a.m. on Friday, February 25, 2011. Continental breakfast will be provided and there is no charge for the seminar. Space is limited, so please contact Jamie Pasko at mailto:jpasko@smithdowney.com or410-321-9000 if you would like to reserve a spot. As always, thank you for your interest and support.
On November 3rd, Henry Smith, III, a partner of Smith & Downey, a law firm specializing in employee benefits, executive compensation, and labor and employment law presented valuable information on Healthcare Reform to our clients and prospective clients. Important tasks facing employers include identifying if their health plan is grandfathered or nongrandfathered, maintaining their grandfathered status, and providing the required grandfathered plan notices; provide required notice regarding coverage for children until age 26; and determining if they are eligible for the Small Business Health Care Tax Credit. If you need more information on these or other topics relating to Healthcare Reform, please contact me via email at corinne@bowersinsurance.com or at 301-791-7910 x106.
Read More "Healthcare Reform"
1. Auto Insurance - Your household might get a discount when your child goes off to school and leaves his or her car behind.
2. Homeowners Insurance - Usually the belongings of your child are covered by your homeowners, but it is still a good idea to make sure.
3. Renters Insurance - Very important to discuss if your child is moving from a dorm to an apartment.
4. Life Insurance- If student loans are involved, life insurance can help in the case of an unexpected tragedy. Hopefully this never happens and if it doesn't then a student can opt to carry the life insurance to the next stage in life.
5. Personal Catastrophe Liability - For those unexpected accidents, the extra liability coverage can help protect you should a lawsuit ensue from a big mistake.
Read More "Five Things To Discuss With Your ERIE Agent Before Sending Off Your College Student"
Some of the extra features included in an ERIE auto insurance policy when comprenhensive or collision coverage is purchased are:
- Collision deductible will be waived if you are involved in an accident with another auto insured by ERIE Insurance.
- Comprehensive deductible will be waived when a damaged windshield is repaired instead of replaced.
- Will pay up to $75 per person for travel costs, including meals & lodging, if your car is disabled because of a covered loss.
- Will pay up to $350 for loss to personal property, such as clothing & luggage, because of a covered loss while the personal property is in an auto ERIE insures. Theft losses are covered if the entire vehicle is stolen.
- Will pay up to $50 for locksmith charges if keys are accidentally locked in covered auto.
- Will pay your transportation expenses beginning immediately after a covered comprehensive loss up to $20 per day/$900 per loss.
Read More "Extra Erie Features When Purchasing Comp & Coll."
This Halloween, stay safe from scary surprises.
Oct. 16, 2009 - Whether it’s ghosts and goblins or Freddy and Jason, everyone’s afraid of something. And Halloween is a favorite time of year for hair-raising, bone-chilling and goose-bumping. But while most scares are harmless fun, others can have more frightening consequences.
Are you prepared to enjoy a spirited yet safe All Hallow’s Eve? Take this Halloween safety quiz to find out. And to steer clear of Halloween hazards, check out these not-so-haunted hints.
Halloween safety tips for parties
* If you’re using dry ice in a punch bowl, make sure to keep the chips out — if ingested, they can cause severe injury. Refer to these safety suggestions from the National Weather Service.
* Dried flowers, cornstalks and crepe paper are highly flammable. The National Fire Protection Association recommends that you keep these and other decorations well away from all open flames and heat sources, including light bulbs and heaters.
Halloween safety tips for drivers, parents and children
Review these trick-or-treating safety tips, based on suggestions from the the National Safety Council.
Drivers:
* Watch for children darting out from between parked cars.
* Enter and exit driveways and alleys carefully.
* At twilight and later in the evening, watch for children in dark clothing.
Parents:
* Have an adult or responsible older child supervise trick-or-treating outings for kids under 12.
* Instruct your children to travel only in familiar areas and along an established route.
* Use a flashlight to help you see and others see you.
* Only walk on the sidewalk, if available, or far edge of the road facing traffic to stay safe.
* Remind kids never to enter a stranger's home.
* Tell children to refrain from eating any treats until they get home.
Costume design:
* Get costumes made of fire-retardant materials.
* Make sure they’re loose so warm layers can be worn underneath.
* If kids will be out after dark, use light-colored materials or retro-reflective tape to increase visibility.
Treats:
* Feed kids an early meal before trick-or-treating begins.
* Inspect all treats before any are eaten.
* If fruit is received, wash it and slice into small pieces.
* When in doubt, throw it out.
For more information visit www.erieinsurance.com
Read More "Halloween Safety"
2011 HEALTH SAVINGS ACCOUNT (HSA) LIMITS
Following are the 2011 & 2010 HSA limits determined by the Internal Revenue Service (IRS):
Coverage Type Regulation 2011 Amount 2010 Amount
Individual Annual Contribution Maximum $3,050 $3,050
Minimum Deductible $1,200 $1,200
Maximum Out-of-Pocket $5,950 $5,950
Family Annual Contribution Maximum $6,150 $6,150
Minimum Deductible $2,400 $2,400
Maximum Out-of-Pocket $11,900 $11,900
NOTE: Catch up contributions for individuals who are age 55 or older remains at $1,000 for 2011.
REMINDERS
• Individuals who are eligible individuals on the first day of the last month of the taxable year (December for most taxpayers) are allowed the full annual contribution (plus catch up contributions, if 55 or older by year end) regardless of the number of months the individual was an eligible individual in the year. However, the individual must be covered by a qualified high deductible health plan (HDHP) during the last month of the individual’s tax year through the next 11 months. For individuals who are no longer HSA eligible individuals, both the HSA contribution and catch up contribution apply pro rata based on the number of months of the year a taxpayer is an HSA eligible individual and penalties may apply.
• Individuals who make contributions (including employer contributions) to a Health Savings Account will receive Form 5498-SA from their HSA trustee (financial institution) and if they received any distribution, Form 1099-SA will also be issued.
• All individuals who have an HSA must file Form 8889 (Health Savings Accounts) as an attachment to their Form 1040 for any year in which they make or receive HSA contributions (including employer contributions) or for any year in which they take an HSA distribution.
ELIGIBLE/INELIGIBLE EXPENSES
Effective January 1, 2011, payments or reimbursements for medicines or drugs are restricted to prescribed drugs, insulin, and over-the-counter drugs that are prescribed. This means that a valid prescription is required for over-the-counter drugs to be an eligible HSA item.
For further information, please contact your tax advisor or visit the U.S. Treasury site at www.treas.gov.
Corinne A. Stone, Benefits Account Executive
Telephone: 301-791-7910 x106
Email: corinne@bowersinsurance.com
Read More "2011 Health Savings Account (HSA) Limits"
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