New Florida E-Verify Law July 2023

New Florida E-Verify Law July 2023

Effective July 1, 2023, private employers operating in Florida with 25 or more employees must use E-Verify during their onboarding process. Previously, the E-Verify requirement only applied to public employers, contractors, and subcontractors, while private employers were required to either comply with Form I-9 requirements or use E-Verify.

What is E-Verify?

E-Verify is a digital employment eligibility tool that verifies if the newly hired employee is authorized to work in the United States.

To Whom Does This Law Apply?

This requirement applies to Florida private employers with 25 or more employees. Employers with less than 25 employees are encouraged to use E-Verify but are not required to do so. Employers are not required to utilize E-Verify on independent contractors since they are not considered employees.

Moving Forward: What Are Employers Required to Do? 

Florida private employers should update their onboarding process, if necessary, to incorporate the new E-Verify requirement in conjunction with Form I-9 in anticipation of the July 1, 2023, deadline. Employers must verify employment eligibility within three business days of the new hire’s start date.
Record-Keeping Requirements and Certification
Employers must maintain a copy of the documentation provided for Form I-9 and E-Verify and any official verification for three years after the employee’s start date.

Penalties

Beginning July 1, 2024, if the Florida Department of Economic Opportunity (DEO) finds that an employer has knowingly hired someone who is not authorized and did not verify the employee’s employment eligibility, the DEO can impose civil penalties on the employer, including the repayment of any economic development incentive and the DEO will put the employer on probation for one year, requiring the employer to demonstrate compliance every quarter. In addition, if another violation occurs within 24 months, the DEO is authorized to suspend or revoke all Florida-issued licenses.
Additionally, if the DEO finds that an employer failed to use the E-Verify system, it will notify the employer and give them 30 days to rectify the non-compliance. If the DEO finds that the employer has not used the E-Verify system 3 times within a 24-month period, the DEO can fine the employer $1,000 per day until the employer provides proof that it has rectified the non-compliance.

Interested in learning more? World Payroll or our PEO Partners can assist with the E-Verify process. Please email info@medialsolutionscorp.com or call us at 855-667-4621. 

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Please Note: While the information within this alert may concern certain employment laws and regulations to be aware of, it is provided solely as general guidance so that you maintain compliance. It is not the equivalent of legal advice, nor does it serve as a  substitute for the advice of an attorney, if applicable.
WEBINAR: Medical Funding Strategies in a World of Options

WEBINAR: Medical Funding Strategies in a World of Options

May 23, 2023 Webinar!

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Did you know that as your business grows, you can use your company’s size and data to your advantage? 

Each month our team covers hot topics to help simplify them and educate you on the latest trends, issues, and innovations

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About this Session:
This can put you in the “driver’s seat,” allowing you to make thoughtful decisions that can expand your medical plan options, which can help put a significant amount of your employee benefits cost back into your and your employees’ pockets! Get your “geek-on” during this session as we assess the fundamentals of funding strategies, review fully insured, self-funded, and captive medical plan options and outline your potential opportunities.

Accreditation: By attending this webinar, you will receive 1 hour (General) recertification credit hour through the HR Certification Institute® (HRCI) and 1 hour credit through SHRM.

Meet our Speaker

David Stoddard

Director of Analytics and Actuarial Services

Meet our Speaker

Josh Simerman

Head of Carrier Relations and Placement

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HSA 2024 Dollar Limits

HSA 2024 Dollar Limits

The IRS, yesterday, released the 2024  Health Savings Account (HSA) inflation adjustments. To be eligible to make HSA contributions, an individual must be covered under a high-deductible health plan (HDHP) and meet certain other eligibility requirements.

New HSA 2024 limits are as follows:

 

2024

2023

HSA Annual Contribution Limit
$4,150;  $8,300
$3,850 – Single; $7,750 – Family
HDHP Minimum Annual Deductible
$1,600;  $3,200
$1,500 – Single; $3,000 – Family
HDHP Out-of-Pocket Maximum
$8,050;  $16,100
$7,500 – Single; $15,000 – Family
Age 55+ Catch-Up Provision
$1,000;  $2,000
$1,000- Single; $2,000 – Husband/Wife

 

Age 55 Catch-Up Contribution

As in 401k and IRA contributions, you are allowed to contribute extra if you are above a certain age. If you are age 55 or older by the end of the year, you can contribute an additional $1,000 to your HSA. If you are married, and both of you are age 55, each of you can contribute an additional $1,000. A savvy strategy for high-income earners is to invest the money in your HSA for the long haul. Once you’re 65, you can take out tax-free distributions to cover Medicare premiums. If you withdraw money at that point for non-medical uses, you pay the same tax as you would on withdrawals from a pretax 401(k). But you can also take money out tax-free to reimburse yourself for prior years’ out-of-pocket medical expenses if you have the old receipts.


COVId-19 Update: 

You can even use an HSA to save on a typical trip to the CVS. Thanks to a tax relief provision tucked in the last Covid-19 stimulus package, you can use the money you stash in an HSA or FSA (more on those later) for over-the-counter medications like Tylenol or Flonase as well as menstrual products like tampons and pads. That reverses Obamacare restrictions on OTC meds requiring a doctor’s prescription for them to be eligible for reimbursement.

HSA/HDHP Market Growth

HSA holders own the assets in the accounts and can build up substantial sums over time.  Enrollment in HSA-compatible insurance plans has increased to 10 million earlier this year, from 1 million in March 2005, according to, America’s Health Insurance Plans (AHIP), a trade group.

FSA Store

HSAs were authorized starting in January 2004. Since then, AHIP has conducted a periodic census of health plans participating in the HSA/HDHP market.

  • The number of people with HSA/HDHP coverage rose to more than 11.4 in January 2011, up from 10.0 million in January 2010, 8.0 million in January 2009, and 6.1 million in January 2008.
  • 30 percent of individuals covered by an HSA plan were in the small-group market, 50 percent were in the large-group market, and the remaining 20 percent were in the individual market.
  •  14% of all workers in the private sector have access to a Health Savings Account acc. to the Bureau of Labor Statistics.
  • States with the highest levels of HSA/HDHP enrollment were California, Ohio, Florida, Texas, Illinois, and Minnesota.

HSA Advantages:

  • Opportunity to build savings – Unused money stays in your account from year to year and earns tax-free interest. The HSA also gives you an investment opportunity.
  • Tax-free contributions and earnings – You don’t pay taxes on contributions or earnings.
  • Tax-Free Money allowed for non-traditional Medical coverage– As per IRS Publication 502, unused money can be used for dental, vision, Lasik eye surgery, acupuncture, yoga, infertility, etc.  Popular Examples
  • Portability – The funds belong to you, so you keep the funds if you change jobs or retire.

Our overall experience with HSAs has been positive when employer funding is at a minimum 50% using either the HSA or an HRA (Health Reimbursement Account-employer keeps unspent money).  Traditional plans’ trend of higher copays and new in-network deductibles has also led to the popularity of an HSA.

Next Steps

Plan sponsors should update payroll and plan administration systems for the 2023 cost-of-living adjustments and should incorporate the new limits in relevant participant communications, such as open enrollment and communication materials, plan documents, and summary plan descriptions.

RESOURCE:

Is your HSA compliant?  Which pre-tax qualified HSAFSAHRA spending card is right for you? Please contact our team at Millennium Medical Solutions Corp (855)667-4621 for immediate answers.  Stay tuned for updates as more information gets released.  Sign up for the latest news updates.

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Charting the Employee Benefit Landscape in 2023 & Beyond

Charting the Employee Benefit Landscape in 2023 & Beyond

Join Us for the May 17, 2023 Seminar!

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Employers be prepared for whats coming in healthcare and employee benefits.

What Can You Do and What Are the Best Practices?

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About this Session:

We have developed a seminar to help business owners and executives be prepared for what is to come:

  • What is the outlook for the healthcare landscape for 2023 and beyond?
  • Are you aware of the potential compliance traps and the financial repercussions?
  • What financial exposure can this cause to employer healthcare plans?
  • Can a modern health plan put you in a good position for what is to come?
  • What are the best practices to ensure your plans are in compliance?

    Education and information to help keep you up-to-date and informed

    Each month our Employee Benefits team covers trending, topofmind topics relevant to the world of benefits. These subject matter experts leverage their extensive experience, data, and research, and then simplify and summarize these topics to educate and help leaders drive their businesses forward.

    Don’t Let Employee Leaves Keep You Guessing. What Can You Do and What are the Best Practices?

    We know business owners and executives are challenged with controlling costs while meeting the company’s changing physical, emotional, and financial needs. The employee benefits landscape also continues to change, and so do compliance rules and regulations. How do you stay on top of it?

    Meet our Speaker

    Jay Kirschbaum, Director of Employee Benefits Compliance

    Meet our Speaker

    Mike Barton. Chief Growth Officer Employee Benefits

    Mike has more than 30 years of insurance industry experience, with a proven-track record in business development and multi-channel distribution. He oversees all aspects of sales and plays a pivotal role in the development of new business, market cultivation, and product development, as well as our long-term growth goals. (Click Home icon to view full bio).

    Underwriting and Actuarial

    Meet our Speaker

    David Stoddard. Director of Analytics and Actuarial Services

    David has over 10 years of experience in the health care industry as a lead health benefits actuary performing high impact actuarial consulting for large multi-state employers in a variety of industries. He creates new, scalable, data-driven solutions for clients including financial and contractual analysis, claims utilization and modeling, renewal projection, and premium rate analysis and modeling. (Click Home icon to view full bio).

    Blog

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    Please join us for next week’s webinar. Submit suggestions for future webinar topics interesting to you. Avanti!

    Join Us!

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    Get Your Tickets!

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    info@medicalsolutionscorp.com

    WEBINAR Navigating the Health Management Vendor Tsunami

    WEBINAR Navigating the Health Management Vendor Tsunami

    Join Us for the April 25, 2023 Webinar!

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    Don’t Get Caught Out of Timre. Be Proactive Before Your Plan Renews.

    What Can You Do and What Are the Best Practices?

    Learn

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    About this Session:
    There is no shortage of third-party vendors trying to partner with you. Selecting the right vendor that can make the right impact within your organization is imperative. During this session, we will discuss how you can implement successful, flexible, and fluid solutions that work together to drive clinical performance and have positive outcomes on the health of your employees.

    Meet our Speaker

    Bradford Sherry

    Meet our Speaker

    Lindsay Fuhrman

    Director of Population Health Management

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    Covid-19 Public Health Emergency Ending May 11, 2023

    Covid-19 Public Health Emergency Ending May 11, 2023

    On January 30, 2023, the federal government announced that the two national emergencies addressing COVID-19, the public health emergency (PHE) and the national emergency, will end on May 11, 2023.

    Starting May 12, 2023, health plans and group plan sponsors will no longer be subject to federal requirements for coverage of COVID-19 testing, vaccinations and treatments. Therefore, there may be changes you should be aware of regarding your health insurance plan and COVID-19.

    Below are links to communications by carrier on how they will handle COVID-19 coverage when the public health emergency ends. 

    Additional resources on the ending of the COVID-19 emergency periods are available on the Department of Labor’s Response to COVID-19 website.

    We will communicate additional information as it becomes available.  Sign up for the newsletter or for updates email us directly at info@mediclaolsutionscorp.com.

    PLEASE NOTE: This information is for general reference purposes only. Because laws, regulations, and filing deadlines are likely to change, please check with the appropriate organizations or government agencies for the latest information and consult your employment attorney and/or benefits advisor regarding your responsibilities. In addition, your business may be exempt from certain requirements and/or be subject to different requirements under the laws of your state. 

    Contact us at (855) 667-4621 or email us at info@medicalsolutionscorp.com

     

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