A special thank you!

As 2018 comes to an end, we would like to thank all of our clients for your continued business and support throughout the year. It has been a pleasure working with you and we look forward to helping you with your insurance needs in 2019.

2018 Happenings

Cardona & Company hosted and participated in several seminars throughout the year, including the Rosé  & PEOs seminar at The Spur, Expression Sessions at The American Hotel and The State of Healthcare & Insurance seminar at the Spur in Southampton.

We also welcomed a new team member to the Cardona & Company family!

We spent our Christmas holiday party out on the boat in Montauk and took in the sunshine at Navy Beach. While our 4th of July party was spent fireside at Baron’s Cove and laughing at Bay Street Theatre. We like to mix it up!

Notable Changes and Updates for 2019

Paid Family Leave: 2019 Rate & Maximum Contribution Changes

New York’s Department of Financial Services published the Paid Family Leave rate for the 2019 calendar year.

The maximum contribution rate for PFL will go from 0.126% to 0.153% of the employee’s gross annualized wages capped at the New York State Average Weekly Wage (NYSAWW) of $70,569.72 per year.

This means that the 2019 maximum annual contribution per employee is $107.97.

The Department of Financial Services also confirmed an increase in maximum benefits for 2019 to 55% of the NYSAWW, up from 50% in 2018.

Paid Family Leave Benefit Changes for 2019

Starting January 1, 2019, the number of weeks eligible employees can take (to bond with a new child, care for a sick family member, or assist loved ones when a family member is deployed abroad on active military service) increases to 10 weeks.

The PFL wage replacement benefit is also increasing. In 2019, employees taking PFL will receive 55% of their average weekly wage, up to a cap of 55% of the current Statewide Average Weekly Wage of $1,357.11. The maximum weekly benefit for 2019 is $746.41.

HSA Contribution Limits for 2019

The IRS announced 2019 HSA contribution limits. They are as follows:

For employees to be eligible to participate in an HSA, they must be enrolled in a High-Deductible Health Plan (HDHP). 2019 HDHP deductible amounts and out-of-pocket expense limits were also announced:

Changes to Small Group Eligibility

Many carriers including Oxford and Emblem have changed their eligibility requirements for small groups this year. Carriers will no longer allow just one owner, or one owner + spouse, to be the only individuals on the plan. There needs to be at least one other non-spouse, full-time employee enrolling in the plan to qualify. However, carriers will allow just two owners to be on the plan.

So what does this mean for you if you are an owner-only group? If you are under audit this year, you would need to find insurance individually. Alternatively, if you have any other full time employees, you could consider offering them insurance, which would allow you to keep your small group plan (assuming they enroll.) If you are not under audit, then you will be able to keep your plan as is for another year, however you would not be able to make any plan changes.

Carriers send audit notifications about 1-2 months prior to a group’s renewal date and we will be contacting clients who may be effected by this to let them know their options.

If you have questions or concerns about this change, please do not hesitate to contact our office.