Boating is big business in Florida. Will sales rebound and if so when?

In Florida, with 961,266 registered vessels enjoying over 2,000 miles of tidal coastline, boating is a lifestyle. It's also big business. Following the Miami International Boat Show in mid-February, all indicators suggested 2020 was going to be a banner year for boat sales. Dealers and manufacturers were thrilled at the prospects of filling orders and enjoying a prosperous year. Then came COVID-19. Like someone flipping a light switch, it all went dark.

Florida sales tax holiday for hurricane prep announced

Your tax break when purchasing hurricane preparation supplies begins this Friday.

Florida’s sales tax holiday will run from May 29 through June 4, exempting taxes on certain disaster prep supplies.

“Natural disasters can cause hardship and challenges for Floridians. In the last few years, hurricanes and tropical storms have inflicted severe damage on our state,” said Jim Zingale, Executive Director of the Florida Department of Revenue, in a news release. “I hope consumers will use the disaster preparedness sales tax holiday to gather supplies. It’s always a good idea to be prepared before disaster strikes.”

The Atlantic hurricane season officially begins June 1.

The sales tax holiday was passed by the Florida Legislature and signed into law by Gov. Ron DeSantis.

See the document below for more information on which purchases apply.

2020 Tax Tip

Patients steadily return to in-person primary care as telehealth plateaus

Telehealth visits that exploded in recent months are starting to plateau and in some cases decline in popularity as doctor's offices reschedule backlogged patients for more in-person appointments, according new data from The Commonwealth Fund. Telemedicine visits accounted for about 14% of all total visits the week of April 19, according to the report, but that number dropped to 13% the next week and 12% the week after that. Telehealth visits held at 12% for the first two weeks of May.

Primary care practices especially are grappling with telehealth's limitations, said Farzad Mostashari, CEO of Aledade, a startup that helps practices develop new payment models. Minor procedures involving sutures and stitches, for example, are revenue-driving primary care services that can't be done virtually.

Though nowhere near pre-pandemic levels, outpatient visits are on the rebound across the country, the report found, and appear largest in the south central region that includes Texas, Oklahoma, Arkansas, Louisiana, Mississippi, Alabama, Tennessee and Kentucky.

- Doug Myrick

P.S. Ask me about MyTelemedicine for your employees or your family.

The most important thing to have during the COVID crisis

It’s not toilet paper. It’s life insurance.

You know, that thing specifically designed to protect you against unforeseen circumstances...this is kinda exactly the situation it was designed for. 

But if you’re like me, you’re thinking of waiting on getting it until the next worldwide health crisis. Because, you know, thinking about mortality sucks… and also we’d rather binge Ozark Season 3. 

Here’s a pro tip: don’t do that. 

Make it easy, and save money with Doug Myrick

I really don’t know how to explain just how good Doug Myrick is, so maybe you should just trust me and check it out for yourself -- I've made comparing life insurance almost fun. 

Plus, if you ever plan on having life insurance (looking at you everyone who plans on having kids), now is hands-down the best time to buy it. Rates are at 20-year lows, so you’re looking at savings of $1,500/year. 

Take 2 minutes and make one of the best money decisions of your life. Then you can resume Netflix-ing. 

- Doug Myrick

A PEO partnership seemed like a good idea

While PEOs are designed to help a business, this relationship may actually be costing too much, during a time when every cent matters. 

Clients using PEOs may not understand what they are actually paying for and if they are getting the most bang for their buck, especially when it comes to administrative costs or technology. That is why now may be a good time to unbundle. Clients often join a PEO to reduce costs and increase efficiency. But if it turns sour, we help you unravel the true cost versus benefit and show you a better way.

By moving away from your PEO you will: 
• Reduce costs associated with people management 
• Move your FEIN and employee headcount back to your business 
• Regain control of your employees 
• Expand your benefit package options 
• Access better technology for your employees

We help clients regain control and break free of their troubling PEO relationships, while offering beneficial alternative solutions for their HR needs. 

Please call or send an email to arrange a time to learn more about your options. 941.661.9323 or email doug@dougmyrick.com.

- Doug Myrick

May Action Item: Emergency Preparedness (part 1)

Covid-19 is making us acutely aware of the importance of being prepared for a financial emergency. While we usually think of insurance in the traditional sense, the concept of insurance is used throughout preparing for any financial event. Insurance is about protecting against a financial risk. and is a safety net for your financial life.

Traditional insurance policies protect us against certain risks. Here are some of the more common risks:

• Car accident or theft: auto insurance.
• Home event such as fire or theft: homeowners insurance.
• Income loss due to death: life insurance.
• Income loss due to disability: disability insurance.
• Income loss to job loss: unemployment insurance.
• Long term care expenses: long term care insurance.
• Medical expenses: health insurance.

Here’s how the concept of insurance can be applied to almost every facet of our financial lives:

• College planning: provides funding so that your children can attend college & so you don’t have to come up with a lump sum.
• Emergency fund: provides readily available cash in the event of an emergency.
• Estate planning: allows you to legally designate how your assets will be distributed in the event you pass away.
• Family financial meetings: helps you and your family coordinate goals and priorities. If you don’t let anyone know your wishes, and put those wishes in writing, those you leave behind will at best be guessing about how to proceed.
• Identity and credit monitoring: helps to protect your financial assets from identity theft or errors in your credit report.
• Investing: using asset allocation and diversification strategies to maximize returns for a given level of risk (don’t put all of your eggs in one basket).
• Retirement planning: this allows you to be able to replace your income when you stop working.
• Tax planning: helps you minimize your taxes.

Organizing and reviewing your financial life is your insurance policy that you will be prepared in the event of a financial emergency. Putting information into writing makes it a plan. We back up our computer systems in the event of an emergency, so consider backing up your financial life.

A sound financial emergency plan is only as good as the planning and resources that are put into it. Many of us take the time to be prepared, however, just like with a diet, maintenance is the hard part. Changing your financial habits will help maintain your financial health.

- Doug Myrick

The Future of Voluntary Benefits

What will our industry look like in 2030? It’s likely that voluntary benefits will be considered the most critical and valuable benefits offered to employees. Employees will get to pick the specific benefits that are most important to them and their family members.

In the future, Employer-Contributed, Government-Subsidized Insurance is coverage you expect as a valued employee. You work hard. You attend meetings, but not in a typical office setting. Your handheld device makes 2020 technology seem as antiquated as the 1980’s Motorola brick cell phone, complete with antenna. Your phone is your computer and your portal to your daily life, from work to home, personal accounting to entertainment. Retinal scanning connects all your devices.

Everyday life is efficient and modern, but bad things still happen. Suffering, loss, and illness will never be eradicated.

The banking, insurance, and investment products industries have merged into what we call the risk industry. Counselors are experts in risk, from genetics to finance.

In 2030, law mandates that risk products be bound by human conversation rather than artificial acknowledgment. The disastrous tech glitch of 2028 exposed the incredible value of our Risk Experts (formerly known as Benefit Counselors). As predicted, technology is no replacement for caring humans who can help guide people and share plans tailored to individual needs.

When the Risk Expert trade schools opened in 2023, young people flocked to the business of risk management. Like in the healthcare industry, these Risk Experts now have a place where they can make a difference. These insurance enrollment meetings are accomplished face-to-face, virtually.

Though it isn’t 2030, this vision fits our current model. As the nation responds to the COVID-19 pandemic, we find our model is well-suited to meet the needs of the employment challenges ahead.

Carriers, enrollment firms, vendors, and industry thought leaders must anticipate how the industry will evolve over the next decade. How will you adapt, remain relevant, and most importantly, add value? And with whom will you align?

- Doug Myrick

Millennials pass Baby Boomers as largest generation

Millennials need critical illness insurance information.

For the first time millennials have surpassed Baby Boomers as the nation’s largest living adult generation. There are now 72.1 million millennials according to the latest U.S. Census Bureau estimates.

“The Millennial generation continues to grow and will dominate trends for the next three decades,” states Jesse Slome, director of the American Association for Critical Illness Insurance. “Their insurance needs will be very different than those of Baby Boomers.”

Millennials were born between 1981 and 1996. In addition to those born in the U.S., immigration has expanded their numbers in recent years. There were 71.6 million baby Boomers at the end of 2019 and 65.2 million Generation X Americans. Generation Xers were born between 1965 and 1980.

“Baby Boomers are aging and their numbers are declining,” Slome adds. “Their numbers peaked at 78.8 million in 1999. But they are no longer the largest generation and by 2050 there will be around 16 million Boomers still alive.”

- Doug Myrick

2020 Learned in The Last Month