READ TIME: 2 MINUTES The Consolidated Appropriations Act, 2022 (CAA), recently signed into law to avoid a government shutdown, includes a provision that will reinstate COVID-related telehealth coverage relief for high-deductible health plans (HDHPs) that choose to permit it. The CAA allows HDHP plan sponsors to allow participants to access non-preventive telehealth services before satisfying […]
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IRS Announces 2022 HSA and HDHP Amounts
READ TIME: 2 MINUTES These limits will differ depending on whether an individual is covered by a self-only or family coverage tier under an HDHP. The IRS’s new higher HSA contribution limit and HDHP out-of-pocket maximum will take effect January 1, 2022. HDHP deductible limits will increase for plan years that begin on or after […]
Read moreHealth Savings Accounts: What You Need to Know
A health savings account (HSA) is a tax-exempt trust or custodial account set up with a qualified HSA trustee (such as a bank or insurance company) that is used to pay or reimburse certain medical expenses. HSAs were first available as of January 1, 2004, and have grown greatly in popularity. An eligible individual (with […]
Read moreWebinar | What Does GREAT Look Like with HSA Planning?
Do you know what “GREAT” looks like with HSA Planning? Both employers and employees are concerned about escalating health insurance costs impacting them today and how to also plan for these costs in retirement. Traditional health insurance with copay based plans and traditional retirement planning does not address either concern with the most tax advantaged […]
Read moreHealth Savings Accounts: What You Need to Know
A health savings account (HSA) is a tax-exempt trust or custodial account set up with a qualified HSA trustee (such as a bank or insurance company) that is used to pay or reimburse certain medical expenses. HSAs were first available as of January 1, 2004, and have grown greatly in popularity. An eligible individual (with […]
Read moreIRS Updates
IRS Updates Health Coverage Affordability Calculation for Individuals for 2018 The Internal Revenue Service (IRS) issued Revenue Procedure 2017-36, adjusting the calculation determining whether an individual can afford employer-sponsored health coverage, which affects whether the individual would be eligible for a premium tax credit on the public health exchanges. This could affect employers who are […]
Read moreHSA Corner: Handling HSA Contributions and Retroactive Medicare Coverage
The interaction between the health savings account (HSA) rules and the Medicare eligibility rules can be a tax trap for unsuspecting individuals who remain in the workforce past age 65. Medicare Part A coverage typically begins when an individual reaches age 65 and either enrolls in Social Security or independently elects to delay Social Security, […]
Read moreCompliance Recap – December 2016
December was a relatively busy month for new laws and administrative rulemaking in the employee benefits world. President Obama signed the 21st Century Cures Act into law. The IRS issued a reporting deadline reminder, two information reporting summaries, and Q&As on information reporting. A U.S. District Court issued a nationwide preliminary injunction regarding a portion […]
Read moreCompliance Recap // August 2016
August remained relatively quiet in the employee benefits world, with only new draft versions of the instructions for Forms 1095-C, 1095-C, 1094-B and 1095-B. The new draft versions of the specific forms were released in July. The IRS also released the annual contribution limits for health savings accounts (HSAs) and the deductible minimums and out-of-pocket […]
Read moreCompliance Recap // April 2016
As much of the country anxiously awaits the Department of Labor’s (DOL) long-promised final rule relating to overtime exemption regulations, the employee benefits space has been relatively quiet. March 31 was the first deadline relating to the IRS reporting of the employer shared responsibility provisions under the Patient Protection and Affordable Care Act (ACA) and […]
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