( 15 MINUTE READ ) 10/26/20 Update: Updated for the 2021 EBHRA limit, 2021 Health FSA limit, and 2021 QSE HRA limit. Health reimbursement arrangements (HRAs), health savings accounts (HSAs) and health care flexible spending accounts (HFSAs) are generally referred to as account-based plans. That is because each participant has his or her own account, […]
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IRS Extends HSA Contribution Deadline to July 15, 2020
Yesterday, March 24, 2020 the Internal Revenue Service (IRS) indicated that it has extended tax filing and payment deadlines from April 15, 2020 to July 15, 2020 due to the ongoing COVID-19 pandemic. You can view the official notice here. In addition, the deadline for 2019 contributions to IRAs and Health Savings Accounts is also […]
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 more$6,900 Re-Established as 2018 HSA Contribution Limit for Certain Individuals
The Internal Revenue Service (IRS) has re-established $6,900 as the 2018 health savings account (HSA) contribution limit for individuals with family coverage under a high deductible health plan (HDHP). This limit was previously announced as $6,900 in May 2017, but was revised to $6,850 in March 2018 due to an inflation adjustment provision in the Tax Cuts and Jobs […]
Read moreWhat You Need to Know about Health Flexible Spending Accounts
A health flexible spending account (FSA) is a pre-tax account used to pay for out-of-pocket health care costs for a participant as well as a participant’s spouse and eligible dependents. Health FSAs are employer-established benefit plans and may be offered with other employer-provided benefits as part of a cafeteria plan. Self-employed individuals are not eligible […]
Read moreCompliance Recap // May 2017
May was an active month in the employee benefits world. On May 4, 2017, the U.S. House of Representatives passed a bill titled the “American Health Care Act of 2017” (AHCA) to repeal and replace the Patient Protection and Affordable Care Act (ACA). The Internal Revenue Service (IRS) released its Employer Shared Responsibility affordability percentage […]
Read moreCompliance Recap // April 2017
In April, government agencies ramped up their activities by issuing a final rule, updating guidance, and announcing increased Health Insurance Portability and Accountability Act of 1996 (HIPAA) enforcement. The Internal Revenue Service (IRS) updated its webpage that summarizes employer shared responsibilities payments and their calculation. The Department of Health and Human Services (HHS) Centers for […]
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 // March 2017
In March, the employee benefits world watched as the House Speaker unveiled a proposal to replace parts of the Patient Protection and Affordable Care Act (ACA) with the American Health Care Act (AHCA). The AHCA bill was withdrawn from consideration by the full House on March 24 because it appeared that there would not be […]
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