Regulatory News

IRS Releases 2023 Limits for HSAs

Posted on: 5/23/2022 9:00 AM

IRS Releases 2023 Limits for HSAs On April 29, 2022 the Internal Revenue Service released Revenue Procedure 2022-24 which provides the 2023 inflation adjusted amounts for high deductible health plans (HPHPs) and Health Savings Accounts. The amounts for HSAs for 2023 as compared to 2022 are as follows: HSA Limits 2023 Limits Rev. Proc. 2022-24 2022 Limits Rev. Proc. 2021-25 Annual limitation on deductions to an HSA -- Self-only coverage $3,850 $3,650 Annual limitation on deductions to … Read More
NACHA Micro-Deposit Process Expectation

Posted on: 3/1/2022 12:00 PM

Enforcement of the National Automated Clearing House Association (NACHA) new WEB Debit Account Validation rule will commence on March 19, 2022. In advance, we're sharing with you more details on what participants can expect when setting up direct deposit with Lifetime Benefit Solutions to be reimbursed from either their Flexible Savings Account (FSA), Health Reimbursement Arrangement (HRA) and/or Health Savings Account (HSA). As of March 1, 2022, LBS will begin instructing participants to log … Read More
IRS Announces 2022 Employee Benefit Plan Limits

Posted on: 11/22/2021 10:00 AM

The IRS and the Social Security Administration recently announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2022. The table below compares the applicable dollar limits for certain employee benefit programs and the Social Security wage base for 2021 and 2022.* Please note that Lifetime Benefit Solutions will automatically increase the Health FSA maximum salary reduction limit for… Read More
American Rescue Plan Act of 2021: AEI 2021 Premium Assistance Credit Report is Now Available

Posted on: 7/26/2021 2:30 PM

Reporting is now available for employer groups that need to file for a tax credit against their share of the Medicare payroll taxes for the subsidized premium amounts paid for any Assistance Eligible Individual (AEI) from April 1, 2021 to September 30, 2021. If you have access to the Employer Portal, please see the step-by-step directions on how to generate and download the report. For those without access to the Employer Portal, if you have not received your report before filing, please reach… Read More
IRS Notice 2021-31: Premium Assistance for COBRA Benefits

Posted on: 5/19/2021 1:40 PM

On May 18, 2021, the IRS released additional guidance for the COBRA Premium Assistance (Subsidy) under the American Rescue Plan. The guidance included additional clarification around eligibility requirements, employer tax credits and Federal and State continuation provisions.… Read More
IRS Allows for Reimbursement of PPE from Health FSAs, HRAs and HSAs

Posted on: 4/2/2021 10:00 AM

On Friday March 26, 2021 the IRS announced that personal protective equipment (PPE) that is purchased for the primary purpose of preventing the spread of COVID-19 is now treated as an eligible medical expense under Section 213(d) of the IRS code. PPE includes masks, hand sanitizer and sanitizing wipes.… Read More
Relief Provided for Flexible Spending Account Plans in Stimulus Bill

Posted on: 1/5/2021 9:00 AM

On December 27, 2020, the President signed the Consolidated Appropriations Act for 2021. This new law provides relief options related to Flexible Spending Accounts (FSAs). As an Employer, you can choose to adopt any of these provisions or to keep your plan the same.… Read More
2021 Medical FSA and Transportation Benefits Contribution Limits

Posted on: 11/3/2020 11:13 AM

The IRS has announced that there will be no changes to the contribution limits for Medical Flexible Spending Accounts (FSA) and Transportation Benefits (QTB) for 2021.… Read More