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
Option to increase FSA carryover in 2020 to $550
Posted on: 10/12/2020 12:30 PM
Earlier this year, the IRS released Notice 2020-33 which allows for greater flexibility for unused funds in a Flexible Spending Account (FSA) for the 2020 plan year. Employers have the option to increase their annual FSA carryover from $500 to $550 for the end of the 2020 plan year.… Read More
IRS Releases 2020 Cost-of-Living Adjustments
Posted on: 11/7/2019 11:19 AM
The IRS has released the 2020 cost-of-living adjustments (COLAs) for a wide variety of tax-related limits, including limits relating to health FSAs, qualified transportation fringe benefits, qualified small employer health reimbursement arrangements (QSEHRAs), adoption assistance, DCAPs, the small business health care tax credit, the premium tax credit, and Archer MSAs… Read More
2020 out of pocket maximums for in-network
Posted on: 7/24/2019 2:29 PM
Each year, the Department of Health and Human Services (HHS) releases updated Notice of Benefit Payment Parameter (NBPP) Rules. The NBPP for 2020 increases the in-network out of pocket maximum to the following:$8,150 for self-only coverage$16,300 for other than self-coverage Lifetime Benefit Solutions, Inc. is not a law firm, has not reviewed that information for legal sufficiency, and does not give legal or tax advice. The sponsoring employer should have this information reviewed by its own le… Read More
Posted on: 7/17/2019 2:28 PM
On July 17, 2019, the IRS issued guidance expanding the preventive care benefits that can be provided by a high-deductible health plan (HDHP) to include a range of chronic conditions. The addition of these preventive care benefits are optional for HDHPs. If added to plans, these additional benefits would be paid with no deductible. The news release and IRS Notice below both outline the services and items added as preventive care. News Releasehttps://www.irs.gov/newsroom/irs-expands-list-of-prev… Read More
Agencies issue final regulations expanding use of HRAs
Posted on: 6/20/2019 6:12 PM
The IRS, DOL, and HHS have jointly issued final regulations that expand the availability and permitted use of HRAs, finalizing proposed regulations that were originally issued in 2018. The final regulations are generally applicable for plan years beginning on or after January 1, 2020 and offer the following: - Individual Coverage HRAs: an alternative to traditional group health plan coverage, subject to certain conditions. Among other medical care expenses, Individual Coverage HRAs can be used … Read More
Posted on: 5/30/2019 2:00 PM
The IRS has released the 2020 cost-of-living adjusted limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs):- The HSA contribution limit for 2020 is $3,550 for individuals with self-only HDHP coverage and $7,100 for individuals with family HDHP coverage- The HDHP minimum deductible for 2020 is $1,400 for self-only HDHP coverage and $2,800 for family HDHP coverage- The HDHP out-of-pocket maximum for 2020 is $6,900 for self-only HDHP coverage and $13,800 for family HDH… Read More