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Regulatory News

  • IRS Releases 2020 Cost-of-Living Adjustments

    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

    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

  • IRS allows specified expenses for chronic conditions to be treated as preventive care under HSA rules

    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

    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

  • IRS announces 2020 HSA contribution limits, HDHP minimum deductibles, and HDHP out-of-pocket maximums

    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

  • DOL announces 2019 adjusted penalty amounts for several benefits-related violations

    The DOL has announced the 2019 annual adjustments to the civil monetary penalties for a wide range of benefits-related violations: Form 5500 - maximum penalty for failing to file increases from $2140 to $2194 per day the filing is late. Summary of Benefits and Coverage (SBC) - maximum penalty for failing to provide the SBC increases from $1128 to $1156 per failure. Violations of Genetic Information Nondiscrimination Act (GINA) may result in penalties of $117 per participant per day (increase fro… Read More

  • IRS announces opening date for electronic filing of 2018 forms 1094 and 1095

    The IRS announces that electronic filing of Affordable Care Act (ACA) information returns (Forms 1094/1095) for the 2018 tax year will become available on January 15, 2019, at approximately 9 a.m. The deadline for furnishing Forms 1095-B and 1095-C to individuals has been extended to March 4, 2019. However, there is no extension for filing these forms with the IRS (due dates are April 1, 2019 for electronic filing and February 28, 2019 for paper filing). Lifetime Benefit Solutions, Inc. is not … Read More

  • IRS releases 2019 versions of HSA reporting forms

    The IRS has released tax year 2019 versions of HSA reporting forms 5498-SA (for trustees and custodians of HSAs, Archer MSAs, and Medicare Advantage MSAs) and 1099-SA (to report distributions from these accounts) along with instructions. 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 legal counsel for compliance with ERISA,… Read More

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