InterWest Insurance Services

DECEMBER 9, 2021

HDHP telehealth services — The CARES Act, signed into law in 2020 after the pandemic started, temporarily allowed high-deductible health plans to pay for telehealth services before an enrollee had met their deductible. Here’s a list of what to expect in 2022. That comes to an end Dec.

Health Insurance 98

Health Insurance Insurance Insurance Carriers Deductible 98

Corporate Synergies

MARCH 1, 2021

Since the passage of the Consolidated Appropriations Act, 2021 (CAA) in December 2020, employers and administrators have been working to interpret the new flexible spending. IRS releases FSA rules guidance to clarify provisions in last year’s Consolidated Appropriations Act, 2021.

Flexible Spending 62

Flexible Spending Employment Employee Benefits 62

InterWest Insurance Services

MARCH 4, 2022

Unlike HSAs and flexible spending accounts, though, HRAs are solely funded by employers. ICHRAs have only been around since January 2020 thanks to a law that allowed HRA funds to be used to pay for individual health insurance premiums. Also, unlike HSAs, they are not portable if an employee moves to a new employer.

Medical 98

Medical Health Insurance Out of Pocket Cost Deductible 98

Benefit Resource Inc.

MARCH 16, 2021

The limit for dependent care flexible spending accounts has been stuck at $5,000 since the account’s inception in the 1980s. Parents can submit claims for eligible expenses incurred in 2020 and 2021 related to care for children under age 14. But a new bill from Congress passed last week and is changing that.

Flexible Spending Account 76

Flexible Spending Account Benefit Providers Flexible Spending Deductible 76

WEX Inc.

JULY 20, 2023

HSA or FSA options Similar to the choice in health plans, many participants told us in the survey that they wanted to choose between either a health savings account (HSA) or a flexible spending account (FSA).

Deductible 75

Deductible Deductions Flexible Spending Account Health Savings Account 75

Benefit Resource Inc.

DECEMBER 8, 2020

Families utilizing Dependent Care Flexible Spending Accounts (FSAs) are up against a December 31st deadline. If you have an FSA, there’s a high chance you’ll have to spend down the money in your account so you don’t lose it. Many are in danger of losing their funds. What is a Run-Out Period?

Flexible Spending Account 75

Flexible Spending Account Flexible Spending Transportation Medical 75

Benefit Resource Inc.

SEPTEMBER 29, 2020

Employers can make sure they are maximizing each employee dollar with a health savings account and/or flexible spending account. According to a June 2020 study from Mercer , 32% of employers indicated expanding virtual / telehealth services was a top priority. 3) Virtual everything. 5) Expanding voluntary and specialty benefits.

Flexible Spending Account 56

Flexible Spending Account Health Savings Account Flexible Spending Medical 56

Benefit Resource Inc.

FEBRUARY 6, 2020

According to estimates taken between October 1, 2019 to January 25, 2020, there have been approximately: 19,000,000 – 26,000,000 flu-related illnesses. Note that if you have a Limited Care Flexible Spending Account or a Dependent Care Flexible Spending Account, these accounts cannot be used to pay for the shot.

Flexible Spending Account 45

Flexible Spending Account Taxes Flexible Spending Health Savings Account 45

Benefit Resource Inc.

JULY 8, 2021

If you have a Medical Flexible Spending Account (FSA), you may have the ability to take leftover funds from one plan year and transfer them to the next. Back in 2020, that amount was increased to $550 and is now adjusted annually for inflation. Other FAQ’s regarding the carryover feature: 2. KEY POINTS.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Medical Taxes 40

Higginbotham

NOVEMBER 11, 2021

Internal Revenue Code (Code) Section 125 imposes a maximum dollar limit on employees’ salary reduction contributions to a health flexible spending account (FSA). Health Flexible Spending Account. 42 percent of small firms report that they have a level-funded plan, up from 13 percent in 2020. Employer Takeaway.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Deductible Deductions 52

Benefit Resource Inc.

OCTOBER 27, 2020

The IRS released the 2021 limits for Mass Transit, Parking, Medical FSA and Adoption Assistance in Revenue Procedure 2020-45. There were no changes to limits for the commuter accounts or medical flexible spending account. Maximum Election : $270 / month (no change from 2020). Find it here: 2020 Limits: Pre-tax accounts.

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending Medical 40

Benefit Resource Inc.

AUGUST 11, 2020

Many parents are expecting to go back to work in offices, albeit a limited number of days a week in some cases, when the last quarter of 2020 rolls around. So what options will parents be afforded when it comes to finding child care during COVID-19 as the remainder of 2020 stretches ahead? Option 1: Virtual Care.

Entertainment 81

Entertainment Work From Home Taxes Education 81

Benefits Notes

OCTOBER 28, 2020

On October 26, 2020, the Internal Revenue Service (IRS) released Notice 2020-79 , which sets forth the 2021 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The 2020 limits are provided for reference. . Elective Deferral Limit 401(k), 403(b), 457(b).

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401(k) Health Savings Account Retirement Plan Deductible 40

Benefit Resource Inc.

AUGUST 12, 2021

NOTE: A previous version of this blog on personal protective equipment was originally published in October 2020. These accounts include health savings accounts , flexible spending accounts and health reimbursement accounts (or arrangements). It has been updated to include a new legislative updates from March 2021 and more.

Flexible Spending Account 40

Flexible Spending Account Health Savings Account Flexible Spending Medical 40

Benefit Resource Inc.

APRIL 11, 2023

Timeline Considerations for Consumer-Directed Benefit Plans Participants with a runout period that expired on or after March 1, 2020, received an extended period of time to submit claim reimbursements for eligible expenses from their Flexible Spending Accounts (FSA).

Flexible Spending Account 52

Flexible Spending Account Healthcare Flexible Spending Employment 52

Benefit Resource Inc.

JANUARY 2, 2020

Stay on the ball and check view 2020 pre-tax limits here and here. From the FSAStore to Amazon, here are the best places to use up your Flexible Spending Account funds. Feel free to leave comments on any of the blogs and make sure you see all the news for 2020. So far, prices have held steady… Pre-tax limits.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Health Savings Account Taxes 40

Business Management Daily

JANUARY 5, 2021

So if employees have maxed out on their leave in 2020, they aren’t eligible for more paid leave after Dec. These changes are effective retroactive to March 27, 2020. Catch: Employees had to be enrolled in the DCAP prior to January 31, 2020. They were set to expire on Dec. Some changes to the employee retention credit.

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Family and Medical Leave Act Payroll 401(k) Taxes 52

Benefit Resource Inc.

DECEMBER 23, 2020

5 Ways to Spend Your Funds Before the End of the Year. Congratulations on making it to the home stretch of 2020! Starting the new year with lost Fl exible Spending Account (FSA) funds probably doesn’t sound like y our idea of a good time. New Year, New Frames! Prepare for Adventure!

PTO 71

PTO Work From Home Medical Flexible Spending 71

Higginbotham

JULY 12, 2024

Census Bureau , the number of businesses offering child care services dropped between the years 2020 and 2021, while the cost of child care increased. It is sometimes called a dependent care flexible spending account, but it differs from typical health Flexible Spending Accounts (FSAs) in both purpose and regulation.

Employee Benefits 52

Employee Benefits Flexible Spending Account Benefits Package Flexible Spending 52

Griffin Benefits

OCTOBER 1, 2022

This reporting is due by December 27 of this year and must include information for the 2020 and 2021 calendar years, regardless of the plan or policy year. Additionally, account-based plans, like health reimbursement arrangements (HRAs) and health care flexible spending accounts (FSAs), are not required to report.

Insurance Carriers 67

Insurance Carriers Employment Flexible Spending Account Insurance 67

Benefit Resource Inc.

DECEMBER 30, 2020

We are excited to provide you with some additional insight into the FSA relief options for Health and Dependent Care Flexible Spending Accounts, included in the year-end spending bill signed into law on December 27, 2020. The above considerations are based on guidance and interpretations as of 12/29/2020.

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Flexible Spending Account Flexible Spending Health Savings Account Utilities 40

Benefit Resource Inc.

DECEMBER 1, 2020

The end of 2020 is ( finally ) almost here. To avoid losing any of that pre-tax money to the use-it-or-lose-it rule, it’s important to plan your spending down to the last dollar. And finally, if 2021 is as stressful as 2020 has been, having some nighttime sleep aid tablets on hand can help you get through those restless nights.

Medical 75

Medical Food Taxes Work From Home 75

Benefit Resource Inc.

DECEMBER 30, 2021

Health Flexible Spending Account: $2,850 (Up from $2,750 in 2021) Health FSA Rollover: $570 (Up from $550. However, this relief only applied to the 2020 and 2021 Plan Years. If permitted by the plan, participants were able to make election changes for any reason in 2020 and 2021. Pre-tax Account Limits for 2022.

Health Savings Account 40

Health Savings Account Deductible Deductions Flexible Spending Account 40

Benefits Notes

FEBRUARY 26, 2021

On February 18, 2021, the IRS issued Notice 2021-15, clarifying temporary special rules for cafeteria plans, health flexible spending accounts (“FSAs”), and dependent care assistance programs (“DCAPs”) that were included in the Consolidated Appropriations Act (“CAA”), enacted on December 27, 2020.

Flexible Spending 40

Flexible Spending Flexible Spending Account Deductible Deductions 40

Benefit Resource Inc.

MARCH 2, 2021

While certain spending avenues were opened after reform healthcare reform was released in 2020 due to the coronavirus pandemic, there are still certain items that you should not purchase with your FSA. Given this fact, it may come as a surprise that there are limits on what can be purchased through an FSA.

Taxes 76

Taxes Healthcare Medical Flexible Spending 76

HR Professionals Magazine

MARCH 2, 2022

Reporting on Pharmacy Benefits and Drug Costs – Group health plans must report information on plan prescription drug spending to regulators, including plan year dates, number of enrollees, each state where coverage is provided, and most common and costly prescription drugs dispensed by the plan. Likely Effective in 2022.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Deductible Deductions 52

Higginbotham

JULY 12, 2022

HRAs may sound like Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs), but there are key differences. The IRS maintains information on rules for health flexible spending accounts, health reimbursement arrangements and other tax-favored health plans in Publication 969. Comparing HRAs, HSAs and FSAs.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductible 52

Benefit Resource Inc.

OCTOBER 1, 2020

ROCHESTER , NY, October 1 , 2020 – B enefit Resource , LLC (BRI) today announced the acquisition o f 121 Benefit s , a Minneapolis-based administrator of pre-tax benefits and benefit continuation services. This marks the first acquisition for BRI since its strategic partnership with CIP Capital in August 2019. . “

Flexible Spending Account 45

Flexible Spending Account Health Savings Account Flexible Spending Transportation 45

Benefit Resource Inc.

MAY 5, 2020

Effective January 2020, menstrual care products are now considered eligible expenses. The CARES Act introduced new eligible items that you can purchase with funds from your pre-tax benefits accounts (FSAs, HSAs, and HRAs). Over-the-counter drugs and medicines are also now eligible for purchase without a prescription.

Taxes 77

Taxes Medical Deductible Deductions 77

Higginbotham

MARCH 17, 2023

27, 2020, the CAA prohibits health plans and issuers from entering into contracts with health care providers, third-party administrators (TPAs) or other service providers that would restrict the plan or issuer from providing, accessing or sharing certain information about provider price and quality and deidentified claims. Effective Dec.

Health Insurance 52

Health Insurance Flexible Spending Account Insurance Benefits Package 52

Higginbotham

FEBRUARY 11, 2022

The FAQs also address how a plan’s or issuer’s coverage of OTC COVID-19 tests impacts health flexible spending arrangements (FSAs) and similar account-based plans. Covered employers should have reported and paid PCORI fees for 2020 by Aug. Employer Takeaway. For plans ending in 2021, the next PCORI fee payment will be due Aug.

Paid Sick Leave 52

Paid Sick Leave Insurance Carriers Paid Leave Flexible Spending 52

Benefit Resource Inc.

OCTOBER 20, 2020

Flexible Spending Accounts (FSAs) have always relied on a certain level of predictability when it comes time to estimating your election. But, with a year like 2020, it might take just a few extra steps to COVID-proof your election for 2021. Estimate your Guaranteed Expenses. We all have certain unavoidable medical expenses.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Medical Taxes 40

Business Management Daily

SEPTEMBER 27, 2019

Advantage: Employees can contribute more on a pretax basis than they can put into flexible spending accounts. 2020 adjustments for group health plans set. The Department of Health and Human Services and the IRS have released their inflation-adjusted figures for group health plans for the 2020 calendar year.

Health Savings Account 40

Health Savings Account Deductible Deductions Flexible Spending Account 40

Business Management Daily

OCTOBER 28, 2021

FSAs (flexible spending accounts) are typically a use-it-or-lose-it benefit. Pre-tax dollars are deducted through payroll and placed into a flexible spending account to cover eligible medical or dependent care expenses.

Payroll 52

Payroll Family and Medical Leave Act PTO Flexible Spending Account 52

Business Management Daily

DECEMBER 6, 2021

Many who did get laid off in 2020 do not wish to return to their prior job roles or way of life. Many employers are seeing record turnover rates as the economy rebounds from the coronavirus pandemic. Employees largely put off changing jobs during the pandemic due to the level of instability in the labor market.

Employee Retention 119

Employee Retention Overtime Salary Flexible Spending Account 119

Griffin Benefits

NOVEMBER 11, 2021

Together, these combined announcements by the IRS detail 2022 adjusted limits to the amounts employees can tuck away pretax into Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), transportation benefits, and retirement plans such as 401(k)s.

401(k) 56

401(k) Retirement Plan Health Savings Account Deductible 56

Benefit Resource Inc.

SEPTEMBER 8, 2021

Some people might want benefits that can be used to support children, like a General or Limited Flexible Spending Account (FSA) or a Dependent Care FSA. Skip giving them the “life story” of each account (like every legislative change that happened in 2020). Instead, stick to the basics of how to use accounts.

Health Savings Account 40

Health Savings Account Flexible Spending Account Finance Flexible Spending 40