HSA-HDHP-2022-Limits-IRS

The IRS has announced increased contribution limits for Health Savings Accounts (HSAs) in 2022. The new limits are: $3,650 for individuals (up $50 from 2021) $7,300 for family plans (up $100 from 2021) No changes were made to high deductible health plans’ (HDHP) minimum annual deductibles; they will remain the same as 2021: $1,400 for individuals and…

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2020 year in review

When 2020 began, it’s safe to say no one could have predicted all that was to come. As individuals and organizations, we all came together to quickly pivot to keep ourselves, our families, and our communities safe. As we look back over the year, organizations and legislation has also changed to address the COVID-19 pandemic,…

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the government has announced FSA limits for next year

The IRS announced that the 2021 Flexible Spending Account (FSA) contribution limit will remain at $2,750. A medical FSA is a personal expense account that works with an employer’s health plan, allowing employees to set aside a portion of their salary, pretax, to pay for qualified medical expenses. An FSA offers employees a smart way…

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2021 HSA contribution limits announced

For 2021, the IRS just announced the increased new contribution limits for Health Savings Accounts (HSA) to $3,600 for individuals and $7,200 for family plans. In turn, adjustments to High Deductible Health Plans (HDHP) were also made. The minimum HDHP deductible is $1,400 for individuals and $2,800 for families, with a maximum out-of-pocket expense of…

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The CARES Act made several routine expenses eligible for HSA and FSA reimbursement

With the passage of the CARES Act in March 2020, additional over the counter (OTC) products and feminine hygiene products are now eligible to be purchased using a medical spending account, such as an health savings account (HSA). Prior to the passage of the act, these items were only eligible for reimbursement with a prescription.…

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2019 HSA Contribution Deadline Extended to July 15

The IRS recently announced that the 2019 federal tax filing deadline has been extended to July 15, 2020, giving Americans more time to gather their 2019 information amidst the COVID-19 pandemic. With that extension, those who have a high deductible health plan (HDHP) paired with a health savings account (HSA), may still contribute funds and…

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CARES Act makes over the counter medicine eligible for HSA and FSA expenses

On March 27, 2020, President Donald Trump signed the $2 trillion emergency spending bill, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This new law amounts to the largest stimulus package in U.S. history, and is aimed at providing economic relief to American workers, families and businesses impacted by Coronavirus. In particular, there are…

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what does the cadillac tax repeal mean for employers

In December, 2019, President Trump signed spending legislation that will repeal of an excise tax on high-cost health plans, known as the Cadillac Tax. The Cadillac Tax, which was scheduled to take effect in 2022, would have imposed a 40 percent excise tax on employer health plans, deemed by many to be too generous. Are…

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