Posts Tagged ‘Legislation’
Employers: 2021 Year End Plan Reminders
It’s important to stay current on COVID-related legislation and guidance. As 2021 winds down and we look ahead to 2022, let’s review the key regulatory elements that may affect your health plans. First, we’ll revisit the various COVID-related legislation, guidance, and relief connected to health and welfare plan provisions. Then, we’ll go into general refreshers…
Read More2022 FSA, TRA, and Adoption contribution limits announced
The Internal Revenue Service (IRS) announced the official 2022 Flexible Spending Account (FSA), Transportation Reimbursement Arrangement (TRA), and adoption credit limits, and it’s good news for those wanting to save money on their eligible expenses. 2022 contribution limits 2022 Healthcare FSA/Limited Purpose FSA – $2,850 2022 FSA carryover – $570 2022 DCAP (also known as…
Read MoreRecent COVID-19 Announcements and What They Mean for Further Account Holders
Download Further’s COVID-19 white paper and infographic. Passed in March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was the first piece of federal legislation addressing the impact of the COVID-19 pandemic. This act included important provisions for health spending accounts, including expanding the list of eligible expenses that qualify for reimbursement to include…
Read MoreIRS Announces 2022 HSA and HDHP Limit Increases
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…
Read MoreConsolidated Appropriations Act, 2021: What does it mean for FSA and DCAP?
The Consolidated Appropriations Act, 2021, was signed into law on December 27, 2020. This COVID relief bill includes several items that impact medical flexible spending accounts (FSAs) and dependent care assistant plan (DCAP) accounts. Most of these changes are temporary – only lasting through 2022 – but the enhancements may affect how you choose to…
Read MoreHealth Care Finance Year in Review: 2020
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,…
Read More2021 FSA Contribution Limits Remain at $2,750
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…
Read MoreIRS Announces 2021 HSA and HDHP Limit Increases
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…
Read MoreCARES Act Permanently Extends Eligible Expense Items
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.…
Read MoreDeadline Extended for 2019 Health Savings Account Contributions
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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