Posts Tagged ‘Legislation’
What Does the CARES Act Mean For Health Spending Accounts?
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…
Read MoreCalifornia Law Requires Employers to Notify Employees of FSA Withdrawal Deadlines
Effective as of January 1, 2020, California enacted a law that requires employers offering flexible spending accounts (FSAs) to notify participants of any deadline to withdraw funds before the end of the plan year [should their participation in the FSA terminate early]. This law includes health FSAs, dependent care, or adoption assistance FSAs, and the…
Read MoreWhat the Cadillac Tax Repeal Means 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…
Read MoreChanges to 2020 Health Care That Employees Might Not Know About
With the new benefits year around the corner, employees are likely making plans around their health care including Health Savings Account (HSA) and Flexible Spending Account (FSA) contributions, contemplating providers that they may need to visit and planning for the unexpected. As plans begin to form, employees should review these health care changes that are…
Read MoreFSA Contribution Limits Increase for 2020
For 2020, the IRS increased the new 2020 Flexible Spending Account (FSA) limit to $2,750. For groups that have already set their contribution limits to the 2019 amount of $2,700, Further will automatically update the amount to the 2020 limit of $2,750, unless notified otherwise within the next 30 days. A medical FSA is a…
Read MoreUnderstanding the New June 2019 HRA Regulations
You’ve likely been following the conversation around the proposed regulations to broaden HRA rules that began in October 2018. The proposed regulation broadens health reimbursement account (HRA) rules to allow employers to offer an HRA that reimburses an employee’s individual insurance premiums or a standalone HRA that reimburses medical expenses of up to $1,800 a…
Read More2020 HSA Contribution and HDHP Limits Announced
It’s that time of year again! On May 28, 2019, the IRS announced the following 2020 limits for health savings accounts (HSAs) and high deductible health plans (HDHPs). In 2020, individual HSA contribution limits will rise to $3,550; the family HSA contribution limit will rise to $7,100. The HDHP minimum deductible limit for individual coverage…
Read MoreLegislative Update: House Passes Two Bills Modernizing HSA and FSA Rules
On July 25, 2018, the House passed two bills that would modernize health savings account (HSA) and flexible spending account (FSA) rules and expand consumers’ ability to cover their health care expenses. The Restoring Access to Medication and Modernizing Health Savings Accounts Act (H.R. 6199) and the Increasing Access to Lower Premium Plans and Expanding…
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