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When an individual has a Health Savings Account (HSA) qualified high deductible health plan it is important for them to understand how becoming entitled (eligible and enrolled) in Medicare can impact their HSA eligibility.
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Categories: Benefits in General, Compliance | Tags: Medicare , Health Savings Account , HSA
When an employer is implementing a Health Savings Account (HSA) qualified high deductible health plan for the first time, or when they offer it as one plan option among many, it is important for the plan participant to understand how other coverage can impact their HSA eligibility. This includes plans from the prior plan year that extend benefits into the new plan year, such as standard Health Care Flexible Spending Accounts with Grace Period.
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Accounts , Flexible Spending Account , FSA , Health Care FSA , Grace Period

IRS Announces 2020 Health Care FSA Limits

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Today, the IRS officially announced the 2020 annual inflation adjustments for multiple tax provisions, including the adjusted 2020 limits for health care flexible spending accounts (FSAs).
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Categories: Benefits in General, Compliance | Tags: 2020 FSA Limits , Health Care FSA Limit 2020 , Revenue Procedure 2019-44

IRS Announces 2020 Transportation Plan Limits

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Today, the IRS officially announced the 2020 annual inflation adjustments for multiple tax provisions, including the adjusted 2020 limits for transportation plans.
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Categories: Benefits in General, Compliance | Tags: Revenue Procedure 2019-44 , Transportation Plan Limits 2020

IRS Announces 2020 Pension Plan Limitations

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Today, the IRS issued Notice 2019-59, announcing the cost of living adjustments for pension plans and other retirement-related items for the tax year 2020. Review our summary for some of the more notable changes.
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Categories: Benefits in General, Compliance | Tags: IRS , Pension Plans , 2020 Limits , IRS Notice 2019-59 , Highly Compensated Employee , Key Employee , Nondiscrimination Testing , IRA , 401k , 457 , 403(b) , Roth IRA