Archive by category: Benefits in GeneralReturn
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The IRS issued Notice 2020-05, announcing the optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
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Categories: Benefits in General | Tags: IRS , Medical , Mileage , Charitable , Business , 2020 Limits
As we ring in the New Year, 2020 calendar-year cafeteria plans have also started a new Plan Year. Employers are often faced with requests from participants to change their elections shortly after a new plan year begins. This article reviews the rules including when elections can and cannot be changed.
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Categories: Benefits in General, Compliance | Tags: FSA , Flexible Spending Accounts , Cafeteria Plan , Permitted Election Change
When an employer is implementing a Health Savings Account (HSA) qualified high deductible health plan (HDHP) for the first time, or when they offer it as one plan option among many, it is important for employees 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 rollover.
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Accounts , Flexible Spending Account , FSA , Health Care FSA , Rollover
Standard Health Care Flexible Spending Accounts (HCFSAs) which may reimburse medical expenses are disqualifying coverage for both an individual as well as their spouse for purposes of the tax benefits of a health savings account (HSA). Employees wishing to open and contribute to an HSA (or have employer contributions into their HSA) would not be eligible if their spouse has a standard HCFSA (unless the FSA is a limited purpose FSA with reimbursements restricted to dental and vision expenses).
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Account , FSA
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

Advantages of Offering an FSA with Your HSA

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Some employers consider discontinuing the Health Care Flexible Spending Account (HCFSA) once they begin offering a Health Savings Account (HSA) qualified high deductible health plan. Doing this actually limits access to pre-tax benefits for both the employer as well as plan participants. Rather than discontinuing an HCFSA, consider offering an HSA compatible HCFSA for dental and vision expenses. This provides a richer benefits package and maximizes the tax savings for both employer and employ...
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , limited health care FSA , FSA , limited purpose , tax savings , stacking
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