Archive by category: Benefits in GeneralReturn
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Every year, more employers are adding high deductible health plans (HDHP) along with Health Savings Accounts (HSA) to their benefit offerings to help curb the rising cost of health premiums, as well as help employees become better stewards of their health care dollars. If you are considering implementing a HSA for the upcoming 2020 open enrollment season, you should carefully review the details of your existing plan(s). This will allow you to identify any issues and make any required modifica...
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , Health Savings Account , HDHP , High Deductible Health Plan , HSA Compatible , Disqualifying Coverage , Limited Health FSA , HRA , Cafeteria Plans , Grace Period , Rollover , Embedded , Aggregate
July 17, 2019, the Internal Revenue Service released Notice 2019-45, which for purposes of HSAs, provides a list of medical care expenses that may be treated as preventive care benefits under a high deductible health plan (HDHP). As a result of this Notice, preventive care has been expanded to include care for certain chronic medical conditions.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HSA , Health Savings Account , Preventive Care , Chronic Care , Chronic Medical Conditions , Section 223 , IRS Notice 2019-45 , Executive Order , Treasury Department , IRS
The deadline to file Form 5500s for 2018 calendar year plans is 7/31/2019. If you have missed a filing deadline, there are different consequences and remedies available to Employers/Plan Sponsors. Review the options available and potential penalty fees associated with each below.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: IRS , Form 5500 , Form 5558 , DFVCP , Delinquent Filers , Penalties

5500 Filing Season in Full Swing!

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July is a busy time of year for Form 5500 filings. All plans that are subject to ERISA and meet certain size requirements are required to file Form 5500 seven months after the end of the plan year. For calendar year plans (and short plan years ending 12/31), the deadline for either filing or requesting a filing extension is July 31st. Please read the full article to determine if you need to file and to learn more about filing requirements.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Form 5500 , Form 5558 , IRS , ERISA
Debit cards can provide quick access to employee Health Care Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs), but not all card swipes are free from substantiation. Read more about why Employee Benefits Corporation requires substantiation and when.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Medical , Debit Cards , FSA , HSA , HRA , Medical Expenses , Auto Substantiation , Copay Matching , Recurring Claims , Real Time Substantiation , IIAS

Final HRA Regulations Released

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On June 13, 2019, the U.S. Departments of Health and Human Services, Labor and the Treasury issued a final rule allowing employers of all sizes to offer two new kinds of health reimbursement arrangements (HRAs). The two new HRAs made available include (1) individual-coverage HRAs (ICHRA) and (2) excepted-benefit HRAs. These new HRAs must meet certain conditions and may be offered to employees on or after January 1, 2020. The departments also posted FAQs on the new rule that include a Q & A as we...
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: HRA , ICHRA , Excepted-benefit HRA , Individual-coverage HRA , HRA Final Regs , HRA Final Regulations , 1/1/2020

IRS Announces HSA Limits for 2020

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The IRS released Revenue Procedure 2019-25 that provides the Health Savings Accounts (HSA) limits for 2020.
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Account , 2020 Limits , 2020 HSA Limits , Rev Proc 2019-25

Debit Cards: To Swipe or Not To Swipe

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The IRS has specific rules about when and how debit cards can be used for FSAs, HRAs and HSAs, which can cause confusion for card holders. We will answer some frequently asked questions on where cards can be used, on what purchase can be made, and more.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: Medical , Debit Cards , FSA , HSA , HRA , Medical Expenses , OTC Drugs
As the April 15th income tax deadline quickly approaches, employees that participate in a cafeteria plan that includes employer sponsored health insurance, health care flexible spending accounts (HCFSA), dependent care flexible spending accounts (DCFSA), or health savings accounts (HSA) should keep a few things in mind.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HCFSA , HSA , DCFSA , Dependent Care Flexible Spending Accounts , Health Savings Accounts , Health Flexible Spending Accounts , IRS Form 2441 , IRS Form 8889 , W-2 , IRS , Income Tax Deadline , April 15th , 2018 tax deadline , IRS Form 1099-SA
If an individual has HSA qualifying coverage on December 1 of any year, they may take advantage of the Full Contribution rule. This Rule allows the individual to contribute based on the coverage plan type in effect on December 1 (single or family).
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , Health Savings Account , Full Contribution Rule , Maximum HSA contribution