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IRS Releases Cafeteria Plan Relief

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On Tuesday, May 12th, the IRS released a pair of notices that affect cafeteria plans and flexible spending accounts (FSAs). These notices give employers the opportunity to add extended grace periods to FSAs, increase the maximum rollover amount on Health Care FSAs, and/or allow their participants to make mid-year cafeteria plan election changes if their needs change during the pandemic.
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Categories: Benefits in General, Compliance | Tags: IRS Notice 2020-29 , IRS Notice 2020-33 , Permitted Election Changes , Cafeteria Plans , Health Care FSA , Dependent Care FSA , Grace Period , Rollover , Amendments

What Benefit Changes Can I Make Due to COVID-19?

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Many employers are having to make difficult decisions regarding staffing during the national pandemic due to COVID-19. Employers are faced with staff leave of absence situations including layoffs, furloughs, and reduction in hours. This leads to questions regarding what changes employees are able to make to their benefits as a result.
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Categories: Benefits in General, Compliance | Tags: Permitted Election Changes , Section 125 , Health Care FSA , Dependent Care FSA , Transportation Plans
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
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

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
The answer will be different depending upon if the employee has a cafeteria plan with run out, grace period or rollover. The employee is not eligible for an HSA if he/she has disqualifying coverage.
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Categories: Benefits in General, Compliance | Tags: HSA , Health Care FSA , Limited Health Care FSA , Health Savings Account Eligibility , Grace Period , Run out period , Rollover

Advantages of Stacking Limited Health FSA with HSAs

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Some may think that enrolling in a Health Savings Account (HSA) means that you no longer can or need to participate in a Health Care flexible spending account (FSA) and that is not necessarily true in all circumstances.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Limited Health Care FSA , HSA , Health Savings Accounts , FSA
Most notably a projected increase to the 2019 Health Care FSA limit of $50 or an annual maximum is $2,700 per plan year.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: Health Care FSA , Flexible Spending Account , Projected Health Care FSA Limit , $2700 per plan year , Affordable Care Act , Tax Reform , C-CPI-U , 2019
If you are looking at implementing a Health Savings Account during this upcoming 2019 open enrollment season, you should carefully review the details of your existing benefit plan(s), in order to identify any issues and make any required modifications in advance when possible to preserve HSA eligibility.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , Health FSA , HRA , Health Savings Account , Health Care Flexible Spending Accounts , Health Reimbursement Arrangements , HSA Headaches , Disqualifying Coverage , Qualified HDHP , HDHP , Rollover , Grace Period , HSA eligibility
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