Archive by tag: Health Care FSAReturn
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Form 5500 Filing Tips-Who, When, What, How

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The Form 5500 is an ERISA requirement for all health and welfare plans. All private sector employers, including corporations, s corporations, LLCs, sole proprietorship, partnerships, and non-profits that sponsor insured self-insured plans subject to ERISA have a filing requirement if they are large plans with 100 or more participants in the plan as of the first date of the plan year.
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Categories: Benefits in General, Compliance | Tags: Form 5500 , IRS , EFAST2 , Wrap Plans , Health Care FSA , HRA , Insured Plans , 5500 Preparation , ERISA
As the April 17th 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) and health savings accounts (HSA) should keep a few things in mind.
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Categories: Benefits in General, Compliance | Tags: IRS , Tax Day , DCFSA , HCFSA , Dependent Care FSA , Health Care FSA , HSA , Health Savings Account , Form 8889 , Form 2441 , Form 1095-B , Form 1095-C , April 15th , April 17 , 2018 , Personal Tax Return

Health Care FSA Limit Projected $2,650 for 2018

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The CPI was released yesterday and Thomson Reuters has reported today, the projected inflation adjustments for 2018 for health, charitable, compliance and other specialty items. Most notably a projected increase to the 2018 Health Care FSA Limit of $50 or an annual maximum is $2,650 per plan year.
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Categories: Health Care Reform, Compliance, Health Care in General | Tags: Health Care FSA , FSA , Limit , ACA , 2018 Limit , 2018 Health Care FSA Limit

Health Care FSA Limit Projected $2,600 for 2017

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As you may recall, the Affordable Care Act (ACA) put a cap on Health Care FSA salary reductions in 2013, subject to Consumer Price Index (CPI) adjustments in future years. Any adjustments are based upon the average of the Consumer Price Index as of the close of the 12-month period ending on August 31 of such calendar year.
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Categories: Health Care Reform, Compliance, Health Care in General | Tags: Health Care FSA , FSA , Limit , ACA , 2017 Limit
One of the provisions under the Patient Protection and Affordable Care Act (Health Care Reform aka ACA) requires health plans to pay a Transitional Reinsurance Program Fee beginning with calendar year 2014.
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Categories: Health Care Reform, Compliance | Tags: PCOR Fee , HRA , Health Care FSA
IRS Notice 2012-40, released last June, primarily provided guidance on the 2013 $2,500 limit to salary reduction contributions to Health Care FSAs, but also requested comments on the use-or-lose rule for Health Care FSAs. The use-or-lose rule generally prohibits any contribution or benefit under an FSA from being used in later plan years or periods of coverage.
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Categories: Compliance | Tags: Health Care FSA

2012 Medical Mileage

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The IRS lowered the Medical Mileage rate from 23.5 cents per mile to 23 cents per mile, effective January 1, 2012 to December 31, 2012.
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Categories: Benefits in General | Tags: Health Care FSA

Spouse Job Change & Your Health Care FSA Election

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Participants can make mid-year election changes to their Health Care FSA due to a status change for the employee, their spouse or dependents. See Treas. Reg. §1.125-4. When a status change event occurs, such as a spouse gaining or losing employment or eligibility for their employer’s plan, our participant is allowed to make changes to their Health Care FSA that are on account of and consistent with the event.
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Categories: Benefits in General | Tags: Health Care FSA
With open enrollment season upon us, we’ve received several questions regarding anticipatory elections. We also receive calls throughout the year on the related topic of election changes based on an anticipatory election that did not come to fruition.
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Categories: Benefits in General | Tags: Dependent Care FSA , Cafeteria Plan , Health Care FSA

Health Care FSA $2,500 Limit

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You may have heard that health care reform imposes a $2,500 limit on annual salary reduction contributions to Health Care FSAs, effective for taxable years beginning after December 31, 2012. The $2,500 limit is indexed for inflation for taxable years starting with 2014. As we await more guidance from the IRS, we’d like to discuss a few issues related to the limit and offer some examples to help you in the interim.
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Categories: Health Care Reform | Tags: Health Care FSA