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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

Ensure Your HRA is HSA Compatible in 2020

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The new year is fast approaching! Employers who currently offer a Health Reimbursement Arrangement (HRA) paired with a high deductible health plan (HDHP) and a Health Savings Account (HSA), or are considering doing so for the upcoming plan year, should pay special attention to the fact that the minimum HDHP deductible limits have changed! In order to maintain HSA compatibility, your HRA may need to be amended for 2020.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Health Reimbursement Arrangement , HRA , Health Savings Account , HSA , Stacking Benefits , 2020 Limits , HSA Compatible
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

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
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
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