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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
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
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

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
On July 23, H.R.6199 Restoring Access to Medication and Modernizing Health Savings Accounts Act of 2018 and H.R.6311 Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act of 2018 were approved 8-4 in a party line vote by the House Rules Committee. During the proceedings, 2 amendments were offered and both failed. Consequently, the two bills moved on to the House floor. On July 25th under a closed-rule process, the H.R.6199 vote passed with bipartisan support in a 27...
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HR 6311 , HR 6199 , HSA , FSA , HRA , House , Restoring Access to Medication and Modernizing Health Savings Accounts Act of 2018 , Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act of 2018

Consumer Driven Health Care Activity on the Hill

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The House Ways and Means Committee marked up several bills mid-July that would raise contribution limits for health savings accounts (HSAs) and expand the allowable uses of these accounts, at a cost of $41 billion over ten years, the Joint Committee on Taxation (JCT) estimates. Collectively all the bills would cost an estimated $92 billion over the next ten years.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HSA , Health Savings Accounts , FSA , Flexible Spending Account , OTC , Internal Revenue Code , Medicare and HSA eligibility , Premium Tax Credit , Medical Device Tax , Cadillac Tax , IRS , ACA , HDHP
Earlier this month, U.S. Representative Mike Kelly (R-PA) – a member of the House Ways and Means Committee and Rep. Earl Blumenauer (D-OR) co-authored H.R. 5138, the Bipartisan HSA Improvement Act. The proposed legislation would improve Health Savings Accounts (HSAs) for millions of Americans The legislation is co-sponsored by Erik Paulsen (R-MN), Ron Kind (D-WI), Terri Sewell (D-AL), and Brain Fitzpatrick (R-PA).
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , Health Savings Accounts , Bipartisan HSA Improvement Act , Sen. Kelly , HR 5138 , Health Savings Act of 2017 , Sen. Hatch , FSA , HRA , S 403
In late August, the Office of Management and Budget approved the DOL’s proposal to extend the transition period for full implementation of the new Fiduciary Rule and related prohibited transaction exemptions by 18 months—from January 1, 2018 to July 1, 2019. The DOL also issued additional FAQ guidance relating to the Fiduciary Rule.
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Categories: Compliance | Tags: fiduciary , fiduciary rule , Department of Labor , DOL , PTE , HSA , health savings accounts , arbitration , FAQ , prohibited transaction exemptions , best interest , ERISA , Internal Revenue Code
On June 9, 2017, new Department of Labor regulations (“Fiduciary Rules”) took effect which expand the categories of persons who may now be considered plan “fiduciaries” under ERISA and the Internal Revenue Code. The new Fiduciary Rules broaden the definition of plan “fiduciary” to include persons who provide investment advice to account holders of Individual Retirement Accounts and Health Savings Accounts (“HSAs”). As such, the new Fiduciary Rules have important implications for HSA ser...
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Accounts , fiduciary rules , fiduciary , service provider , employer , TPA , third-party administrator , third party administrator , invest , advice , recommendation
The DOL released a proposed regulation last week that would delay the applicability date of the new fiduciary rules and related PTEs until June 9, 2017.
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Categories: Compliance | Tags: fiduciary , fiduciary rules , executive order , DOL , Department of Labor , HSA , Health Savings Accounts
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