Archive by tag: high deductible health planReturn
The IRS has issued Notice 2020-15, which provides relief for testing and treatment for the 2019 Novel Coronavirus (COVID-19) from being disqualifying coverage for eligibility to contribute to a Health Savings Account. Health Plans are permitted to offer these services before the minimum High Deductible Health Plan deductible has been satisfied.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , HDHP , High Deductible Health Plan , COVID-19 , Coronavirus , Notice 2020-15
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
As a result of industry efforts, the IRS issued Notice 2018-12 on March 5, 2018 to provide transition relief until 2020. The relief is so individuals covered by high deductible health plans that paid for male sterilization and male contraceptive expenses below the deductible will still be temporarily eligible to make contributions to an HSA.
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Categories: Benefits in General, Compliance | Tags: HSA , Notice 2018-12 , Preventive Care , Male Sterilization , Health Savings Account , HDHP , high deductible health plan , Section 223
The IRS recently released an information letter clarifying the definition of a high deductible health plan (HDHP) for purposes of HSA eligibility. In the letter, the IRS explained that to qualify as an HDHP, a medical insurance plan (i) must satisfy certain minimum annual deductible and maximum out-of-pocket expense requirements and (ii) cannot provide any benefits below the minimum annual deductible, other than preventive care benefits.
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Categories: Health Care Reform, Compliance, Health Care in General | Tags: HSA , HDHP , IRS , health savings account , high deductible health plan , Internal Revenue Service , information letter