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As the July 15th income tax deadline quickly approaches, employees that participate in a cafeteria plan that includes employer sponsored health insurance, Health Care Flexible Spending Accounts (FSA), Dependent Care Flexible Spending Accounts (FSA), or health savings accounts (HSA) should keep a few things in mind.
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Categories: Benefits in General, Health Care Reform, Compliance | 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 , IRS Form 5498-SA , IRS Notice 2020-35
While the recent focus of many organizations has been on impact to benefits based on the COVID-19 pandemic, other significant updates been released. Review this article to be sure you are staying up-to-date with other guidance, including COBRA Notices, HSA limits, and PCOR fee requirements.
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Account , 2021 Limits , Rev. Proc. 2020-32 , PCOR fee , Patient Centered Outcome Research Fee , July 31 , IRS Form 720 , COBRA Model Notices
The U.S. government continues to develop and enact legislation to aid employers and individuals in light of COVID-19. Today, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes, among numerous provisions designed to stimulate and protect the American economy, a provision to allow individuals to use their Flexible Spending Account (FSA), Health Reimbursement Arrangements (HRA), and Health Savings Account (HSA) funds tax free to purchase over-the-c...
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Categories: Benefits in General, Compliance, Health Care in General | Tags: CARES Act , Coronavirus Aid Relief and Economic Security Act , Coronavirus , COVID-19 , Over-the-counter medications , OTC , Menstrual care products , telemedicine , HSA eligibility
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
The IRS has published revised versions of various forms and instructions used by taxpayers to assist them in preparing their 2019 income tax returns. For Health Savings Account (HSA) accountholders, in addition to your IRS Form 1040, you must also complete Form 8889. Based on your contributions and distributions during the year, you may need to include Schedule 1 and/or Schedule 2.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HSA , Health Savings Account , Form 8889 , Schedule 1 , Schedule 2 , Form 1040 , IRS , 2019 tax filing , penalty
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

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
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