Archive by tag: Health Savings AccountReturn
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.
Read More
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
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).
Read More
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
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.
Read More
Categories: Benefits in General, Compliance | Tags: HSA , Notice 2018-12 , Preventive Care , Male Sterilization , Health Savings Account , HDHP , high deductible health plan , Section 223
For participants in the Health Savings Account (HSA), you can find new instructions for IRS Form 8889 used to report contributions and distributions to the HSA on the 2017 personal tax returns.
Read More
Categories: Benefits in General, Compliance | Tags: IRS , HSA , Health Savings Account , Form 8889 , Pub. 969
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.
Read More
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
If you are looking at implementing a Health Savings Account during this upcoming open enrollment season, you should carefully review the details of your existing benefit plan(s), in order to identify any issues and make any required modifications in advance when possible to preserve HSA eligibility.
Read More
Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HSA , HRA , FSA , Health Savings Account , HDHP , IRS , Open Enrollment , Grace Period , Rollover , HSA Compatible
HSAs are growing in popularity. So exactly who is eligible to establish an HSA account and make an HSA contribution or have a contribution made on his/her behalf (e.g., by an employer)?
Read More
Categories: Benefits in General, Compliance | Tags: HSA , FSA , Health FSA , Disqualifying Coverage , Permitted Coverage , Health Savings Account

HSAs in the Workplace

posted on
As HSAs become more common in the workplace, it is useful to review research about HSAs to better understand their benefits, limitations and trends. Last week, the Employee Benefit Research Institute released two reports pertaining to HSA usage between 2011 and 2016.
Read More
Categories: Benefits in General, Health Care Reform | Tags: Health savings account , HSA , high-deductible health plan , HDHP , EBRI , Employee Benefit Research Institute
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...
Read More
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 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.
Read More
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