Archive by tag: Health Savings AccountReturn
The IRS recently released an information letter addressing the question of whether an employee who establishes and funds an HSA while enrolled in Medicare must pay a fine to the IRS.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , health savings account , IRS , information letter , Internal Revenue Service , Medicare
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
President Trump recently issued an executive order instructing the Department of Labor to review new fiduciary rules that were scheduled to take effect on April 10, 2017. In relevant part, these fiduciary rules would modify the standard of care for institutions and individuals who provide investment advice or recommendations to IRA and HSA holders, provide a private cause of action for a breach of that standard of care and impose excise taxes for violations of certain prohibited transactions.
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Categories: Compliance | Tags: Fiduciary , Executive Order , fiduciary rules , DOL , Department of Labor , HSA , Health Savings Accounts
Last week, Senators Orin Hatch (R-UT) and Marco Rubio (R-FL) introduced the Health Savings Act of 2017, S.403. Companion legislation was introduced in the House of Representatives by Rep. Eric Paulsen (R-3rd MN). The legislation would expand the use of HSAs by broadening eligibility rules, increasing maximum contribution limits and widening the universe of expenses that could be reimbursed from HSAs. The legislation also contains provisions pertaining to the interaction between HSAs, FSAs and...
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Categories: Health Care Reform | Tags: HSA , HRA , FSA , Health Savings Accounts , Health Reimbursement Arrangements , Flexible Spending Accounts , Health Care Reform
The IRS has published new versions of various publications used by taxpayers to assist them in preparing their 2016 income tax returns.
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Categories: Benefits in General, Compliance | Tags: HSA , IRS , Pub 969 , Form 8889 , Health Savings Account

Alphabet Soup of Benefits: HSAs, HRAs and FSAs

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According to Investment News, health savings account (HSA) balances and the number of HSAs jumped this past summer as employers continued to implement high deductible health plans (HDHPs). Health care reform and the lagging economy seem to be impacting interest in HDHPs and consequently, HSAs. In light of such interest, a quick review of HSAs and a comparison to other common benefit offerings – health reimbursement arrangements (HRAs) and flexible spending accounts (FSAs) – is in order.
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Categories: Benefits in General | Tags: Health Savings Account
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