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For purposes of the cafeteria plan nondiscrimination testing, the employer will use gross annual compensation which includes all taxable wages the employee receives from the employer, adds back any pre‐tax benefits the employee elects, as well as adds any taxable benefits the employee receives.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Cafeteria Plan , Nondiscrimination Testing , HCFSA , DCFSA , Flexible Spending Account , FSA , IRS , Annual compensation , Gross Compensation , W-2
The IRS requires that any organization that offers a cafeteria plan (or in other words, a pre-tax benefit plan) must perform various tests on the plan annually at the end of each plan year to determine if the plan is nondiscriminatory. In other words the plan cannot favor highly compensated employees.
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Categories: Benefits in General, Compliance | Tags: IRS , Nondiscrimination Testing , Key Employees , Highly Compensated Employees , Non-Highly Compensated Employees , FSA , Premium , Cafeteria Plan
The IRS has updated Questions and Answers (Q&As) on the employer shared responsibility provisions of the Affordable Care Act on their website to address the effect of association health plans (AHPs) on applicable large employer (ALE) status if the employer offers health coverage through an AHP.
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Categories: Health Care Reform, Compliance | Tags: AHP , ALE , Association Health Plans , IRS , Q&A , Applicable Large Employer , employer mandate , employer shared responsibility
For purposes of the Health Care Flexible Spending Account (FSA), medical expenses are incurred when the employee (or the employee’s spouse or dependents) is provided with the medical care that gives rise to the medical expenses, and not when the employee is billed, charged for, or pays for the medical care. The only exception to this rule is orthodontia expenses that are reimbursed based upon contract payments for ongoing service. This means we have to pay special attention to dates when expens...
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Categories: Benefits in General, Compliance | Tags: Health FSA , Medical Expense , IRS Code Section 1.125-6 , Substantiation , Incurred Date , FSA , Flexible Spending Account

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

Health Savings Account (HSA) Eligibility Rules

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HSAs continue to grow in popularity. So why doesn’t everyone open an HSA? To be HSA eligible, you must meet certain requirements. 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)?
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Account , FSA , Flexible Spending Accout , HSA eligibility , IRS , Disqualifying coverage , Permitted Coverage , Minimum Deductible , Maximum OOP , 2019 HSA limits , 2018 HSA Limits
Failure to file or failure to file required Form 5500s on time can prove to be costly for an employer as daily penalties are assessed for late or missing filings.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: IRS , Form 5500 , Form 5558 , DFVCP , Delinquent Filers , Penalties

5500 Filing Season Heating Up

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July is a big month for Form 5500 filing. An employer that has health and welfare benefit plans that have 100 or more participants on the 1st day of the plan year will have a filing deadline seven months from the end of the plan year, which is July 31st for calendar year plans.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Form 5500 , Form 5558 , IRS , ERISA

IRS Releases Updated Form 720 for PCOR Fees

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The IRS has released a revision to the IRS Form 720 and Form 720 instructions that can be used for the PCOR fees due by July 31, 2018.
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Categories: Health Care Reform, Compliance | Tags: PCOR Fee , Patient Centered Outcome Research Fee , July 31 , IRS Form 720 , HRA

Form 5500 Filing Tips-Who, When, What, How

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The Form 5500 is an ERISA requirement for all health and welfare plans. All private sector employers, including corporations, s corporations, LLCs, sole proprietorship, partnerships, and non-profits that sponsor insured self-insured plans subject to ERISA have a filing requirement if they are large plans with 100 or more participants in the plan as of the first date of the plan year.
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Categories: Benefits in General, Compliance | Tags: Form 5500 , IRS , EFAST2 , Wrap Plans , Health Care FSA , HRA , Insured Plans , 5500 Preparation , ERISA
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