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Final HRA Regulations Released

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On June 13, 2019, the U.S. Departments of Health and Human Services, Labor and the Treasury issued a final rule allowing employers of all sizes to offer two new kinds of health reimbursement arrangements (HRAs). The two new HRAs made available include (1) individual-coverage HRAs (ICHRA) and (2) excepted-benefit HRAs. These new HRAs must meet certain conditions and may be offered to employees on or after January 1, 2020. The departments also posted FAQs on the new rule that include a Q & A as we...
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: HRA , ICHRA , Excepted-benefit HRA , Individual-coverage HRA , HRA Final Regs , HRA Final Regulations , 1/1/2020

IRS Announces HSA Limits for 2020

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The IRS released Revenue Procedure 2019-25 that provides the Health Savings Accounts (HSA) limits for 2020.
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Account , 2020 Limits , 2020 HSA Limits , Rev Proc 2019-25

IRS Releases Updated Form 720 for PCOR Fees

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The IRS has released a revision to IRS Form 720 and Form 720 Instructions, which is to be used for the PCOR fees due July 31, 2019.
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Categories: Health Care Reform, Compliance | Tags: PCOR , PCOR fee , Patient-Centered Outcome Research Fee , July 31 , IRS Form 720 , HRA

Debit Cards: To Swipe or Not To Swipe

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The IRS has specific rules about when and how debit cards can be used for FSAs, HRAs and HSAs, which can cause confusion for card holders. We will answer some frequently asked questions on where cards can be used, on what purchase can be made, and more.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: Medical , Debit Cards , FSA , HSA , HRA , Medical Expenses , OTC Drugs
As the April 15th 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), or health savings accounts (HSA) should keep a few things in mind.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | 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
If an individual has HSA qualifying coverage on December 1 of any year, they may take advantage of the Full Contribution rule. This Rule allows the individual to contribute based on the coverage plan type in effect on December 1 (single or family).
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , Health Savings Account , Full Contribution Rule , Maximum HSA contribution
The IRS has published new versions of various forms and instructions used by taxpayers to assist them in preparing their 2018 income tax returns.
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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 4 , Form 1040 , IRS , 2018 tax filing , penalty
When it come to ERISA compliance, many employers have misconceptions surrounding when they must have plan documents and SPDs for benefits they sponsor, who is responsible for creating documents and SPDs and what information must be provided to employees and when.
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Categories: Benefits in General, Compliance | Tags: ERISA , Wrap Plans , ERISA Compliance , SPD , Plan Document , DOL

DOL Releases Inflation Adjusted Penalties for 2019

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The Department of Labor (DOL) recently published the Final Rule regarding the DOL Penalties Inflation Adjustment Act Annual Adjustments for 2019 setting forth the inflation-adjusted civil monetary penalties for violations pertaining to health and welfare benefit plans and pension and retirement plans.
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Categories: Benefits in General, Compliance | Tags: DOL , Penalty , 2019 , Inflation adjusted
The IRS has released IRS Publication 503 and Form 2441 (Child and Dependent Care Expenses) and the accompanying Form 2441 Instructions for the 2018 tax year.
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Categories: Benefits in General, Compliance | Tags: Publication 503 , IRS Pub 503 , 2018 tax filing , Child and Dependent Care , Form 2441 , Form 2441 Instructions