Archive by tag: HSAReturn
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As the April 18th 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.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: HCFSA , HSA , DCFSA , 1099-SA , Form 2441 , Form 8889 , Income Tax , IRS , April 15th , W-2 , Employer-sponsored Health , Health Insurance , ACA
Employee Benefits Corporation sent three members of our Compliance team to the Employer Council on Flexible Compensation (ECFC) Annual Conference in Washington, D.C. March 8-10, 2017.
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Categories: Health Care Reform, Compliance, Health Care in General | Tags: AHCA , ACA , House , Senate , FSA , HSA , HRA , Consumer directed accounts , GOP
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
That depends. The answer will be different if the employee has a cafeteria plan with runout, grace period or rollover.
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Categories: Benefits in General, Compliance | Tags: HSA , Health FSA , Grace Period , Rollover , Runout

When is an Activity Tracker Medical Care?

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The Issue: How do you determine when or if an Activity Tracker (i.e. Fitbit) is eligible for pre-tax reimbursement under a flexible spending account (FSA), health reimbursement arrangement (HRA) or Health Savings Account (HSA)? Activity Trackers (i.e. Fitbit, etc.) are gaining popularity to help individuals maintain overall general health, as well participate in workplace wellness programs that reward healthy behavior for activity.
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Categories: Compliance, Health Care in General | Tags: Wellness , IRS , Medical Care , FSA , HRA , HSA
The Department of Labor (“DOL”) recently issued final regulations (“Final Rule”) expanding the categories of persons who may now be considered plan “fiduciaries,” by broadening the definition of what constitutes giving “investment advice” to plans, participants and beneficiaries with respect to plans that are subject to the Employee Retirement Income Security Act of 1974 (“ERISA”) and Section 4975 of the Internal Revenue Code (“Code”). Importantly, the Final Rule also pulls within i...
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Categories: Uncategorized, Compliance | Tags: DOL , HSA

Medicare Entitlement Affects HSA Eligibility

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Medicare entitlement (covered by Medicare) affects an individual’s eligibility to make or receive health savings account (HSA) contributions. Understanding the difference between being eligible for Medicare and being entitled to Medicare is critical to understanding when the individual can no longer make or receive HSA contributions.
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Categories: Compliance | Tags: HSA , Medicare
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