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On July 23, H.R.6199 Restoring Access to Medication and Modernizing Health Savings Accounts Act of 2018 and H.R.6311 Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act of 2018 were approved 8-4 in a party line vote by the House Rules Committee. During the proceedings, 2 amendments were offered and both failed. Consequently, the two bills moved on to the House floor. On July 25th under a closed-rule process, the H.R.6199 vote passed with bipartisan support in a 27...
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HR 6311 , HR 6199 , HSA , FSA , HRA , House , Restoring Access to Medication and Modernizing Health Savings Accounts Act of 2018 , Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act of 2018
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