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What’s in the News!
IRS Announces 2017 Health Savings Account (HSA) Limits The IRS has announced the limits for 2017 for HSAs. Here are the limits for HSA s for 2017: Single Family High Deductible Health Plan Minimum Annual Deductible $1,300 $2,600 High Deductible Health Plan Maximum Out-of-Pocket $6,550 $13,100 HSA Maximum Contribution $3,400 $6,750 All amounts […]0 comments
Congress Makes Last Minute Updates to Pre-Tax Plans in 2015 December was a busy month for pre-tax plans. Many employers, participants, and administrators made their voices heard in Washington, DC by reaching out to their representatives asking them to vote to make changes to the upcoming Cadillac Tax. The tax was originally scheduled to take […]0 comments
It’s that time of year again – when the IRS announces the eagerly-anticipated limits for flexible savings accounts, medical savings accounts, qualified transportation benefits and a variety of other employee benefits and perks that enjoy favorable tax treatment. Flexible Savings Accounts (FSAs) The limit on voluntary employee salary reductions for FSA contributions is $2,550. That […]0 comments
New Reporting for Health Plans As the implementation of the Patient Protection and Affordable Care Act (PPACA) continues, new reporting requirements will exist in 2016 for employers. The new requirements fall under IRS Code §6055 and IRS Code §6056, as reviewed below. Reporting of Minimum Essential Coverage Provided – IRS Code §6055 Under IRS Code […]0 comments
The IRS has increased the 2016 PCOR fee to $2.17, up $0.09 from the 2015 fee of $2.08. As a reminder, non-excepted group health plans are required to pay the PCOR fee for plan years ending on or after October 1, 2012 and before October 1, 2019. The fee generally applies to Health Reimbursement Arrangements […]