Update October 31, 2011 — This page has been updated to reflect the fact that the Qualified Transportation Fringe Benefits changes under ARRA which were to expire at the end of 2010, were extended through December 2011 by the Tax Relief and Job Creation Act of 2010. Under the American Recovery and Reinvestment Act (ARRA), [...]
2012 Flexible Spending Account and Health Savings Account Changes To Know About
Health savings accounts and flexible spending accounts are growing in popularity. Many people aren’t aware of the changes that take place in these plans from year to year. It’s important to discuss account details with an agent each year to be fully aware of the current rules or upcoming changes. 2012 Flexible Spending Accounts Information [...]
When can Debit Cards Be Used to Purchase OTC Drugs – IRS Requirements
The Patient Protection and Affordable Care Act (health care reform) limited the ability of health plans to cover over-the-counter (OTC) drugs, permitting reimbursement from flexible spending accounts (FSAs) and health reimbursement accounts (HRAs) beginning January 1, 2011, only when OTC drugs are purchased with a prescription. In a departure from guidance issued last fall, the [...]
IRS Issues New Guidance on PPACA Changes to OTC Medical Expenses for Flexible Spending Accounts
On September 3, 2010, the Internal Revenue Service (IRS) issued Notice 2010-59, a guidance reflecting statutory changes related to the use of health reimbursement arrangements (HRA) and health flexible spending accounts (FSA) for payment of over-the-counter drugs and medications. Related to accident and health plans that are provided by employers, including FSAs and HRAs, The [...]
A Look at Healthcare Reform’s Impact on HSAs and FSAs
If your company currently sponsors a flexible spending account (FSA) or health savings account (HSA) to allow employees to pay out-of-pocket medical expenses with pre-tax dollars, be prepared for upcoming changes. Under the new law, maximum annual FSA contributions are reduced, and there are new regulations affecting how the funds can be used. The intent [...]
IRS Issues New Guidance on PPACA Changes to OTC Medical Expenses
On September 3, 2010, the Internal Revenue Service (IRS) issued Notice 2010-59, a guidance reflecting statutory changes related to the use of health reimbursement arrangements (HRA) and health flexible spending accounts (FSA) for payment of over-the-counter drugs and medications. Related to accident and health plans that are provided by employers, including FSAs and HRAs, The [...]
Breast Pumps as Eligible Items for Flexible Spending Accounts and Health Reimbursement Accounts
In February 2011, the IRS ruled that the cost of breast pumps, and related equipment, will now be considered as tax-deductible medical expenses. This new ruling means that pre-tax funds from flexible spending accounts (FSA) and health reimbursement arrangements (HRA) can be used for the purchase of these supplies. Please note that in order to [...]
IRS Sets 2012 HSA Contribution Limits
New 2012 Health Savings Account Contribution Limits The IRS has set the HSA contribution limits for 2012 is shown below: The IRS has released the 2012 cost-of-living adjustments affecting HSAs. The HSA contribution limits and HDHP out-of-pocket maximums will increase slightly, while the HDHP minimum required deductibles remain unchanged. Here are the details: · HSA Contribution Limits. [...]
Health Reimbursement Arrangements (HRAs) Help Introduce Employees to Health Care Consumerism
HRAs Help Introduce Employees to Health Care Consumerism Discussions of consumer-directed health plans frequently focus on high-deductible health plans coupled with health savings accounts (HSAs). Sometimes overlooked are health reimbursement arrangements (HRAs) or a cafeteria pan, employer-funded accounts that can be a solid first step in transitioning to a consumer-directed approach to health care. In [...]
Using your Flex Debit Card for Presrciptions and Eligible OTC items
USING YOUR FLEX DEBIT CARD FOR PRESCRIPTIONS AND ELIGIBLE OVER-THE-COUNTER ITEMS IS EASY! Use your flex debit card at merchants which can identify FSA/HRA eligible expenses. You can determine if a merchant is participating by referencing the list below. Check the list to find your store before you order prescriptions or shop for eligible over-the-counter [...]
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- When can Debit Cards Be Used to Purchase OTC Drugs – IRS Requirements
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IRS Sets 2012 HSA Contribution Limits
- Health Reimbursement Arrangements (HRAs) Help Introduce Employees to Health Care Consumerism
- Using your Flex Debit Card for Presrciptions and Eligible OTC items