IRS Introduces New Reporting Requirements W-2s for 2013 04/03/2013 Internal Revenue Service is introducing a new series of reporting requirements beginning with the 2013 batch of W-2 forms. Pursuant to the Patient Protection and Affordable Care Act of 2010 (PPACA), employers must include the following information in Box 12 on their W-2 forms to the employee and to the IRS: Major medical plan coverage […] Read More >
Durbin Amendment and your myCafeteriaPlan Flex Card | PIN Access FAQs 03/26/2013 The Durbin Amendment (Section 1075) of the Dodd-Frank Wall-Street Reform and Consumer Protection Act and Its Effects on the myCafeteriaPlan Card. [hr] Effective April 1, 2013 a new regulation goes into effect as part of the Dodd-Frank Wall-Street Reform and Consumer Protection Act that requires consumers to be provided with the ability to pay using […] Read More >
Patient-Centered Outcomes Research Institute Fees (PCOR) Update 03/08/2013 2013 Update – Patient-Centered Outcomes Research Institute Fees (PCOR) General Information about PCOR The IRS has finalized the regulations regarding the Patient-Centered Outcomes Research Institute Fees, or PCOR fees. The final regulations became effective December 6, 2012. Section 4375 of the regulations addresses fees for specified health insurance policies. Section 4376 of the regulations addresses […] Read More >
Flex Debit Card – Stackable Options for FSAs, HSAs and More! 01/21/2013 With the ever increasing combinations that can be made between health benefit options, employers can help employees get the biggest bang for their buck by offering several pre-tax options at once. To help keep things straight for them, employers should make an effort to partner with an administrator that can offer a flex debit card […] Read More >
Top 10 Flexible Spending Account Questions 01/18/2013 What is my balance? For your convenience, myCafeteriaPlan provides a “statement of accounts” with each reimbursement check to let you know the balance of your remaining funds. If you need to check your balance between statements, your available balance can be found one of two ways. You can log in to www.myCafeteriaPlan.com with your username […] Read More >
Transit and Parking Benefit Parity Gets Reinstated – 2013 Limits Updated 01/08/2013 The recently passed legislation averting the so-called ‘fiscal-cliff’ American Taxpayer Relief Act of 2012 (HR 8) included a provision that will re-establish parity between the parking and transit benefits at $240/month. The provision is effective immediately and is set to expire at the end of 2013. We have made changes to our system to increase […] Read More >
HIPAA Compliance Best Practices 01/08/2013 What is HIPAA? HIPAA’s been the law of the land since the mid 1990s. But too many companies are still struggling with compliance – particularly in the area of protecting personally identifiable information (PII) from public release. The penalties for failing to safeguard PII are severe – and would be personally devastating to most individuals […] Read More >
Employers Increasingly Embracing High-Deductible Health Plans 01/08/2013 More and more employers are offering high-deductible health plans, or HDHPs. These are specially-designed major-medical health insurance plans that come with a relatively high deductible. To compensate for the high deductible, plan participants can contribute pre-tax dollars to a health savings account, or HSA. Money in HSAs compounds tax-deferred, and funds spent for qualified health […] Read More >
IRS Announces 2013 Standard Mileage Rates 11/29/2012 The Internal Revenue Service has issued the 2013 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: Purpose […] Read More >
Important Notice of HSA Investment Account Changes 11/25/2012 To: HSA Consumer From: myCafeteriaPlan as HSA Administrator and HealthcareBank, a division of Bell State Bank & Trust as HSA Custodian This is to inform you of upcoming changes to the mutual funds currently offered in your HSA Investment Account. To better serve you, we are adding low cost, passively managed index funds, while at […] Read More >