IRS Guidance Issued – Health Flexible Spending Accounts (FSA) Plan Maximum of $2,500 06/01/2012 The IRS has issued additional guidance and clarification regarding the $2,500 plan maximum for health FSA’s effective for plan years after December 31, 2012. Here is a summary of the guidance and what it means for Flexible Spending Account plans: The effective date has been clarified to apply to plan years beginning after December 31, […] Read More >
Proposed Patient-Centered Outcomes Research Institute Fees (PCOR) 05/15/2012 Proposed Patient-Centered Outcomes Research Institute Fees The IRS has proposed that the issuers of fully insured and self-insured health plans be responsible for paying fees to fund the Patient-Centered Outcomes Research Institute. Background information about PCOR The Patient-Centered Outcomes Research Institute (PCOR) was established as a provision of the Affordable Care Act. “The purpose of […] Read More >
Stand Above Other Employers with Unique, Customized Benefits 04/18/2012 Although high unemployment rates may be advantageous to employers, there is one important issue that may hamper their abilities to obtain the best employees. That issue is health care benefits. Look at any company offering benefits, and compare their turnover rates to those of companies with mediocre benefits. The results show a consistent advantage for […] Read More >
What Happens to Workers if They Get Sick or Hurt? 04/10/2012 According to a recent survey, four in ten American workers live paycheck to paycheck. This means that an unexpected illness or injury that takes your employees off the job for more than a few days can have devastating consequences for many of your employees who depend on their wages to survive. Disability insurance – sometimes […] Read More >
2012 Transit and Parking Limits – IRS announcement 01/05/2012 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), […] Read More >
2012 Flexible Spending Account and Health Savings Account Changes To Know About 12/08/2011 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 […] Read More >
When can Debit Cards Be Used to Purchase OTC Drugs – IRS Requirements 12/02/2011 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 […] Read More >
IRS Issues New Guidance on PPACA Changes to OTC Medical Expenses for Flexible Spending Accounts 12/02/2011 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 […] Read More >
A Look at Healthcare Reform's Impact on HSAs and FSAs 12/02/2011 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 […] Read More >
IRS Issues New Guidance on PPACA Changes to OTC Medical Expenses 12/02/2011 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 […] Read More >