IRS Announces 2014 Standard Mileage Rates 06/06/2014 The Internal Revenue Service has issued the 2014 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 January 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: […] Read More >
IRS Announces HSA Contribution Limits for 2015 05/09/2014 The IRS has set the HSA contribution limits for 2015 as shown below: The IRS has released the 2015 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. The 2015 annual HSA contribution limit […] Read More >
IRS Provides Guidance on FSA Rollover and HSA Eligibility 05/08/2014 On March 28, 2014, the IRS provided Chief Council Advice concerning several questions that have been posed based on the Flexible Spending Account (FSA) rollover rule and Health Savings Account (HSA) eligibility. While the advice has been issued directly addressing the questions, it does not constitute changes in the regulations and should not be cited […] Read More >
IRS Announces HSA Contribution Limits for 2015 04/23/2014 The IRS has set the HSA contribution limits for 2015 as shown below: The IRS has released the 2014 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. The 2015 annual HSA contribution limit […] Read More >
HSA-Based Plans Continue Growth, Despite Pullback in Employer Funding 04/22/2014 Despite a reduction in the number of employers willing to contribute their own funds to employees health-savings accounts, HSA-High-Deductible Health Plan combinations are gaining market share in the group health insurance industry. That’s the latest research from the 2013 EBRI/Greenwald & Associates Consumer Engagement in Health Care Survey, recently published by the Employee Benefit Research […] Read More >
Workers are Unprepared for Critical Illness Diagnosis 02/05/2014 Recent research shows that about 90 percent of the country’s middle-income citizens are not prepared financially for critical illness diagnoses. Only 10 percent of Americans say they feel confident that they have adequate savings to pay for the costs of possible critical illnesses. The survey examined approximately 1,000 Americans between the ages of 30 and […] Read More >
Have Your Reviewed Your Plan Administration in the Past Year? 02/01/2014 Another year has come and gone. With annual enrollment safely out of the way for most plans, now may be an excellent time to schedule a comprehensive review of your benefits administration policies and procedures. The regulatory environment is changing fast – particularly in the area of health care plan administration. Indeed, the closing weeks […] Read More >
IRS Announces 2014 Monthly Qualified Transportation Plan Limits 11/11/2013 2014 Qualified Transportation Fringe Benefits Update: On Monday, November 4, 2013, the Internal Revenue Service announced new monthly limits on the value of qualified transportation fringe benefits that an employer can provide its employees without being included in taxable income. For 2014, the monthly limit on the amount that may be excluded from an employee’s […] Read More >
IRS Sets 2014 HSA Contribution Limits 11/11/2013 The IRS has set the HSA contribution limits for 2014 as shown below: The IRS has released the 2014 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. The 2014 annual HSA contribution limit […] Read More >
Rule Change: “Use-It-Or-Lose-It” rule is changed for Flexible Spending Accounts 11/01/2013 IRS Makes Changes To The “Use-It-Or-Lose-It” Rule For FSAs BusinessPlans, Inc. – myCafeteriaPlan® today announced the IRS has amended the “Use-It-Or-Lose-It” rule in Notice 2013-71 to allow for the rollover of a portion of unused Flexible Spending Account (FSA) funds to the new plan year. “This is an amazing time to participate in an FSA”, […] Read More >