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IRS Releases 2021 HSA Limits and ACA Out-of-Pocket Maximum

2020-06-05T13:34:17+00:00

The Internal Revenue Service released its 2021 Health Savings Account Inflation Adjustment Limits. A comparison of the 2021 and 2020 limits are listed below. The ACA maximum out-of-pocket limits have also been adjusted. The ACA uses a different adjustment calculation than the IRS when setting HSA limits year over year.

IRS Releases 2021 HSA Limits and ACA Out-of-Pocket Maximum2020-06-05T13:34:17+00:00

Family Coverage Exceeds $20,000

2020-06-04T14:52:30+00:00

The Kaiser Family Foundation reports that annual premiums for employer-based, family coverage increased to $20,576 in 2019. This represents a one year increase of about 5 percent and a pattern of similar increases each year throughout the past decade, significantly outpacing the rate of annual inflation over the same period.  

Family Coverage Exceeds $20,0002020-06-04T14:52:30+00:00

Pizza 4 Pals Fundraiser Provides Meals for Those in Need

2020-06-04T14:01:31+00:00

Two local high school students, Aleia Goodison and Vincent Scileppi, are raising money to ensure kids don’t go hungry this summer. They’ve started a fundraising program called Pizza 4 Pals and 100% of the funds raised will provide meals for students in Middletown, CT. Their mission is to feed children during the summer months who [...]

Pizza 4 Pals Fundraiser Provides Meals for Those in Need2020-06-04T14:01:31+00:00

Cafeteria Plan Changes Due to COVID-19

2020-05-27T19:06:17+00:00

On May 12, 2020, in response to the COVID-19 pandemic, the Internal Revenue Service (“IRS”) issued two notices, Notice 2020-29 and Notice 2020-33, providing relief and guidance to employers sponsoring Section 125 cafeteria plans, health flexible spending accounts, dependent care assistance programs, and qualified high deductible health plans.   Notice 2020-29 provides increased flexibility for cafeteria [...]

Cafeteria Plan Changes Due to COVID-192020-05-27T19:06:17+00:00

Financial Wellness Growing

2020-05-21T16:18:02+00:00

MetLife recently released a report showing that an increasing number of employers believe that personal finance has become the main source of stress for their employees. Lack of an emergency fund, student loan repayment and a need for advice top the list of concerns... and this was prior to the Coronavirus crisis. Knowing that no [...]

Financial Wellness Growing2020-05-21T16:18:02+00:00

Supporting Behavioral Health

2020-05-15T14:05:37+00:00

Nearly 1 in 5 U.S. adults live with a mental illness. Since it has become virtually impossible to avoid a condition at work, here are some of the factors involved. First, professionals tell us that multiple cycles can impact health and productivity in different ways. Conditions can trigger at any time and while early symptoms [...]

Supporting Behavioral Health2020-05-15T14:05:37+00:00

Extension of Certain Plan Timeframes Due to COVID-19

2020-05-14T15:40:40+00:00

On May 4th, the Employee Benefits Security Administration (EBSA), a division of the Department of Labor, and the IRS filed a joint notice which extends numerous deadlines applicable to employee benefit plans that are subject to ERISA. Health and Human Services (HHS) concurred with the notice thus extending its parameters to non-federal governmental plans as [...]

Extension of Certain Plan Timeframes Due to COVID-192020-05-14T15:40:40+00:00

What Makes a Health Plan “High Quality”?

2020-05-07T14:22:38+00:00

A recent survey by a data analytics firm found that benefits objectives often vary based on company size. Results showed that while smaller companies were focused on increasing employee productivity, mid-range employers were more concerned with employee satisfaction levels. Very large employers identified employee health and well-being as their main objective. One interesting finding was [...]

What Makes a Health Plan “High Quality”?2020-05-07T14:22:38+00:00

Determining Self-Funded Plan Costs for PPP Loan Forgiveness

2020-05-04T19:08:29+00:00

The CARES Act, which was signed into law on March 27th, 2020, provides for Small Business Loans called the Paycheck Protection Program. These loans, later supplemented by the Paycheck Protection Program and Healthcare Enhancement Act, provide for up to $10M in forgivable loans to small businesses. Paycheck Protection Loans (PPL): In order to apply for [...]

Determining Self-Funded Plan Costs for PPP Loan Forgiveness2020-05-04T19:08:29+00:00

Diversified Group’s Continuing Support During the COVID-19 Pandemic

2020-05-01T21:29:29+00:00

The COVID-19 pandemic continues to impact our daily lives from stay at home orders to social distancing and we’ve all had to adjust to what is becoming known as the new normal. One thing that has not changed, however, is Diversified Group's dedication to patient outreach via case management, pre-certification, disease management, and discharge planning. [...]

Diversified Group’s Continuing Support During the COVID-19 Pandemic2020-05-01T21:29:29+00:00