On Friday, April 29, the IRS released Rev. Proc. 2022-24, which outlines the 2023 inflation-adjusted amounts for Health Savings Accounts and compatible High Deductible Health Plans. Adjusted amounts include HDHP calendar year minimum deductibles, out-of-pocket maximums, and the annual HSA contribution limits as follows: 2023 2022 Change HDHP Minimum Deductible Individual $1,500 $1,400 +$100 Family [...]
The Internal Revenue Service released its 2022 Health Savings Account Inflation Adjustment Limits. A comparison of the 2022 and 2021 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 H.S.A. limits year over year. 2022 2021 Change HDHP Minimum [...]
Barring congressional action to extend the law as the pandemic worsens around the country, the additional paid leave provided for by the Families First Coronavirus Response Act (FFCRA) expires on December 31, 2020. Background: The Families First Coronavirus Response Act (FFCRA) requires certain employers to provide employees with paid sick leave or expanded family and medical leave [...]
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.
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 [...]
The Families First Coronavirus Response Act (FFCRA) signed into law on March 18th included two temporary expanded paid leave options that are mandatory for employers with fewer than 500 employees. Additionally, there are tax credits available for employers that have paid employees with one of these two emergency leave provisions (outlined below). The chart below [...]
The Department of Labor recently published The Families First Coronavirus Response Act (FFCRA) employee’s notification poster. According to the Department of Labor, each covered employer (i.e., employers with fewer than 500 employees) must post the FFCRA Notice Poster in a conspicuous place on its premises. Covered employers may satisfy this requirement by emailing or direct mailing [...]
The ACA’s PCOR fee had expired with the 2019 plan year, although non-calendar year plans were still required to remit their fees on July 31, 2020. However, as part of the year end budget/spending bill, Congress authorized an extension of the Patient Centered Outcomes Research Institute Fee (PCOR) for another ten years through 2029. The ACA [...]
The Department of Health and Human Services (HHS) and the Department of Labor (DOL) have issued adjusted/updated civil monetary penalties for a myriad of benefits related violations. The Departments are required by law to provide their annual adjustments by January 15th each year. The 2020 penalties will not be assessed until after January 15, 2020 [...]
New Jersey: Health Insurance Mandate In 2018, New Jersey Governor, Phil Murphy, signed into law The New Jersey Health Insurance Market Preservation Act. This law requires all New Jersey residents to have health insurance or pay a penalty. Lawmakers in New Jersey drafted this legislation in response to the decision to eliminate the ACA individual mandate with the [...]
