The CARES Act created a temporary safe harbor that allows (but did not require) a HDHP health plan with a health savings account (HSA) to cover telehealth and remote care services prior to the member reaching their plan’s deductible. The CARES Act provision extended the safe harbor for plan years beginning on or before December 31, 2021. Members [...]
The IRS released Notice 2020-23 on April 9, 2020, which postpones until July 15, 2020 the filing of many federal tax returns and the payment of taxes that had been due on or after April 1, 2020 and before July 15, 2020. Any tax return or payment due on or after April 1, 2020, and before [...]
In light of the nation's response to COVID-19 and the resultant economic downturn, employers of all sizes face a dilemma of evaluating employee head counts. Many employers are considering furloughs or temporary layoffs to reduce immediate payroll, hoping the downturn lasts for a period of a few weeks instead of months. Below is a list [...]
Coverage for COVID-19 Testing and Treatment Earlier this month, the administration announced that testing for COVID-19 was deemed an essential health benefit for coverage purposes. However, it is not considered preventive and is therefore subject to any deductible, copay or coinsurance applied to diagnostic testing under your plan. Testing and treatment provided at approved locations in accordance [...]
Here's why investment-focused Health Savings Accounts should be on every young woman’s radar. This article was published on January 14, 2020 on BenefitsPro.com, written by Alison Moore. Photo Source: BenefitsPro.com. A recent article from Bustle titled “How to Save for Retirement in Your 20s” powerfully explained why saving for the future is one of the [...]
Currently, patients with high deductible health plans and health savings accounts have to pay for treatment of chronic illnesses out of pocket until they have reached their required deductible. According to IRS Notice 2019-45, those with chronic conditions such as diabetes, high blood pressure or asthma, will reduce their financial burden prior to reaching their [...]
Employees will be able to save some additional healthcare dollars in 2020 as the IRS will increase the limit on deductible contributions to an HSA by $50 for individuals and $100 for families. The limits will be $3,550 for individuals with self-only coverage and $7,100 for family coverage. The minimum deductible for a qualifying high [...]
The Internal Revenue Service released its 2020 Health Savings Account Inflation Adjustment Limits. A comparison of the 2019 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.
Now that the makeup of the new Congress has been decided, many employers are hoping Washington can work together to address a few of their important concerns. High on many lists, especially those belonging to large employers, would be doing away with the Cadillac Tax on high-cost health plans once and for all. While implementation [...]
This article was published on November 6, 2018 on Employee Benefit News, written by Kathryn Mayer. HSA: A savings account without the saving? By and large, employees who are enrolled in a health savings account are using them as spending accounts rather than as tax-free long-term savings accounts, according to new research from Willis Towers [...]
