HR Professionals Magazine

MARCH 2, 2022

If benefits compliance seems like a never-ending game of whack-a-mole, 2022 will not disappoint. While challenges related to the COVID-19 pandemic dominate headlines, a number of new 2022 benefits compliance obligations and updates may fly under the radar. Effective for plan years beginning on or after January 1, 2022.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Deductions Deductible 52

WEX Inc.

AUGUST 10, 2023

You might be surprised to learn that your health savings account (HSA) and medical flexible spending account (FSA) can help you save on purchases of a variety of back-to-school, expenses, including: Thermometers. Are you preparing to send your kids back to school soon? It is not legal, financial, or tax advice.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

Griffin Benefits

NOVEMBER 11, 2021

The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. FSA Employer Contribution Limits for 2022.

401(k) 55

401(k) Retirement Plan Health Savings Account Deductions 55

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 21, 2022

On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. Increase from 2022 to 2023. Increase from 2022 to 2023.

Transportation 52

Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

HR Professionals Magazine

AUGUST 1, 2023

With over 4,000 respondents, the Society for Human Resource Management’s 2023 Employee Benefits Survey found that the number of employers offering family support and leave benefits has significantly increased since 2022. Among health care coverage options, preferred provider organizations remained the most common (82%).

Parental Leave 52

Parental Leave Flexible Spending Account Health Savings Account Flexible Spending 52

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. You’ll want to make note of the changes when discussing your employee benefits during annual open enrollment. In order to have an HSA, an employee must be enrolled in an HDHP.

401(k) 91

401(k) Deductions Deductible Flexible Spending Account 91

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 25, 2022

Earlier last week, the IRS announced the 2023 inflation adjustments for Flexible Spending Accounts and transportation fringe benefits, as discussed here. Qualified Defined Benefit Plans. Increase from 2022 to 2023. Annual Maximum Benefit. Increase from 2022 to 2023. Increase from 2022 to 2023.

Retirement Plan 52

Retirement Plan 401(k) Flexible Spending Account Flexible Spending 52

The Olson Group

DECEMBER 9, 2021

As 2021 comes to an end, here are some year-end tips and compliance guidance to ensure you are ready to kick off 2022 on the right track! Make sure employee’s (past and present) addresses and social security numbers are correct. You will be obligated to provide your employees with certain FMLA notices. Employee Handbooks.

Family and Medical Leave Act 98

Family and Medical Leave Act Flexible Spending Account Flexible Spending Health Insurance 98

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. The catch-up contribution amount remains $1,000.

401(k) 82

401(k) Retirement Plan Health Savings Account Deductions 82

Benefit Resource Inc.

DECEMBER 30, 2022

In the last year alone, we’ve learned a lot about pre-tax benefits and how to maximize their potential. Let’s look back at some of the important things we’ve learned about pre-tax benefits in 2022. An HSA (Health Savings Account) is a great way to save up money tax-free for future medical expenses. learn more.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

The Olson Group

DECEMBER 9, 2021

As 2021 comes to an end, here are some year-end tips and compliance guidance to ensure you are ready to kick off 2022 on the right track! W-2 Prep Make sure employee’s (past and present) addresses and social security numbers are correct. You will be obligated to provide your employees with certain FMLA notices. Happy 2022!

Family and Medical Leave Act 52

Family and Medical Leave Act Flexible Spending Account Flexible Spending Health Insurance 52

CorpStrat

OCTOBER 26, 2022

As an employer, the impact of inflation on their employees’ finances may make Open Enrollment more challenging than usual. Inflation has placed Employee Benefits at the forefront of many employers’ attraction and retention strategies. Many employees may not fully understand what this will mean for them. .

Flexible Spending Account 52

Flexible Spending Account Finance Flexible Spending Salary 52

Higginbotham

JUNE 14, 2022

Flexible Spending Accounts (FSAs) have emerged as one solution. FSA programs can be a good fit for many employee health benefit programs, but before being able to decide, you may have some questions – for example, how do FSAs work? Flexible Spending Account vs. Health Savings Account.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Higginbotham

JULY 12, 2022

Excepted benefit health reimbursement arrangements are designed to cover costs that are not covered under group health plans. According to Investopedia , the maximum benefit in 2022 is $1,800. Employees may enroll in an excepted benefit HRA regardless of if they enroll in the group health plan.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductions 52

McDermott Will & Emery Employee Benefits

NOVEMBER 9, 2022

The post Fun For the Whole Family: More ACA Subsidies Apply appeared first on EMPLOYEE BENEFITS BLOG.

Taxes 80

Taxes Flexible Spending Account Employee Benefits Employment 80

Higginbotham

JANUARY 27, 2023

Employees don’t work for free. They want to be fairly compensated for their work, and that usually involves both wages and employee benefits. Although some small business owners may feel overwhelmed by the prospect of offering health insurance and other benefits, the many advantages can make the effort worthwhile.

Health Insurance 52

Health Insurance Insurance Benefits Package Out of Pocket Cost 52

Stratus.HR

OCTOBER 18, 2022

Overall, some employers report an average of 8 hours managing benefits enrollments , with 37% saying benefits administration involves “moderate to heavy paperwork.” . Administering a Flexible Spending Account (i.e., Cafeteria Plan) . Summary of Open Enrollment Administration Tasks . contact-form-7].

Flexible Spending 52

Flexible Spending Flexible Spending Account Health Savings Account Healthcare 52

Higginbotham

NOVEMBER 28, 2022

The owner of the account can use it to pay for qualified medical expenses. Unlike Flexible Spending Accounts (FSAs), which are owned by employers, individuals own HSAs. In 2022, Healthcare.gov says a high-deductible plan has a deductible of at least $1,400 for individual coverage and $2,800 for family coverage.

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

AssuredPartners

MARCH 31, 2020

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Health and Welfare 52

Health and Welfare Health Savings Account Out of Pocket Cost Flexible Spending Account 52

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 7, 2022

On Friday, February 4, 2022, in response to stakeholder feedback, the Departments released—you guessed it— FAQs Part 52 , which clarifies their prior guidance on the new coverage requirements. Well, buckle up, because the fun continues. Modifications to the $12 Safe Harbor Rule.

Retail 52

Retail Manufacturing Medical Flexible Spending Account 52

Insperity

MARCH 12, 2024

Launching a successful benefits program in your workplace calls for a savvy employee benefits strategy. Here, we’ll cover everything you need to know about employee benefits. Common employee benefits Here’s a list of the employee benefits that should be on your radar.

Family and Medical Leave Act 57

Family and Medical Leave Act Employee Benefits PTO 401(k) 57

AssuredPartners

NOVEMBER 12, 2021

2021-45 the annual inflation adjustments for the 2022 tax year. For 2022, the dollar limit cap is permitted to increase (by $100) from $2,750 to $2,850. Although, it should of course be noted that employers have the right to impose a maximum limit on employee contributions to health FSAs that is lower than what the ACA permits.

Healthcare 73

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 73

Higginbotham

NOVEMBER 2, 2022

Employee Benefit Plan Limits for 2023. Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. As a reminder, the updated $610 FSA carryover limit is for amounts carried over from the 2023 plan year into 2024, not 2022 into 2023. Employer Takeaway.

401(k) 52

401(k) Flexible Spending Account Health Savings Account Flexible Spending 52

WEX Inc.

JULY 20, 2023

HSA or FSA options Similar to the choice in health plans, many participants told us in the survey that they wanted to choose between either a health savings account (HSA) or a flexible spending account (FSA).

Deductions 75

Deductions Deductible Flexible Spending Account Health Savings Account 75

AssuredPartners

OCTOBER 18, 2022

On October 18, 2022, the IRS announced in Rev. 2022-38 the annual inflation adjustments for the 2023 tax year. Therefore, even employees with spouses and dependents are still capped at $3,050 in maximum salary reductions for the year. Commuter Benefits. This applies to qualified parking and transit benefits alike.

Healthcare 52

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 52

Vantage Circle

NOVEMBER 23, 2023

These programs, focusing on engagement and accessibility, provide a powerful incentive for employees, demonstrating that their organization cares about their financial well-being and quality of life. How to Offer : Two companies, Corporate Offers and Vantage Circle , offer competitive and efficient discount programs to their employees.

Family and Medical Leave Act 64

Family and Medical Leave Act 401(k) Retirement Plan roth 401(k) 64

WEX Inc.

FEBRUARY 2, 2023

From an employee benefits and COBRA perspective, this would mean that temporary extensions introduced during the COVID-19 pandemic will also expire. FSAs and HRAs EBSA Disaster Relief Notice 2020-01 also granted a temporary extension to run-out periods for flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs).

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Taxes 52

Benefits Notes

MARCH 31, 2021

Many of the provisions in this sweeping legislation bring changes to the employee benefits world of which employers should take note and which are summarized below. The ARPA contains several new rules which impact COBRA benefits. Health care flexible spending accounts are not subject to the ARPA provisions.

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits Taxes Pension 40