PeopleStrategy

DECEMBER 12, 2023

Let’s get into these areas that deserve another look before the new year starts: health savings accounts, overtime, retirement, remote employment, and the Affordable Care Act. HSA Compliance Health savings accounts (HSAs) have become commonplace in the last several years as a way to offset high deductible health plans.

401(k) 52

401(k) Overtime Health Savings Account Retirement Plan 52

AssuredPartners

MAY 16, 2023

Each year around this time the IRS announces the inflation-adjusted limits for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs), as they are required to do so annually prior to June 1st. The adjusted limits will go into effect as of January 1, 2024. That amount will be set at $2,100 for 2024.

Health Savings Account 52

Health Savings Account Deductions Deductible Management 52

McDermott Will & Emery Employee Benefits

NOVEMBER 10, 2023

On November 9, 2023, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain health and welfare plan benefits, including those for health flexible spending arrangements and commuter benefit plans, among other important updates.

Health and Welfare 83

Health and Welfare Employee Benefits Flexible Spending Flexible Spending Account 83

InterWest Insurance Services

JUNE 8, 2023

The IRS has raised the maximum amount people can funnel into their health savings accounts by 7.8% for 2024, the largest increase ever, brought to you by inflation. The IRS updates this amount annually, along with minimum deductibles as well as the out-of-pocket maximums for high-deductible health plans.

Deductions 52

Deductions Deductible Health Savings Account Medical 52

AssuredPartners

JANUARY 4, 2023

During the final week of December 2022, Congress approved the Consolidated Appropriations Act, 2023 (CAA 2023) which included, among other provisions affecting employers, a temporary telehealth services safe harbor for High Deductible Health Plans (HDHP) first-dollar coverage without violating Health Savings Account (HSA) contribution rules.

Health Savings Account 52

Health Savings Account Deductions Deductible Healthcare 52

InterWest Insurance Services

DECEMBER 7, 2023

The IRS recently announced that the annual contribution limit for flexible spending accounts will rise to $3,200 in 2024, up $150 from this year. Also, employees will be able to carry over up to $640 next year into 2025 if they have funds left over in their account, if their employer allows it (it’s optional).

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Pharmaceutical Health Savings Account 98

InterWest Insurance Services

JANUARY 11, 2024

Despite group health plan inflation increasing again in 2024, a new study has found that employers continue staying the course in not shifting costs to employees who may already be overstretched by inflation and medical bills. Making larger health savings account contributions to lower-paid employees.

Employment 97

Employment Health Savings Account Medical Insurance 97

Empuls

FEBRUARY 26, 2024

  Workplace dynamics are constantly evolving, the year 2024 promises a revolutionary shift in how organizations approach employee experience. Hybrid working models will be on the rise The remote work revolution that gained momentum in the previous years shows no signs of slowing down in 2024.

Employee Benefits 40

Employee Benefits Financial Counseling Healthcare Retirement Plan 40

Proskauer's Employee Benefits & Executive Compensa

JANUARY 31, 2023

provisions make some significant changes for retirement plans , but CAA 2023 also extends the telehealth plan safe harbor for high-deductible health plans (“HDHPs”) that were first introduced in the 2020 CARES Act. cut scheduled for 2024. Mental Health Parity Enforcement. Not only do the CAA 2023’s “SECURE 2.0”

Deductions 98

Deductions Deductible Health Savings Account Retirement Plan 98

InterWest Insurance Services

JULY 13, 2023

Employers who were surveyed for a new report expected that group health insurance premiums would increase 5.4% this year and at a faster clip in 2024 as inflation hits medical costs. It definitely means paying close attention when employees say they need better support for their mental health.” copay plan).

Employment 98

Employment Out of Pocket Cost Health Insurance Health Savings Account 98

CorpStrat

JANUARY 22, 2024

As we settle into 2024, many teams have recently renewed their Employee Benefits plans. It’s worth checking out the specifics, as this can lead to significant savings. Together, let’s ensure that 2024 is a year of health and well-being for you and your employees!

Employee Benefits 52

Employee Benefits 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. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. Retirement plan maximums.

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

Snell & Wilmer Benefits

JANUARY 24, 2023

There have been various laws and guidance impacting HDHPs and telehealth since 2020 and most recently, new legislation extended relief for 2023 and 2024 plan years. For calendar year plans, this extension means that the plan may offer the telehealth relief for the 2023 and 2024 plan years. The 2023 CAA telehealth relief is temporary.

Deductions 52

Deductions Deductible Family and Medical Leave Act Health and Welfare 52

InterWest Insurance Services

JULY 6, 2023

Virtual-only plans legislation Waivers created by the March 2020 CARES Act, an economic rescue package in response to the pandemic, have allowed individuals to choose and buy the use of telehealth services outside of their high-deductible health plan without affecting their health savings account eligibility.

Insurance 95

Insurance Out of Pocket Cost Hospitality Health Savings Account 95

Higginbotham

JUNE 9, 2023

HSA/HDHP Limits Will Increase for 2024 On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. The following chart shows the HSA and HDHP limits for 2024 as compared to 2023.

Deductions 52

Deductions Deductible Health Insurance Taxes 52

Proskauer's Employee Benefits & Executive Compensa

JUNE 27, 2023

Notice 2023-37 confirms that an HDHP can provide pre-deductible coverage of COVID-19 testing and treatment for plan years ending on or before December 31, 2024. Yes, for a limited time. For subsequent plan years, the HDHP may continue to cover COVID-19 testing and treatment subject to the plan’s minimum deductible.

Deductions 52

Deductions Deductible Health Savings Account Medical 52

Higginbotham

JANUARY 12, 2024

Health Savings Account A Health Savings Account (HSA) is a type of employee-owned account that is designed to work with high-deductible health insurance plans. For 2024, the contribution limit for self-only coverage is $4,150 and the contribution limit for family coverage is $8,300.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Snell & Wilmer Benefits

JANUARY 24, 2023

There have been various laws and guidance impacting HDHPs and telehealth since 2020 and most recently, new legislation extended relief for 2023 and 2024 plan years. For calendar year plans, this extension means that the plan may offer the telehealth relief for the 2023 and 2024 plan years. The 2023 CAA telehealth relief is temporary.

Deductions 40

Deductions Deductible Family and Medical Leave Act Health and Welfare 40

Higginbotham

MARCH 17, 2023

ACA Pay or Play Penalties Will Increase for 2024 On March 9, 2023, the IRS released updated penalty amounts for 2024 related to the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA). For calendar year 2024, the adjusted $2,000 penalty amount is $2,970. What are lifestyle spending accounts?

Health Insurance 52

Health Insurance Flexible Spending Account Insurance Benefits Package 52

HR Professionals Magazine

MARCH 6, 2023

A stand-alone group health plan would have to ensure it does not provide zero or low-cost benefits below the IRS minimum deductible to preserve participants in the HDHP’s ability to fund a health savings account (HSA).

Medical 52

Medical IT Health Savings Account Deductions 52

WEX Inc.

MAY 2, 2024

Health reimbursement arrangements (HRAs) and health savings accounts (HSAs) are great tools for you and your employees to save money, and for your employees to prepare for potential medical expenses. For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention.

Health Savings Account 96

Health Savings Account 401(k) Flexible Spending Account Taxes 96

AssuredPartners

JANUARY 11, 2023

The Department of Health and Human Services (HHS) recently announced the proposed 2024 Benefit Parameters, outlining the maximum out-of-pocket (OOP) limits applicable to non-grandfathered plans for plan years beginning in 2024. The 2024 HDHP/HSA limits have yet to be released by the IRS.

Health Savings Account 98

Health Savings Account Deductions Deductible Insurance 98

Hppy

JUNE 7, 2018

Of those over 65, nearly 19 percent were working as of 2017 , and by 2024, that number increases to 36 percent of those between 65 and 69 needing to work. Employers should also revisit plans with changing health care needs of employees. Health Savings Accounts (HSAs) Offer Financial Reprieve.

Retirement Plan 50

Retirement Plan 401(k) Health Savings Account Education 50

PeopleStrategy

FEBRUARY 21, 2024

But there are many areas of compliance that you need to be aware of, especially because many are changing in 2024. New Transparency Requirements While you are likely working with a benefits administrator, a common practice among many employers, there are transparency guidelines in 2024 to be aware of.

Deductions 52

Deductions Deductible Health Savings Account Electronics 52

InterWest Insurance Services

MARCH 7, 2024

If you have staff with health savings accounts, they still have until April 15 to make additional contributions to their accounts if they want to reduce their tax bills for last year. For 2024, the limits are $4,150 for single coverage and $8,300 for family coverage.)

401(k) 98

401(k) Health Savings Account Pharmaceutical Deductions 98

InterWest Insurance Services

AUGUST 22, 2023

For 2024, for a plan to qualify as an HDHP the deductible must be at least $1,400 for an individual and $2,800 for a family. These plans usually have an attached health savings account to which your workers can transfer funds pre-tax from their paychecks to use for paying deductibles, copays and other medical expenses.

Family and Medical Leave Act 98

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 98

InterWest Insurance Services

AUGUST 1, 2023

For 2024, for a plan to qualify as an HDHP the deductible must be at least $1,400 for an individual and $2,800 for a family. These plans usually have an attached health savings account to which your workers can transfer funds pre-tax from their paychecks to use for paying deductibles, copays and other medical expenses.

Family and Medical Leave Act 98

Family and Medical Leave Act Out of Pocket Cost Deductions Deductible 98

AssuredPartners

OCTOBER 18, 2022

For cafeteria plans that allow for the carryover of unused amounts, the maximum carryover amount is now permitted to increase by $40, now capped at $610 (for 2023 rollovers into 2024 plans). Health Savings Accounts and High Deductible Health Plans. This applies to qualified parking and transit benefits alike.

Healthcare 52

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 52

Higginbotham

NOVEMBER 2, 2022

The following commonly offered employee benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs); Health flexible spending accounts (FSAs); 401(k) plans; and. Transportation fringe benefit plans. EEOC Fact Sheet: FAQs on New “Know Your Rights” Poster .

401(k) 52

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

Higginbotham

MARCH 17, 2022

1, 2024: A list of the remainder of all items and services is required for plan years beginning on or after Jan. 29, 2020, the Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued a final rule regarding transparency in coverage. Links and Resources . Machine-readable Files.

Health Insurance 52

Health Insurance Out of Pocket Cost Insurance Health Savings Account 52

WEX Inc.

FEBRUARY 2, 2023

trillion spending bill that President Biden signed into law in December 2022 included an additional two-year extension of these provisions, so Medicare telehealth coverage provisions will remain in place through 2024. trillion spending bill also extended a provision that provided relief to health savings account (HSA) participants.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Taxes 52