COBRA Time Frames due to COVID-19 extensions

Reelin’ in the Year: DOL Clarifies COBRA Time Frames Related to COVID-19

On Friday, February 26, the Department of Labor (DOL) published Disaster Relief Notice 2021-01, a follow up to the Joint Notice published May 4, 2020. The May notice required that health and retirement plans disregard a number of deadlines for individuals during the COVID-19 National Emergency, plus a 60-day period (the “Outbreak Period”) starting March … More >>

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COVID-19 Outbreak Period for ERISA Plans Expires February 28

Third party benefits administrators need to be aware of the upcoming end to the COVID-19 outbreak period for group health plans. This deadline, which ends February 28, 2021, could cause unfamiliar administrative burdens on TPAs. In May 2020, following the passage of the CARES Act, the IRS and DOL issued a joint notice on COVID-19 … More >>

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HRA vs HSA - Similarities, Differences

HRA vs HSA – Examining the Similarities and Differences

Do you know the difference between a HRA vs HSA? The key difference between the two is that an HRA is employer-owned whereas an HSA is employee-owned. With an HSA, the employee keeps the account and can transfer it when he or she changes jobs. Account holders may also invest their HSA funds.

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Health FSA and DCAP Carryover Rules Approved for 2021

On Monday, December 21, Congress passed a new $900 billion COVID stimulus bill (known as the Consolidated Appropriations Act, 2021). The legislation is aimed at helping Americans cope with challenges from the pandemic. Along with stimulus payments and other financial provisions, the bill also includes modified carryover and dependent rules for Dependent Care Assistance Plan … More >>

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HSA withdrawal penalty

Understanding the HSA Withdrawal Penalty and Other Useful Information

Health Savings Accounts (HSAs) are a wonderful tool for saving money on healthcare expenses. When you enroll in a qualified high deductible health plan and sign up for an HSA, you contribute pre-tax money into an account then withdraw those funds for qualified healthcare expenses. When used for qualified expenses, withdrawals are tax-free. However, many HSA owners wonder if the money can be used for non-qualified expenses. If so, is there an HSA withdrawal penalty?

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Dependent Care FSA and Carryover – Is Relief Coming?

Dependent Care FSA and Carryover – Concerns from COVID-19 Since March 2020, the United States has been reeling from the COVID-19 outbreak. Everyone across the nation has been impacted one way or another. From economic uncertainty to school and public safety concerns, adults and children alike have had to learn to deal with a new … More >>

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How Does Medicare Enrollment Impact My HSA Eligibility?

For people enrolled in a high-deductible health plan (HDHP) and have (or are considering) an HSA, some commonly asked questions include “Does Medicare Enrollment Impact My HSA Eligibility?” Here are the answers to this question and others.

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2021 FSA Contribution Limits to Stay at $2,750

The Internal Revenue Service (IRS) published Rev. Proc. 2020-45, announcing annual limits for Flexible Spending Account (FSA) contributions, maximum carryover amounts, and Transportation benefit (Transit/Commuter/Parking) contribution limits. FSA, LPFSA, and related limits for 2021 will remain the same as they are for 2020. Learn more about 2021 FSA contribution limits and other updates below. 2021 … More >>

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HSA Strategy: The Time is Right to Invest Your HSA Balance

Opening a Health Savings Account (HSA) can be a great investment in one’s personal healthcare and financial future. Owned by the participant (rather than the employer), an HSA is a versatile healthcare spending and savings account that can be used for many expenses. Since they can keep the account for life, HSA owners need to … More >>

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What is an ICHRA

What is an ICHRA? 5 Questions Employees Have About ICHRAs

Most healthcare consumers know about Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs). These popular healthcare benefit accounts allow individuals and families to cover out-of-pocket healthcare costs by setting aside money before taxes are taken out. There are rules about account eligibility, contribution limits, and more. Plus, the funds must be spent on IRS-approved … More >>

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