COVID-19 relief health plans

Where We Are: COVID-19 Relief and Health Plans

Throughout the coronavirus pandemic, many relief measures have been enacted, from stimulus payments to extended deadlines to COBRA subsidies. Keeping up with these relief measures, how long they apply and what employers need to do to stay compliant can be most challenging. With expiration dates right around the corner, it’s important to know what’s coming … More >>

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2022 FSA Contribution Limit Increased to $2,850

On November 10, 2021, the Internal Revenue Service (IRS) published Rev. Proc. 2021-45, in which it announced annual limits for Flexible Spending Account (FSA) contributions, maximum carryover amounts, Transportation benefit (Transit/Commuter/Parking) contribution limits and Qualified Small Employer Health Reimbursement Arrangement (QSEHRAs) limits. 2022 FSA Contribution Limit The annual maximum 2022 FSA contribution limit will be … More >>

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Is Your HSA Boosting Your Retirement Fund?

As pandemic-related losses have driven business owners to cut costs, High Deductible Health Plans (HDHPs) have enabled them to provide healthcare options to employees while minimizing premium expenses. Due to the higher deductibles and out-of-pocket costs, HDHPs require some adjustment on the part of employees. To help, these health plans are often coupled with Health … More >>

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Double Whammy: Flu Season During a Pandemic

Flu season is miserable even in a normal year. During a pandemic, it can be even scarier, especially if you are in a vulnerable population. It’s more important than ever to have the latest information on the available vaccinations, corresponding costs and how to pay for them. Many health insurance plans cover routine vaccinations such … More >>

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Cafeteria Plans Let Employees Choose Benefit Options

Cafeteria Plans are an employer-sponsored benefit that lets employees pay certain qualified medical expenses – such as health insurance premiums for medical, dental, and vision coverage – on a pre-tax basis.  They are sometimes called Section 125 Cafeteria Plans. “Section 125” refers to the portion of the Internal Revenue Code (IRC) that regulates these pre-tax … More >>

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Mental Health Care and CDH Accounts

With one in five U.S. adults experiencing some form of mental illness in any given year, the need for mental health care impacts many families. Yet, according to the National Alliance of Mental Illness (NAMI), 55 percent of adults and 49 percent of children ages 6-17 with a mental health issue don’t receive care. NAMI estimates that untreated … More >>

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Ready to quit smoking? Your FSA or HSA can help

Although COVID-19 was a top health story in 2020, another disturbing health trend emerged with fewer people quitting smoking. The health dangers of smoking cigarettes have been well-documented since the U.S. surgeon general’s groundbreaking report in 1964. The number of adults who smoke is down to an estmated 14 percent in 2019. And cigarette sales had … More >>

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HSA Growth: Now’s the Time to Invest Your HSA Balance

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

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COVID-19 PPE Now Eligible for FSA, HRA, HSA Plans

The fight against COVID-19 has expanded to the purchase of personal protective equipment (PPE) items. On Friday, March 26, the IRS released Announcement 2021-7, which qualifies PPE purchased for the primary purpose of preventing the spread of COVID-19 as medical expenses under section 213(d) of the Internal Revenue Code. The regulation allows specific items to be … More >>

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