Strategies for Selecting the Right Third-Party Administrator Finding the right TPA and exercising due diligence can pay dividends by minimizing legal risks and ensuring smooth and cost-effective plan operation. Why Organizations Use TPAs? Unlike insurance providers that sell coverage, TPAs provide administrative and operational services most often for employers with self-insured health plans. Some examples… Continue reading Finding The Right Third-Party Administrator (TPA)
Tag: fsa
Attracting and Retaining Employees During the Great Reshuffle
The Great Reshuffle The labor market is a bit unpredictable at the moment. Economists previously warned of a “Great Resignation,” a time when employees were expected to quit in record numbers and leave considerable vacancies in the workforce. This actually happened somewhat—according to the Bureau of Labor Statistics (BLS), there were a record number of… Continue reading Attracting and Retaining Employees During the Great Reshuffle
IRS Announced 2023 Health Savings Account (HSA) Contribution Limits
HSA Limits for 2023 On April 29, 2022 the IRS announced 2023 Health Savings Account contribution limits and the 2023 Excepted Benefit HRA benefit maximum within their release of Revenue Procedure 2022-24. Changes are as follows: For updated contribution amounts, visit our benefit plan limits page on our website. It’s Your Money. Why Not Keep More… Continue reading IRS Announced 2023 Health Savings Account (HSA) Contribution Limits
IRS Announces the 2022 Tax-Exclusion Limits for FSA’s, Commuter Benefits and QSEHRA’s
The IRS just released the 2022 contribution limits for FSAs, Commuter Benefits, QSEHRAs, and more. They also increased the FSA Rollover limit for 2022. The new limits are as follows: Health FSA Max election has increased from $2,750 to $2,850 Dependent Care Elections have remained at $5,000 The FSA Rollover Allowance has increased from $550… Continue reading IRS Announces the 2022 Tax-Exclusion Limits for FSA’s, Commuter Benefits and QSEHRA’s
Amounts Paid for Certain Personal Protective Equipment Treated as Medical Expenses Announcement
Announcement 2021-7 notifies taxpayers that amounts paid for personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of the Coronavirus Disease 2019 (COVID-19 PPE) are treated as amounts paid for medical care under § 213(d) of the Internal Revenue Code. Therefore, amounts paid by an… Continue reading Amounts Paid for Certain Personal Protective Equipment Treated as Medical Expenses Announcement
IRS Releases 2021 Contribution Limits for FSA and Commuter Accounts
The IRS has released Revenue Procedure 2020-45 announcing contribution limits for 2021. There are no changes to flexible spending account (FSA) and commuter benefits contribution limits for 2021. Medical FSA Contribution amounts will remain $2,750 and Dependent Care (married filing jointly) will remain at $5,000. Commuter monthly contribution amount for both parking and transit will… Continue reading IRS Releases 2021 Contribution Limits for FSA and Commuter Accounts
Changes to FSA and HSA Eligible Items
The $2 trillion+ Coronavirus Aid, Relief and Economic Securities Act was signed into law on March 27, 2020. This bill included significant steps forward in helping consumers protect the health and well-being of their families by reducing unnecessary trips to the doctor during this time of increased demand and creating even more value for the… Continue reading Changes to FSA and HSA Eligible Items
CARES Act and Reimbursement Accounts
The Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27, 2020. It is a massive bill of over 880 pages intended to help Americans during the COVID-19 (coronavirus) pandemic. It includes a number of provisions that affect your employee benefits plans. We’ve outlined a few of the highlights below. Participants… Continue reading CARES Act and Reimbursement Accounts