Health savings accounts (HSAs) are tax-advantaged medical savings accounts that can be offered to individuals enrolled in a high-deductible health plan (HDHP). HSA funds can be used to pay for medical expenses covered by the HDHP before meeting the deductible or medical expenses not covered under the HDHP. Contribution limits …
Revenue Procedure 2023-39 was released on August 23, 2023, by the IRS, announcing the contribution percentage for 2024. This percentage determines the affordability of an employer’s plan under the Affordable Care Act (ACA). Shared responsibility, or pay or play rules, require applicable large employers (ALEs) to offer affordable health coverage to …
Employers with group health plans could soon receive a medical loss ratio (MLR) rebate from their health insurance carrier by September 30, 2023. Carriers that did not meet the applicable MLR percentage from 2022 must offer a rebate in the form of a premium credit or lump sum payment. Using …
A letter was released on July 20, 2023, from the Departments of Labor, Health, and Human Services and the Treasury (Departments). This letter asks employers who sponsor group health plans to extend their HIPAA special enrollment period beyond the typical 60 days for individuals losing Medicaid or Children’s Health Insurance …
On May 16, 2023, the Internal Revenue Service (IRS) provided the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for the 2024 plan year. The IRS annually adjusts the following amounts and contribution limits to accommodate increases in spending: The maximum HSA contribution limit; The …
President Biden signed a resolution on April 10, 2023, effectively ending the COVID-19 national emergency. The national emergency and public health emergency (PHE) were previously scheduled to end on May 11, 2023, but the bipartisan legislation ended the former earlier than expected, on April 10. Effects of terminating COVID-19 national …
The IRS released the 2024 penalty amounts regarding the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA). For the 2024 calendar year, Penalty A will be $2,970 (an increase of $90 per employee from 2023). Penalty B will be $4,460 (an increase of $140 per …
The Department of Labor (DOL) released a Field Assistance Bulletin (FAB) providing guidance on how eligibility rules are applied under the Family and Medical Leave Act (FMLA) when employees telework or work outside an employer’s facility. FMLA leave is provided by employers who have at least 50 employees. Eligible employees …
The IRS released a final rule on February 23, 2023, expanding the requirement to file certain information returns electronically. This includes the Affordable Care Act’s (ACA) reporting requirements under Sections 6055 and 6056 of the Internal Revenue Code. The Taxpayer First Act of 2019 is affected by the final rule’s …
The Affordable Care Act (ACA) created federal reporting requirements for employers and health plans. These reporting requirements provide the government with information to administer ACA mandates, like the large employer shared responsibility penalty and the individual mandate. The ACA’s individual mandate, updated January 1, 2019, requires individuals to have minimum …
On April 1, 2023, states that maintained continuous Medicaid enrollment during the COVID-19 pandemic could start terminating coverage for ineligible individuals. While some of these individuals will enroll in subsidized coverage through the Exchange, federal regulators expect around 5 million people will seek employer-sponsored health coverage. Therefore, employers can expect …
On December 29, 2022, the Consolidated Appropriations Act, 2023 (CAA) was signed into law. This allows high deductible health plans (HDHPs) to offer benefits for telehealth and other remote services prior to meeting the deductible without jeopardizing health savings account (HSA) eligibility. Plan years between December 31, 2022, and January …
The New York Paid Family Leave Law will consider siblings (i.e., biological, adopted, half, or step-siblings) as covered family members, effective January 1, 2023. This expansion is due to Governor Hochul signing S.2928-A on November 1, 2021. Siblings do not need to reside in New York to qualify. It’s important …
The Internal Revenue Service (IRS) issued Notice 2022-59 to increase the Patient-Centered Outcomes Research Institute (PCORI) fee amount. This fee amount affects plan years ending on or after October 1, 2022, and before October 1, 2023, with the amount increasing to $3.00 multiplied by the average number of lives covered …
During the fall and winter seasons, respiratory infections become more common as people spend more time indoors. Already, there has been an increase of COVID-19, flu, and respiratory syncytial virus (RSV) cases. Knowing the differences and similarities between these three will help you stay healthy and vigilant. Causes It is …
