The IRS released guidance on Wednesday, March 11, 2020 clarifying that testing and treatment of 2019 Novel Coronavirus (COVID-19) is preventive care and may be covered, pre-deductible, by a High Deductible Health Plan (HDHP). Learn more in this post.
Assembly Bill 1554: New California Law Requires Employers to Notify FSA Participants of Withdrawal Deadlines
California recently passed Assembly Bill No. 1554, requiring employers to notify employees who participate in health care, dependent care, and adoption assistance FSAs of any deadline to withdraw funds before the end of the plan year. Here's what we currently know about this legislation.
On July 18, 2019, Reps. Ami Bera (D-CA) and Jason Smith (R-MO) introduced H.R. 3796, the Health Savings for Seniors Act—a bipartisan bill that would allow individuals enrolled in Medicare to maintain eligibility for health savings account (HSA) contributions. Get the details here.
On Wednesday, July 17, the IRS released a notice that names additional medicines and services that can be treated as preventive care under HSA-compatible high deductible health plans (HDHPs) for those with chronic conditions.
President Trump last week issued an Executive Order, titled “Improving Price and Quality Transparency in American Healthcare to Put Patients First” to take actions to improve HSAs, FSAs, and HRAs.
Beginning on January 1, 2020, employers will be able to take advantage of two new health reimbursement account (HRA) designs: The Individual Coverage HRA and the Excepted Benefit HRA. Read on for more details about each plan.
"Health Savings Accounts are an important tool for families to set aside money that’s tax-free to pay for needed health care expenses. This helps reduce the burden of high health care costs and enables families to plan ahead for events like the birth of a child." - Chairman Kevin Brady
Consumer Directed Health (CDH) programs demanded attention across Congress this week as experts testified on the ways that HSAs and other CDH accounts can make healthcare for Americans more accessible and affordable.
The IRS issued transition relief on April 26, 2018 allowing taxpayers to treat the 2018 Health Savings Account (HSA) contribution limit for an individual with family coverage under a High Deductible Health Plan (HDHP) as $6,900.
The IRS has announced that the previously released maximum family contribution limit to a HSA is reduced from $6,900 to $6,850 in 2018. This change applies immediately and any family contribution to an HSA in 2018 over $6850 could be subject to taxes and penalties.