The IRS has announced the new health savings account limits for 2022. Next year, individuals can set aside $3,650 in tax-free funds to save for the future or pay for qualified medical expenses (up $50 from last year). Learn more about the updates in this post.
On March 26 the Internal Revenue Service (IRS) released IRS Announcement 2021-7, which states that personal protective equipment such as masks, hand sanitizer, and sanitizing wipes that are purchased “for the primary purpose of preventing the spread of COVID-19” (COVID-19 PPE) are qualified medical expenses under Section 213(d) of the Code.
On March 11, the American Rescue Plan Act (ARPA) of 2021 was signed into law. As a result, temporary provisions have been announced that apply to COBRA, as well as Dependent Care Assistance Programs (DCAPs)—also known as Dependent Care Flexible Spending Accounts (FSAs). Read on for a brief summary of these provisions.
Uncertainty surrounding the ongoing impact of the pandemic is making it tough for anyone to move ahead with confidence, and employers and brokers may still be wondering how to prepare for the rest of 2021. We want to help you prepare for what lies ahead. In this article, we share industry reports that cover anticipated spending and benefits trends for 2021, and provide guidance for employers and brokers that may feel like a ship navigating choppy waters.
On Sunday, December 27, 2020, the White House signed into law the Consolidated Appropriations Act of 2021, a massive bill to fund the government that includes several provisions related to Cafeteria Plans, specifically flexible spending accounts (FSAs).
The COVID-19 pandemic prompted many legislative changes that affected consumer-directed benefits and tax filings, keeping HR administrators and brokers on their toes. Whether employer, broker, or account holder, we’ve recapped nine key benefits legislation updates in 2020 that you should know, plus a checklist to keep handy as we near the end of the year—just in case you lost track or need a refresher.
On October 26, 2020, the IRS made the official announcement on 2021 contribution limits for health care flexible spending accounts (FSAs), commuter benefits, and adoption assistance. FSA and commuter benefit contribution limits remain unchanged from 2020, while adoption assistance is increasing.
It’s that time of year again: You are focused on open enrollment and building the best possible benefit programs. You may even be putting certain compliance solutions in place to help protect your benefits and comply with federal laws. But when was the last time you updated your Section 125 Premium Only Plan document (POP document)?
With the help of our COBRA experts, we created a brief-but-detailed guide to COBRA administration in our latest eBook, COBRA Administration For Dummies®, ConnectYourCare Special Edition. Learn about our recent release in this blog post.
Did you miss our recent webinar, The New Demands of COBRA? Our blog recap has you covered. See common COBRA administration mistakes, recent legislation, how to handle furloughed employees, and more, in this post.