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Latest Post October 19, 2022

2023 FSA and Commuter Contribution Limits Announced

The IRS has announced the 2023 contribution limits for flexible spending accounts (FSA), commuter benefits, and more. Here’s a look at what’s changing. Health FSA: $3,050 (Increased from $2,850). This also applies to limited-purpose FSAs. FSA Carryover: $610 (Increased from $570). Commuter (Parking and Transit): $300 per month (Increased from $280). Dependent Care: The annual limits will remain $5,000 for single taxpayers...

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Category: "COBRA"

On February 18, 2022, President Biden once again formally extended the COVID-19 National Emergency. This means that the following deadlines which were set to expire on March 1, 2022, will now be tolled for one (1) year (or, if earlier, 60 days from the end of the National Emergency).  Participants:  COBRA Qualifying Event and Disability…

The provisions of the federal COBRA law provide a valuable benefit to employees. The COBRA acronym is shorthand for the Consolidated Omnibus Budget Reconciliation Act of 1985. It requires employers of 20 or more employees who provide healthcare benefits to offer the option of continuing this coverage to individuals who would otherwise lose their benefits…

As your COBRA administrator, Ameriflex is committed to helping you navigate the new rules and changes to COBRA under The American Rescue Plan Act of 2021 (ARPA). Here, you will find the latest information regarding the COBRA subsidy, including administrative updates from Ameriflex, FAQs, and next steps. COBRA Premium Subsidy Overview  On March 11, 2021,…

On March 11, 2021, President Joe Biden signed into law the American Rescue Plan Act of 2021 (ARPA). The legislation goes into effect April 1, 2021 and contains provisions for a COBRA subsidy and an increase to the annual dependent care FSA contribution limit for 2021. COBRA Premium Subsidy  The ARPA includes a 100% COBRA…

Ameriflex is often asked how to calculate COBRA premiums for Health Reimbursement Arrangements (HRA). The section that immediately follows details a common method for calculating COBRA premiums for HRAs with little to no previous claims experience, while this alone may be satisfactory to many plan administrators; we strongly suggest reading the entire document for a…

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