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Latest Post August 11, 2022

WRAP Document 101

What is an SPD and WRAP Document? A Summary Plan Description (SPD) contains specific information, required under federal law, describing the terms of the group health plan in a manner that is easily understood by the participants. The descriptions in an SPD include the plan name, employee eligibility requirements, employee rights and responsibilities, and more....

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Category: "FSA"

On June 24, the U.S. Supreme Court upheld Mississippi’s restrictions on abortion in Dobbs v. Jackson Women’s Health Organization (“Dobbs”). The decision overturns the Roe v. Wade (1973) and Planned Parenthood v. Casey (1992) decisions that pre-empted state restrictions on abortion. In light of the Dobbs ruling, some employers have announced plans to revise their…

Philadelphia will soon be the next major U.S. city to adopt a commuter benefits mandate for eligible employers. On June 9, 2022, the Philadelphia City Council passed an ordinance that will require certain employers to offer a pre-tax commuter benefits program to their employees. The Philadelphia mayor is expected to sign the bill soon.  Key…

When it comes to tax-advantaged spending accounts, the eligibility rules can be a source of confusion for employees. If an employer offers an HSA-qualified high-deductible health plan (HDHP), employees should review their health coverage to understand how it impacts their HSA eligibility.  Here’s a common question that comes up during open enrollment about HSA eligibility. …

With the end of the year quickly approaching, we want to provide an update regarding pandemic-related relief provisions for flexible spending accounts (FSA) and dependent care accounts (DCA).  Several pieces of legislation were signed into law over the past 18 months to help American families manage healthcare costs during the pandemic. This temporarily included:  Raising…

The IRS has announced the 2022 contribution limits for flexible spending accounts (FSA), commuter benefits, and more. Here’s a look at what’s changing.  Health FSA: $2,850 (Increased from $2,750). This also applies to limited purpose FSAs. FSA Carryover: $570 (Increased from $550). Important Note: Under the Consolidated Appropriations Act (CAA), employers can allow participants to…

A flexible spending account (FSA) is a great way for your employees to save money on health expenses. As an employer, you also save money on FICA taxes for each employee who contributes to an FSA. Despite the savings and peace of mind FSAs can provide, some employees are hesitant to enroll because of: • …

If you have a Flexible Spending Account (FSA) or a Health Reimbursement Account (HRA), it’s likely you’ve received an email requesting a receipt for a purchase you made – even for an expense that was perfectly eligible. You may be asking yourself, “Why was my card approved but now you want me to prove my…

You’ve seen this movie a thousand times. There’s only a handful of weeks left in the plan year, and unless your employer offers an FSA rollover, you’re rushing to use any money you still have in your Flexible Spending Account (FSA) or it will be forfeited. If you’re like the 44% of people surveyed who…

If you are in the business of selling, providing, or administering tax-advantaged health plans, you likely already understand the benefits of a flexible spending account (FSA). But for the millions of people who don’t, the benefits can seem rather unsubstantial. That’s why it is your job to articulate these benefits in a way that people…

There are three common types of savings account plans employees choose from, depending on what’s offered under their employer’s benefit plan. They are: Flexible Spending Account (FSA) Health Savings Account (HSA) Health Reimbursement Account (HRA) Although they each have their own unique benefits, they are all alike in that they are tax-advantaged. In plain English,…