Following the success of our webinar, Telescope Health and the CAA, which delved into the implications of the Consolidated Appropriations Act (CAA) for employers, it became evident that attendees departed with a host of questions. In response, this article is dedicated to addressing those inquiries, to help foster a deeper understanding of the intersections of...
What is the Transportation Benefits Program Act? The State of Illinois recently passed the “Transportation Benefits Program Act” that will go into effect January 1, 2024, and require employers with 50 or more employees located in specific areas to offer a pre-tax commuter benefit to “covered employees.” Employees who take advantage of the benefit can…
President Biden has announced that both the COVID-19 Public Health Emergency and the related National Emergency, ongoing since March 2020, came to an end on May 11, 2023. As a result, the corresponding Outbreak Period will end 60 days later on July 11, 2023. Impact on our COBRA and Consumer-Driven Healthplan (CDH) clients COBRA: During…
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…
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), you may have received an email requesting a receipt for a purchase you made – even for an expense that was perfectly eligible. You might be wondering why your card was initially approved and then after your purchase you’re asked to…