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Latest Post November 17, 2021

How an FSA Grace Period and Rollover Impact HSA Eligibility

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. ...

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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…

In December 2020, the Consolidated Appropriations Act (CAA) was signed into law. A key requirement of the law going into effect on December 27, 2021 which will require brokers and consultants of ERISA covered group health plans to disclose their compensation if they expect to receive $1,000 or more in either direct or indirect compensation…

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:  Uncertainty…

On May 10, 2021, the IRS released the 2022 limits for health savings accounts (HSA) and high-deductible health plans (HDHP). Below is a comparison of the 2021 and 2022 limits for HSAs and HDHPs. Interested in learning more about Ameriflex’s HSA administration options? Get in touch with our team for more information.

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,…

IRS approved PPE as 213(d) The IRS issued new guidance clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, are qualified medical expenses if used for the primary purpose of preventing the spread of coronavirus. The announcement applies to expenses incurred on or after January 1, 2020. This will permit…

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…

The Challenge A Minnesota-based company experienced a 49% rate increase in their fully insured medical plan in 2019. The plan called for a 28% increase in 2020. Another increase would not only hurt the company, but it would also increase their employees’ monthly costs. The numbers added up quickly: 49% increase in fully-insured medical plan…

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…