What are the benefits of enrolling in a High Deductible Health Plan (HDHP) and Health Savings Account (HSA)? Lower premiums can be one of the most significant benefits of an High-Deductible Health Plan (HDHP). By offsetting the higher deductible, lower premiums can often save participants money in the long run. Another big benefit is the...
A Health Savings Account can be a powerful tool to have in your healthcare and retirement toolbox. With the cost of healthcare rising every year, it is becoming a more popular method for investing and saving for future medical expenses. So, knowing how they function has also become a topic of interest for participants and…
What is ACA Compliance? The Affordable Care Act requires organizations to offer affordable insurance with minimum essential coverage and file the corresponding forms by the designated deadlines. 2023 ACA Compliance Changes & Penalties What is the compliance threshold? The ACA mandates that large employers, those with over 50 full-time equivalent employees, offer affordable minimum value…
Why businesses are beginning to see the need. Organizations are facing more pressure than ever to strengthen their employee benefits packages to stay competitive in the marketplace, find top talent, and retain their best employees. But there’s more to consider than just offering a variety of benefits. When organizations fail to factor in compliance, the…
The beginning of the plan year is the best time to map your benefits compliance strategy. As Dale Carnegie said, “An hour of planning can save you 10 hours of doing.” This tip is definitely true for employee benefits compliance, and businesses are learning that it’s an unavoidable and essential aspect of maintaining a…
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…
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….
The IRS announced the new medical mileage rate for taxpayers who deduct the cost of operating a vehicle for business, charitable, medical, or moving expense purposes when filing their taxes. Effective July 1, 2022, the new rate for medical and moving is $.22 per mile, which is an increase from the previous rate of $.18. …
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…
This week, the IRS released IRS Rev. Proc. 2022-24, which includes the 2023 limits for health savings accounts (HSA) and high-deductible health plans (HDHP). Below is a comparison of the 2022 and 2023 limits for HSAs and HDHPs. The catch-up contribution limit for HSAs remains at $1,000 for the 2023 plan year. Interested in learning more about…