It’s true that Health Savings Accounts can pay for medical expenses now, but the most powerful tax advantages and benefits come from saving the balance for later, even into retirement. With the growth in HSA popularity over the last few years, anyone looking for employee benefits has read about or heard of the triple-tax advantage...
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: • …
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…
In March, Congress passed the Coronavirus Aid, Relief, and Economic Secutiry Act. This page contains news, videos and Frequently Asked Questions about the CARES Act. April 6, 2020 – WASHINGTON – The CARES Act includes the Paycheck Protection Program, which guarantees loans to small businesses affected by COVID-19. Ameriflex Senior Counsel, Donna Wilkinson, explains the details in…
Keep your employees safe and financially secure when disaster strikes Under IRS Code Section 139, a Qualified Disaster Relief (QDR) account gives employers the ability to reimburse their employees for disaster-related expenses resulting from COVID-19 on a pre-tax basis. Employers may make payments to cover the increased per-employee costs such as: Personal, family, living or funeral expenses…
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…