DALLAS–Ameriflex, a leading provider of consumer-directed health care (CDH) solutions, is excited to announce a new partnership with Aflac, the leading provider of supplemental health insurance in the U.S. 1 Under this partnership, Ameriflex will serve as Aflac’s administrative partner for CDH services in the public sector market. “Ameriflex’s expertise and strong service capabilities will...
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…
Why employers are realizing the need to follow compliance guidelines: 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…
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…
On March 15, 2022, President Biden signed into law the Consolidated Appropriations Act of 2022 (the “Act”), which restores the ability for high deductible health plans to pay for telehealth services before a covered individual satisfies the plans annual deductible. This means an individual can receive telehealth services without regard to the annual deductible and…
On February 18, 2022, President Biden once again formally extended the COVID-19 National Emergency. This means that the following deadlines which were set to expire on March 1, 2022, will now be tolled for one (1) year (or, if earlier, 60 days from the end of the National Emergency). Participants: COBRA Qualifying Event and Disability…