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2020 Qualified Benefit Plan Limits Released
November 6, 2019
The Internal Revenue Service (IRS) has released additional qualified benefit plan contribution limits for 2020, including limits for flexible spending accounts (FSA) and Commuter Benefit accounts.
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IRS Releases 2020 HSA Contribution & Coverage Limits
May 30, 2019
The IRS recently announced new Health Savings Account (HSA) contribution limits for 2020, asd well as High Deductible Health Plan (HDHP) deductible amounts and expense limits.
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What Employers Need To Consider When Offering an HSA
August 24, 2023
More employers than ever are offering their employees a high deductible health plan (HDHP) with an HSA option to help keep costs down. Here are a few things to think about when first getting started.
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IRS Releases HSA Contribution Limits for 2022
May 12, 2021
The IRS has issued Revenue Procedure 2021-25, providing inflation-adjusted Health Savings Account (HSA) contribution amounts for calendar year 2022:
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IRS Confirms Delay of Tax Filing Deadline to Include HSA Contribution Extensions
March 30, 2021
The IRS has issued Notice 2021-21, officially delaying the April 15, 2021 federal income tax filing due date for individuals for the 2020 tax year to May 17, 2021. This delay is a result of the ongoing COVID-19 Emergency Declaration issued in March 2020. The due date is automatically postponed from April 15, 2021 to May 17, 2021; there is no need to file an extension to receive this relief.
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Understanding Substantiation Requests for Benefit Card Transactions
February 17, 2021
Today, savings and spending plan participants can swipe their benefit card and funds are automatically deducted from their benefit account(s) for eligible expenses. The benefit card eliminates most out-of-pocket cash outlays and paperwork, as well as the need for reimbursement checks. Some FSA and HRA debit card transactions, however, may still require substantiation. These substantiation requests can be a real pain point for employers and plan participants, so here are some helpful details to provide clarity.
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COVID Outbreak Period & Benefit Time Frame Extensions May End Soon
February 17, 2021
As we get further into 2021, it is unclear when the COVID-19 national emergency ("Outbreak Period") will end. However, the temporary extension of certain benefits time frames can be no more than one year (ending at the latest on February 28, 2021). Health and benefits professionals and their advisors should be aware of the imminent end to the relief and start planning to rollback processes to regular time frames effective March 1, 2021.
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HSAs & Income Taxes: Preparing for 2021 Filing
February 17, 2021
January 2021 has already flown by, and a new year means preparing to file new tax returns. Owning a Health Savings Account (HSA) has tax implications, so here’s what HSA account holders, employers, and their advisors need to know to be ready for the upcoming tax season.
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IRS Releases 2021 Qualified Benefit Plan Limits
October 27, 2020
The IRS has announced new qualified benefit plan limits for 2021. You can also find these and historical qualified benefit plan limits in this handy reference guide.
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Health Savings Accounts & Medicare
August 31, 2020
As the population ages, a growing number of Americans will soon become eligible for Medicare. Those enrolled in a high-deductible health plan (HDHP) with a Health Savings Account (HSA) will have to choose between electing Medicare or continuing to contribute tax-free dollars to their HSA. Navigating current regulations and being aware of pending legislation is a must.
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COVID-19 Resource Library
June 5, 2020
In response to questions we have received related to the benefit plans we administer, Chard Snyder has compiled these helpful resources to provide guidance for our partners. Answers include the most recent information shared by the U.S. government and its agencies regarding the impact of COVID-19 on these services.
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IRS Releases 2021 Contribution Limits for HSAs
May 21, 2020
The IRS has issued Revenue Procedure 2020-32, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2021:
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Webinar with Q&A: COVID-19 and Its Impact on Health Plans, HSAs, and Cafeteria Plans
April 16, 2020
Watch Chard Snyder's webinar featuring Darcy Hitesman, an Employee Benefits Attorney, to learn about "COVID-19 and Its Impact on Health Plans, HSAs, and Cafeteria Plans."
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Coronavirus Aid, Relief & Economic Security (CARES) Act
March 30, 2020
On Friday, March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act to aid businesses, workers, and the U.S. healthcare system in dealing with the coronavirus pandemic.
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HSA Contribution Deadline Extended to July 15, 2020
March 25, 2020
The IRS updated their Filing & Payment Deadline FAQs, confirming that HSA (as well as IRA and certain retirement plan) contributions otherwise due by April 15, 2020, can be made as late as July 15, 2020.
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IRS Provides Guidance on COVID-19 Testing Coverage, HSAs & Associated HDHPs
March 12, 2020
On Wednesday, March 11, the IRS issued Notice 2020-15 allowing HSA-qualified health plans to cover testing and treatment of the coronavirus.
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Ask Penny: What do I need to know about filing taxes if I have an HSA?
February 27, 2020
There's no "one-size-fits-all" when it comes to preparing taxes, but contributing to a Health Savings Account (HSA) won’t add much complexity to your tax situation. Tracking down the right forms is the best place to start.
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Ask Penny: Can I pay for transportation expenses with my FSA or HSA?
November 25, 2019
You likely have a primary care physician and hospital relatively close by, but there may be times when you need to travel outside your local area to see a specialist for diagnosis and/or treatment. Medically related travel expenses can add up quickly, and your healthcare FSA or HSA can be used for many of them. What's eligible?
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House of Representative Committees Propose Significant Changes Impacting HSAs
November 25, 2019
Earlier this month, the U.S. House of Representatives Republican Study Committee (RSC) released a comprehensive proposal to address perceived weaknesses in Americans’ access to quality, affordable healthcare. The proposal includes changes intended to significantly expand the use of health savings accounts (HSAs).
On October 23, the House Ways and Means Committee passed three bipartisan healthcare bills that expand and improve the usage of health savings accounts (HSA), flexible spending accounts (FSA), and health reimbursement arrangements (HRA). The bills, which reflect employer recommendations for modernizing and enhancing rules, would make several updates to current law.
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Health Savings Accounts: What’s an Eligible Expense?
August 27, 2019
A Health Savings Account (HSA) is a tax-advantaged personal savings account that is used in conjunction with a High Deductible Health Plan (HDHP) to pay for eligible medical expenses as well as deductibles, co-insurance, prescriptions, vision expenses, dental care and over-the-counter health products. An eligible expense is any healthcare expense approved by the IRS for reimbursement through an HSA.
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Ask Penny: How can I recover mistaken HSA contributions?
February 28, 2019
The IRS recently issued Information Letter 2018-0033, which expands the instances in which an employer can recoup HSA contributions it made on behalf of its employees. The letter confirms that where there is clear documentary evidence of an administrative or process error, the employer may request the return of the contributed amounts, with any correction making it as if the error had never occurred.
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IRS Releases New HSA Contribution and Coverage Limits For 2019
May 17, 2018
The IRS has announced the following new Health Savings Account limits for 2019:
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IRS Restores 2018 Maximum Family HSA Contribution Limit to $6,900
May 17, 2018
Today, the IRS released Revenue Procedure 2018-27. The Treasury Department and the IRS have determined that it is in the best interest of sound and efficient tax administration to allow taxpayers to treat the $6,900 annual limitation originally published in Rev. Proc. 2017-37 as the 2018 inflation adjusted limitation on HSA contributions for eligible individuals with family coverage under an HDHP.