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House Passes Legislation to Repeal Cadillac Tax
August 27, 2019
In July 2019, the U.S. House of Representatives overwhelmingly passed the Middle Class Health Benefits Tax Repeal Act of 2019 (H.R. 748), which eliminates the so-called “Cadillac tax” element of the Patient Protection and Affordable Care Act, often referred to as the Affordable Care Act or ACA. The recent 419-6 vote in the House is an indication of broad bipartisan support to repeal the Cadillac tax.
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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: Can I have two FSAs in one household?
August 27, 2019
It's not uncommon for there to be multiple FSA accounts in a single household if the adults in the home each have one through their employer. Since an FSA lets you apply tax-free dollars towards eligible medical expenses, it makes sense financially for everyone in the family to take advantage of the benefit. But understanding how to manage FSA accounts with different employers can be confusing.
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Amazon Accepting FSA/HSA Debit Cards for Eligible Healthcare Purchases
May 30, 2019
Amazon has announced that their customers can now pay for eligible out-of-pocket medical expenses with a flexible spending account (FSA) or health savings account (HSA) debit card. Customers can use their FSA or HSA card to purchase a wide range of eligible over-the-counter items, eliminating the need to pay out-of-pocket or submit receipts for reimbursement.
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PCORI Fees Due July 31, 2019
May 30, 2019
The next annual fee that sponsors of self-insured health plans must pay to fund the federal Patient-Centered Outcomes Research Institute (PCORI) is due July 31, 2019, using IRS Form 720. In addition to self-insured medical plans, health flexible spending accounts (health FSAs) and health reimbursement arrangements (HRAs) that fail to qualify as “excepted benefits” are required to pay the per-enrollee fee.
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Why You Can’t Afford to Take HIPAA Security Incidents Lightly
May 30, 2019
The Department of Health and Human Services (HHS) Office for Civil Rights (OCR) recently announced a record year for Health Insurance Portability and Accountability Act (HIPAA) enforcement activity in 2018. OCR collected $28.7 million in penalties for the year, which surpassed the previous annual record by over $5 million. While most penalties are assessed against providers, there are still lessons employers with health plans should learn.
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Ask Penny: What Happens to My HSA If I Turn 65 and Am Still Actively Employed?
May 30, 2019
When you reach age 65, there are a number of financial decisions you will face, including what to do with funds accumulated in your Health Savings Account (HSA). The entire HSA landscape changes once you hit 65. Keep these things in mind, especially if you're still working.
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When an Employee Assistance Program is Subject to COBRA
May 30, 2019
COBRA and Employee Assistance Program (EAP) compliance can be frustrating and complex. Certain elements must be present for an EAP to be considered a COBRA-covered benefit. Plan sponsors should take care in determining which plans are subject to COBRA and comply accordingly.