Individuals

Posted November 8th, 2023 in Employers, Producers, Individuals

The Employee Retirement Income Security Act of 1974 (ERISA) requires plan sponsors of health and welfare benefit plans (e.g., medical, dental, vision, HRA, FSA) to provide a Summary Plan Description (SPD) to plan participants at certain times. An SPD is a written document that summarizes the material provisions of a plan and describes how the plan operates.

Posted October 18th, 2023 in Employers, Producers, Individuals

The House Ways and Means Committee recently cleared legislation which would make substantial enhancements and improvements to Health Savings Accounts (HSAs). There are two bills which have now been cleared for a vote in the House of Representatives (House). If passed in the House, the bills would then need to be approved by the Senate before going to the president for signature.
 

Posted September 13th, 2023 in Producers, Individuals

It’s hard to believe that another Health Insurance Marketplace (Marketplace) open enrollment period is quickly approaching. The federally facilitated Marketplace will have an open enrollment period that starts on November 1, 2023, and it ends on January 15, 2024. During this time, individuals and families may enroll in an individual health insurance plan or make changes to existing coverage without a qualifying event.

Posted September 5th, 2023 in Employers, Producers, Individuals

Under guidance issued in 2020, qualified High Deductible Health Plans (HDHPs) have been permitted to cover COVID-19 testing and treatment prior to the deductible and without it impacting the eligibility for a person to make contributions to a Health Savings Account (HSA). The Internal Revenue Service (IRS) has recently indicated this temporary provision will be coming to an end.

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Posted July 14th, 2023 in Producers, Individuals

The Biden Administration has proposed regulations that would limit the maximum duration of short-term, limited duration insurance (STLDI) plans. 

Currently, STLDI plans can remain in effect for an initial term of 364 days. The plans can be renewed as long as the total duration does not exceed 36 months. Under the newly proposed regulations, STLDI plans can only have an initial term of up to 3 months, and the plans can only be renewed for a period of up to 1 additional month.

Posted June 15th, 2023 in Employers, Producers, Individuals

Last month the Internal Revenue Service (IRS) published Rev. Proc. 2023-23 which includes the 2024 limits for qualified high deductible health plans (HDHPs) and Health Savings Accounts (HSAs). Read on for a summary of these limits.

Posted December 28th, 2022 in Family, Individuals

Health Savings Accounts (HSAs) have become a popular way to pay for out-of-pocket medical expenses and/or save for future medical expenses. HSAs are considered by many to be the “unicorn” of financial accounts. The primary reason for this claim to fame are the triple tax advantage features of HSAs. Contributions are taxdeductible, earnings and interest grow tax-deferred, and withdrawals are tax-free provided the money is used for an out-of-pocket medical expense.

Posted June 1st, 2022 in Individuals

On April 19, 2022, the Department of Labor (DOL), Department of Health and Human Services (HHS), and the Department of Treasury (DOT) issued some Frequently Asked Question (FAQ) guidance pertaining to the new Transparency in Coverage (TiC) rules that will start to be enforced beginning on July 1, 2022 (and applicable to plan years starting on or after January 1, 2022).

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Posted May 11th, 2022 in Individuals

Last week, the Internal Revenue Service (IRS) published Rev. Proc. 2022-24 which includes the 2023 limits for qualified high deductible health plans (HDHPs) and Health Savings Accounts (HSAs). Below is a summary of these limits:

Minimum Deductible to Qualify as an HDHP

Posted May 2nd, 2022 in Individuals

Lifestyle Spending Accounts (LSAs) have become one of the hottest new employee benefit programs. LSAs are sometimes referred to by other names, such as Personal Spending Accounts or some even refer to them simply as Wellness Programs. There could be a slew of other names, but we refer to them as LSAs.

Benefits Buzz

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