FSAs
Posted January 30th, 2018 in Producers, Employers, Individuals
The Tax Cuts and Jobs Act was signed into law on December 22, 2017. It has been making headlines for many reasons over the past few weeks, but some parts of the law aren’t receiving as much attention – such as the provisions pertaining to the use of the Chained Consumer Price Index for Urban Consumers, also known as the Chained CPI.
Bipartisan efforts (yes, you read that right) are underway to repeal the Cadillac Tax imposed by the Affordable Care Act (ACA). A letter signed by 140 bipartisan members of the House of Representatives (House) urges a repeal this year. Efforts are being led by Congressman Joe Courtney (D-CT-2) and Mike Kelly (R-PA-3).
Posted October 23rd, 2017 in Producers, Employers, Individuals
IRS Revenue Procedure 2017-58 was released last week. It includes a number of inflation adjustments to various benefits and other items for 2018 including the following for Consumer-Driven Accounts:
To offer an FSA, or not to offer an FSA, that is the question. Let’s just cut right to the chase.
Flexible Spending Accounts (FSAs) are a great way for employees to save on taxes for medical and dependent care expenses, but employers also receive financial benefits by offering an FSA.
Flexible Spending Accounts (FSAs) are one of the few benefits an employer can provide that often pays for itself (and then some). While there are expenses that will be incurred by the employer when using a third-party administrator for the FSA, there are also payroll tax savings that will offset some or all of those expenses.
Posted June 20th, 2017 in Producers, Employers, Individuals
President Donald Trump held a party in the White House Rose Garden to celebrate the passage of the American Health Care Act (AHCA) by the House of Representatives (House). President Trump touted the House bill as being an “incredible health care plan.” The AHCA is now under consideration by the Senate, and in a closed-door meeting held with several Republican Senators last week, President Trump allegedly said the current version of the AHCA is too “mean” and needs to be “more generous.”
Just how "mean" is the AHCA, and who is it "mean" to?
The fifth installment of the Patient-Centered Outcomes Research Institute (PCORI) fees will be due on July 31, 2017. As its name suggests, PCORI is a research institute, and it was created by the Affordable Care Act (ACA) to improve clinical effectiveness. It is partially funded by fees charged to health plans.
The following list contains information and some reminders about the upcoming PCORI fee that is due:
- The fee is paid on the average number of covered lives for the plan year ending in 2016.
Posted November 1st, 2016 in Producers, Employers, Individuals
The 2017 contribution and reimbursement limits for consumer-driven accounts (CDAs) are now available and have been provided below:
Health Care Flexible Spending Account (Health Care FSA)
The salary reduction limit is $2,600 ($50 increase from 2016) for the 2017 plan year. Employers may also contribute the greater of $500 or up to a dollar-for-dollar match of the employee’s salary reduction. The maximum carryover amount remains unchanged at $500.
The fourth installment of the Patient-Centered Outcomes Research Institute (PCORI) fees will be due on July 31, 2016.
As its name suggests, PCORI is a research institute, and it was created by the Affordable Care Act (ACA) as a way to improve clinical effectiveness. It is partially funded by fees charged to health plans.
The following list contains information and some reminders about the upcoming PCORI fee that is due:
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