How much can you contribute to your HSA and FSA in 2024? 3 minute read Dec 11, 2023 Contributing to a health savings and spending account, such as an HSA (Health Savings Account) or FSA (Flexible Spending Account) can lower your taxable income. That’s because your contributions to these accounts are pre-tax. However, there are Read the full article…

The Basics Spouses who are covered under a group health plan on the day before a qualifying event have an independent right to elect COBRA. Six qualifying events apply to spouses: (1) employee’s termination of employment, (2) employee’s reduction of hours, (3) an employer’s bankruptcy, (4) death of the employee, (5) divorce or legal separation, Read the full article…

During open enrollment season for Flexible Spending Arrangements (FSAs), the Internal Revenue Service reminds taxpayers that they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans through their FSA. For 2024, there is a $150 increase to the contribution limit for these accounts. An employee who chooses Read the full article…

HSA and HDHP Limits Health Savings Accounts (HSAs) and High-Deductible Health Plans (HDHPs) HSA contribution limit (employer + employee) Self-only: $4,150 Family: $8,300 HSA catch-up contributions (age 55 or older) $1,000 HDHP minimum deductibles Self-only: $1,600 Family: $3,200 HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums) Self-only: $8,050 Family: $16,100

Currently, Medicare beneficiaries who are not officially admitted to a hospital may be classified under “Observation Status,” which is treated as an outpatient procedure for billing purposes. Unfortunately, the common practice of placing a beneficiary on “observation status” can have significant financial consequences for Medicare beneficiaries, since Medicare Part A and its related coverage rules Read the full article…

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COVID-19 Health Emergency Order Extends No-Cost Coverage of Tests and Vaccines Employer plans should continue meeting all emergency-order requirements The Biden administration on Oct. 13 extended the COVID-19 public health emergency for an additional 90 days, keeping emergency measures in place through Jan. 11. The public health emergency was first declared in January 2020 and Read the full article…

American Rescue Plan Act Employment-related Provisions President Joe Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on March 11, 2021. The law generally provides financial relief for individuals, state and local governments, schools, businesses and for other purposes. In addition, the law contains the following measures of special interest to employers and their employees: Read the full article…

Washington, D.C. –  Matt Eyles, president and CEO of America’s Health Insurance Plans (AHIP), issued this statement following President Biden’s Executive Order designed to ensure that more Americans can obtain coverage as the nation continues to work to overcome the COVID-19 crisis: Every American deserves access to affordable, comprehensive health coverage and high-quality care. We applaud Read the full article…

As the national economy reopens, an unprecedented number of workers will be required to wear faces masks in the workplace for the first time. To help employers provide a safer work environment, the Occupational Safety and Health Administration (OSHA) has published a series of answers to frequently asked questions (FAQs) regarding the use of masks Read the full article…