Dec 8, 2023 | Affordable Care Act, Announcements, Compliance, Form 1094, Form 1095, IRS, Regulatory
It is that time of year when self-funded employers need to start preparing for a critical health care reform mandate: Providing the IRS with an accurate accounting of health coverage for full-time employees via IRS Forms 1094 and 1095. Per the Affordable Care Act,...
Nov 9, 2023 | Announcements, Flexible spending accounts (FSAs), IRS, News
On November 9, the IRS announced cost-of-living adjustments for FSAs. The annual employee contribution limit will increase to $3,200 in 2024, up from $3,050 in 2023. If your FSA allows a carryover of unused amounts, the maximum carryover amount is $640 in...
Oct 26, 2023 | Announcements, Compliance, IRS, PCORI
On October 18, the IRS issued Notice 2023-70, which increased the Patient-Centered Outcomes Research Institute (PCORI) fee from $3.00 per covered life to $3.22 per covered life for policy and plan years that end on or after October 1, 2023 and before October 1, 2024....
Sep 28, 2023 | Announcements, Compliance, Consumer-driven Health Plans, Health Savings Accounts (HSAs), High-Deductible Health Plans (HDHPs), IRS, Regulatory
The MedBen Compliance team has updated its High Deductible Health Plan (HDHP)/Health Savings Account (HSA) summary to include 2024 IRS guidelines. In 2024, the HDHP minimum required deductible is $1,600 for self-only coverage ($3,200 for family coverage), while the...
Sep 14, 2023 | Consumer-driven Health Plans, Debit Cards, Flexible spending accounts (FSAs), FSA Store, IRS, Substantiation
Substantiating purchases made with a health flexible spending account (FSA) is crucial for ensuring eligibility for pre-tax status…so much so, that earlier this year the IRS released a memorandum stressing its importance. To make the process as straightforward...
May 25, 2023 | Announcements, Consumer-driven Health Plans, FSA Store, Health Savings Accounts (HSAs), High-Deductible Health Plans (HDHPs), HSA Store, IRS
The IRS has announced its health savings account (HSA) contribution limits for 2024. The annual cost-of-living adjustments include a 7.8% increase in individual HSA contributions – one of the largest jumps in recent years, and a definite indication of how inflation...
