On Nov. 9, 2023, the IRS released Revenue Procedure 2023-34 (Rev. Proc. 23-34), which includes the inflation-adjusted limit for 2024 on employee salary reduction contributions to health flexible spending accounts (FSAs). For plan years beginning in 2024, the adjusted dollar limit on employees’ pre-tax contributions to health FSAs increases to $3,200. This is a $150…
The Internal Revenue Service (IRS) has issued Notice 2023-70 to increase the Patient-Centered Outcomes Research Institute (PCORI) fee amount for plan years ending on or after Oct. 1, 2023, and before Oct. 1, 2024. The updated PCORI fee amount is $3.22 multiplied by the average number of lives covered under the plan. For plan years…
On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSA) and high deductible health plans (HDHP) for 2024. The IRS is required to publish these limits by June 1 of each year. These limits include: The maximum HSA contribution limit; The minimum deductible amount for HDHPs;…
On March 17, 2023, the IRS released a set of frequently asked questions (FAQs) to address whether certain costs related to general health, nutrition and wellness are medical expenses that can be paid or reimbursed by a health savings account (HSA), health flexible spending account (FSA) or health reimbursement arrangement (HRA). In general, only expenses…
The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that requires most employers to provide former employees and dependents who lose group health benefits due to a “qualifying event” with an opportunity to continue group health coverage for a limited period of time. Qualifying Events COBRA coverage must be offered when: A qualifying…
The Biden Administration has announced its plan to end the COVID-19 national emergency and public health emergency (PHE) on May 11, 2023. Employer-sponsored health plans have been required to comply with certain coverage requirements during the COVID-19 emergency periods, including the following: Health plans must cover COVID-19 diagnostic tests and related services without imposing any…
On Jan. 30, 2023, the Biden administration released a statement announcing that it plans to end the COVID-19 public health emergency (PHE) and national emergency on May 11, 2023. Timeline for Ending Emergency Periods The COVID-19 PHE and national emergency were declared in early 2020 and are currently set to expire on March 1, 2023,…
On Oct. 18, 2022, the IRS released Revenue Procedure 2022-38 (Rev. Proc. 22-38), which includes the inflation-adjusted limit for 2023 on employee salary reduction contributions to health flexible spending accounts (Health FSA). The Affordable Care Act (ACA) imposes a dollar limit on employees’ salary reduction contributions to health FSAs. This dollar limit is indexed for…
In 2020, the federal government finalized requirements for health insurance carriers and employer-sponsored health plans to provide greater transparency in medical claims costs. Effective July 1st, 2022, insurance carriers and health plans will be required to provide a searchable database that allows members to proactively search and review the cost of certain procedures covered within…
As a business owner or HR director, open enrollment can be stressful. With the plethora of acronyms used in the health insurance industry, it’s easy to get overwhelmed when deciding which plans are right for your company. While cost, employee preference, and plan designs are all vital when deciding the best fit, it’s important to…
