IRS Announces Employee Benefit Plan Limits for 2020

Highlights The IRS announced cost-of-living adjustments to the annual dollar limits for employee benefit plans. Many of these limits will increase for 2020. In 2020, employees may contribute more money to their HSAs, health FSAs and 401(k) accounts. Overview Many employee benefits are subject to annual dollar limits that are periodically increased for inflation. The […]

HSAs & FSAs: Eligibility and Contribution Limits

HSAs (Health Savings Accounts) and FSAs (Flexible Spending Accounts): Are both accounts designed to help employees put aside money to pay for extra medical expenses on a pre-tax basis, both have rules around maximum contributions and permissible distributions, and both have remarkably similar sounding acronyms. However, the similarities for the most part, stop here.

2019 W-2s and Your Employee Benefits

The January 31st W-2 deadline will be here before you know it, and there’s a lot your team needs to prepare between now and then. As we approach 2019 year-end, employers should keep in mind certain health and welfare benefits-related information that must be reported on the W-2 Earnings Statements they provide to employees. The IRS has issued 2019 General Instructions for Forms W-2 and W-3.

Health FSAs: Nondiscrimination Testing Under IRC §105(h)

Author: Andrew Wilson, Regulatory and Legislative Specialist, Hays Companies Overview of IRC §105(h) Nondiscrimination Testing Health Flexible Spending Accounts (HFSAs) are a type of tax-advantaged medical account that reimburses employees for eligible health care expenses and are a component of many employer-sponsored cafeteria plans. Specifically, IRC §105(h) prohibits those plans from discriminating in favor of “highly compensated […]

Updated Guidance on Drug Manufacturers’ Coupons – Enforcement Delay

Author: Cindy Niesen, Associate Director: Research & Compliance, Hays Companies Last week, the US Departments of Health and Human Services (HHS), Treasury and Labor jointly issued an FAQ stating that for 2020 they will not enforce new guidelines (which were incorporated into HHS’s Notice of Benefit and Payment Parameters for 2020) regarding drug manufacturers’ assistance […]

HIPAA Privacy Rule – Are You In Compliance?

Many employers that sponsor self-insured health plans are under the assumption that their Notice of Privacy Practices covers their responsibilities under HIPAA. While the Notice of Privacy Practices is an excellent starting point, there is more to HIPAA Privacy and Security that you need to know.

2020 ACA Out-Of-Pocket Maximums and Health Savings Account Limits

As the Hays Research and Compliance team looks towards the new year, we want to inform our clients that there will be two plan design changes to consider for 2020: Affordable Care Act out-of-pocket maximum dollar limits, and, High Deductible Health Plan limits. Affordable Care Act Out-Of-Pocket Maximum Dollar Limits This April, the U.S. Department […]