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In response to the Executive Order issued on June 24th, the Internal Revenue Service (IRS) released Notice 2019-45 this week. This notice, for the purpose of Health Savings Accounts (HSAs), provides a list of medical care expenses that can now be treated as preventive care benefits under a high deductible health plan (HDHP). As
On June 13, 2019, the U.S. Departments of Health and Human Services, Labor and the Treasury issued a final rule allowing employers of all sizes to offer two new kinds of health reimbursement arrangements (HRAs). The two new HRAs include: individual-coverage HRAs and excepted-benefit HRAs. These new HRAs must meet certain conditions and may be offered
The Affordable Care Act (aka “the ACA”) has been with us for over 8 years, and there remains confusion about some of the key provisions. It hasn’t helped that there have been repeated legislative efforts to repeal the law entirely, or at least poke holes in key provisions. The result of this confusion coupled
It’s the time of year where open enrollment is well behind us and probably isn’t top of mind until we have to start preparing again for next year. This is great time to reflect and ask ourselves: How many employees truly understand the benefits choices they have made? Most employees do one of two
When it comes to ERISA compliance, many employers have misconceptions surrounding when they must have plan documents and SPDs for benefits they sponsor, who is responsible for creating documents and SPDs and what information must be provided to employees and when. Myth #1 The Affordable Care Act (ACA) requires the Plan Document and SPDs. This is not true. Although some
If an employee participated in a standard health Flexible Spending Account (FSA) in their prior plan year and is looking to contribute to a Health Savings Account (HSA) in their new plan year, if and when they can open and contribute to the HSA may be impacted. Employees with a $0 balance at the