IRS Expands HSA Preventative Care Expenses for Chronic Care

2019-08-12T13:55:31-06:00August 12th, 2019|News|

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

Final HRA Regulations Released

2019-07-08T12:20:18-06:00July 8th, 2019|News|

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

ACA Myths and Facts for 2019

2019-05-14T08:52:28-06:00May 14th, 2019|News|

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

Benefit Education: Going Beyond Open Enrollment

2019-05-14T08:51:16-06:00May 14th, 2019|News|

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

ERISA Compliance: DOL Plan Document and SPD Requirements

2019-04-09T11:35:23-06:00April 9th, 2019|News|

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

HSA Contributions with Delayed HSA Eligibility

2019-04-09T11:26:33-06:00April 9th, 2019|News|

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

ERISA Compliance Q&A

2019-03-12T10:26:50-06:00March 12th, 2019|News|

When it comes to ERISA compliance, there are many misconceptions and questions surrounding plan document and SPD requirements. To help answer some of these questions, we have compiled a Q&A: Q: I am an employer with less than 100 participants, will I be subject to ERISA plan document and SPD requirements? A: Yes, regardless

HSA Eligibility with Prior Plan Year’s Health Care FSA

2019-02-28T14:41:48-06:00January 17th, 2019|News|

To establish and contribute to a Health Savings Account (HSA) an employee cannot have a standard Health Care Flexible Spending Account (HCFSA) because of IRS regulations on benefit coverage. But what if an employee participated in a standard HCFSA in their previous plan year? Can they participate in a HSA in their new plan

Health Savings Accounts (HSAs) and Medicare

2019-02-28T14:52:57-06:00December 10th, 2018|News|

Health Savings Accounts (HSAs) are accounts for individuals with high-deductible health plans (HDHPs). Funds contributed to an HSA are not taxed when put into the HSA or when taken out, as long as they are used to pay for qualified medical expenses. Your employer may oversee your HSA, or you may have an individual HSA that