Recently, there have been many changes happening in the benefits industry to help provide relief for Americans impacted by COVID-19. Under IRS Notice 2020-29, employers can allow for mid-year changes to 2020 Health FSAs and Dependent Care FSAs. If your employer adopts this provision, you can change your FSA election mid-year – without waiting…
Many employers and employees have adapted to remote or hybrid work routines. With more employees home, communicating with your workforce is more essential than ever, especially when your company needs to deliver important messages, like during Open Enrollment. If you need help connecting with your employees, look no further than P&A Group’s SmartFlex program,…
The IRS has announced 2020 FSA changes employers can make to provide relief during COVID-19, including the option to allow election changes mid year. Piggy bank with words Flexible Spending Account FSA. With the outbreak of the coronavirus pandemic, the IRS has released new provisions to provide relief for FSA account holders. Below is…
On May 21, 2020, the IRS announced the 2021 HSA contribution limits for Health Saving Accounts (HSA). The following increases are effective January 1, 2021: 2021 HSA Contribution Limits Individuals with single HDHP coverage will see a $50 increase in the annual contribution limit, bringing the maximum limit to $3,600 for 2021. Families with…
Under the new CARES Act, millions of account holders can now use their spending accounts to purchase over-the-counter (OTC) items. Consumers were previously prohibited from using their FSA or HSA to purchase OTC items without a doctor’s prescription under the 2011 Affordable Care Act provision. For years, healthcare consumers and industry leaders lobbied for…
One Hundred Dollar Bill With Medical Face Mask on George Washington. The Coronavirus Aid, Relief and Economic Security Act, or CARES Act, contains important changes to retirement plan vehicles, including changes to defined contribution and defined benefit retirement plans. Americans can expect the following changes to retirement plans. Early Withdrawals Waived for Coronavirus-Related Distributions Under…