On May 10, 2021, the IRS released the inflation-adjusted amounts for Health Savings Accounts for 2022. The updated amounts will be effective beginning January 1, 2022. To check your account balance or manage your HSA, log into your account. Health Savings Account 2021 2022 HSA Contribution Limit – Individual Coverage $3,600 $3,650 HSA Contribution…
Coronavirus protection. Medical protective surgical masks, hand sanitizer gel on white table. Reimbursement accounts just had their eligibility list expanded to include personal protective equipment (PPE) to help fight against the spread of COVID-19. Under Announcement 2021-7, issued by the IRS, PPE is now an FSA eligible expense. Additionally, PPE is eligible for reimbursement through…
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA), which includes a new COBRA subsidy. The Act will impact qualified COBRA beneficiaries and provide more relief for Americans impacted by COVID-19. Employers will be required to act swiftly. Here is a summary of everything you need to know…
The 3/15 grace period deadline is approaching but don’t panic. Whether you have a significant balance remaining or just a few dollars left, the below tips can help you exhaust your Flexible Spending Account (FSA) and make the most of your plan. 3/15 Grace Period Overview First, let’s review what a grace period is. An…
A Lifestyle Reimbursement Account is a flexible benefit plan that packs a lot of perks into one plan no matter what your goals are. Are you looking to enhance your company’s benefit options? Or maybe you want to help improve your employees’ health overall? A Lifestyle plan may be the solution you need. Let’s…
As the pandemic continues, more help is available for FSA participants with the latest FSA COVID relief bill. Under the Consolidated Appropriations Act of 2021, new options are available for employers to adopt to their 2020 or 2021 FSA plans. While these options are not mandatory, they can help participants from losing funds, among other…