As the coronavirus pandemic continues, more and more Americans are going on COBRA for their group health plans. With over 5 million Americans who lost insurance coverage this spring, that number isn’t expected to go down anytime soon. In fact, studies are projecting that number to reach 10 million by December. Under Notice 2020-01, the…
For many of us, the normal workplace landscape has changed significantly this year. With many employers opting to host a virtual Open Enrollment, employees will need to keep an eye on their inbox for updates. When it comes to your Flexible Spending Account (FSA), here are three tips to consider during Open Enrollment. Know…
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 quickly adapted to working from home during the coronavirus pandemic. As the country continues to rebuild and operate in a COVID-19 era, many employees are still working remotely. With more employees home, communicating with your workforce is more essential than ever, especially when your company needs to deliver important…
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…