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…
President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act or CARES Act on Friday, March 27. This bill is intended to help Americans by providing some financial relief as we continue to face the coronavirus pandemic. We are especially happy to see these legislative changes provide greater flexibility for account holders. Employees…
Novel coronavirus disease 2019-nCoV written on blue folder. On March 11, 2020, the IRS released guidance concerning the widespread COVID-19 coronavirus as it relates to the testing and treatment of individuals enrolled in a high deductible health plan (HDHP). The decision came swiftly due to the public health crisis unfolding across the globe.…
Are you familiar with the new California FSA notice requirement for employers? If not, keeping reading. Here’s everything you need to know about the new rule that went into effect on January 1, 2020. What is the California FSA Notice Requirement? Under Assembly Bill 1554, California employers must notify all FSA participants of their…