IRS Update to HSA Coverage

Effective July 17, 2019, high deductible health plans (HDHPs) can now provide pre-deductible coverage for certain chronic conditions without jeopardizing a participant’s Health Savings Account (HSA) eligibility. Individuals covered by an HSA may establish and deduct contributions to an HSA as long as they have no disqualifying health coverage. HSAs are a valuable tool that offer significant savings over traditional…

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IRS APPROVES NEW HRAS

Starting January 1, 2020, two new Health Reimbursement Arrangements (HRAs) will be available to employers – the Individual Coverage HRA and Excepted Benefit HRA. The Internal Revenue Service (IRS) issued the ruling June 13th after Trump Administration’s October 2017 executive order on healthcare choice and competition. What are HRAs? An HRA is an IRS-approved, employer-funded, tax-advantaged benefit plan that is…

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IRS ANNOUNCES 2019 LIMITS

Today, November 15, 2018, at 10: 30 am EST the IRS announced the new 2019 limits for Pre-Tax Plans in Revenue Procedure 2018-57. The 2019 Health Savings Account (HSA) contribution limits, out-of-pocket maximums and high deductible health plan (HDHP) deductibles were announced earlier this year. Each of the updates are set forth below: If you need or wish to change your group’s…

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UPDATED LIMITS FOR 2019 HIGH DEDUCTIBLE PLANS & HSAS

On May 10, the IRS announced 2019 Health Savings Account contribution limit increases within their release of Revenue Procedure 2018-30 In 2019, the HSA contribution limit for an individual will increase by $50 to $3,500 and for a family by $100 to $7,000.  As a reminder, the 2018 family contribution limit recently increased to $6,900 with the update released by the IRS* on…

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IRS ANNOUNCES UPDATE TO HSA LIMIT FOR FAMILY COVERAGE

Late in the day on April 26, 2018, the IRS released Revenue Procedure 2018-27, which allows participants in a Health Savings Account to consider $6,900 (rather than the previously announced decrease to $6,850) as the maximum limit for those with Family coverage for 2018. The previously announced reduction to the Adoption Assistance Limit will remain in place and the limit…

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