The IRS has announced 2022 amounts for Health Savings Accounts
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). Fundamentals of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is […]
Time to begin process to report Provider Relief Funds
Healthcare providers who received more than $10,000 in federal Provider Relief Funds through the CARES Act will have a little longer to report how those funds were used but should still go ahead and establish a reporting account. The U.S. Department of Health and Human Services announced this month that the February 15, 2021, deadline […]
IRS extends some (but not all) employee benefit plan deadlines
The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends […]
Additional relief coming soon for health care providers
Health care providers could see even more relief if the $484 billion interim coronavirus relief measure is signed by President Trump. The lion’s share of the bill passed the week of April 20 is dedicated to replenishing the Small Business Administration’s (SBA) now-exhausted Paycheck Protection Program and $60 billion for disaster loans through the Economic […]
IRS extends due dates for ACA reporting
The IRS has announced an extension to the reporting deadlines mandated by the Affordable Care Act for Tax Year 2019. The IRS has extended the 2020 deadline from January 31 to March 2 for employers and insurers to furnish individual statements on 2019 health coverage and full-time employee status. The additional time was given in […]
Thinking long-term about health care
Our medical needs don’t get any easier as we get older, so it is increasingly important that we take advantage of the options that are available. Fall is when open enrollment season begins for health insurance coverage, but retirees and aging Americans also can take advantage of open enrollment for Medicare plans. The open enrollment […]
Note changes to ACA thresholds and signs of more audits
It’s almost time for the annual open enrollment period, so it’s important to note that the IRS recently announced the affordability percentage for 2020 under the Affordable Care Act will decrease to 9.78 percent. This is a slight decrease from the 2019 threshold of 9.86 percent. Employers should make sure that your insurance broker is […]
Reduce insurance costs by encouraging employee wellness
Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean you can’t manage the cost of doing so. Obviously, the safer your workplace, the less likely you’ll incur costly claims and high workers’ compensation premiums. There are, however, bigger-picture issues that […]
Talk to your teens about future medical decisions
Discussions about end-of-life decisions are not easy, but they are necessary to ensure that you and your loved ones’ wishes are fulfilled in the event of illness or devastating accident. Generally these discussions involve spouses and their siblings and parents. But what about your young adult children? It is a wake-up call for many parents […]
Some ACA deadlines extended for employers
Employers will have more time to comply with some Affordable Care Act reporting deadlines. As you know, employers who offer fully insured medical plans must file Forms 1094-C and 1095-C with the IRS by Feb. 28 for paper filers and April 2 for electronic filers. (Employers with 250 or more reports to file are required […]