Today, the IRS announced Revenue Procedure 2019-44 which provides the 2020 cost-of-living increases for inflation for certain items. In 2020, the:
Annual Healthcare Flexible Spending Account (FSA) contribution limits will increase $50 from the current amount of $2,700 to $2,750
Monthly limit for Transit and Parking will increase $5 each from the current amount of $265 to $270
Annual maximum reimbursement for a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) will increase $100 for individual coverage from the current amount of $5,150 to $5,250, and the maximum reimbursement amount will increase $150 for family coverage from the current amount of $10,450 to $10,600
As a reminder, the IRS announced 2020 health savings account (HSA) contributions limit increases. In 2020, the annual HSA contribution limit for individual coverage will increase $50 from the current $3,500 to $3,550, and the family coverage contribution limit will increase $100 from the current $7,000 to $7,100.
If you have any questions, please contact American Benefits Group for more information.
American Benefits Group CEO and Founder Bob Cummings Reelected as President of NAPBA May 28th 2019 - Bob Cummings has been reelected to serve as President of The National Association of Professional Benefits Administrators (NAPBA). A NAPBA Trustee since 2007, Cummings was first elected NAPBA president in 2015, and has been an instrumental force in the emergence of the Consumer Directed HealthCare industry over the last 20 years, orchestrating the growth of NAPBA as the primary compliance standards and best practice organization for third party employee benefits administrators serving the consumer directed healthcare industry.
Today, the IRS announced Revenue Procedure 2018-57 which provides the 2019 cost-of-living increases for inflation for certain items. In 2019, the:
Annual healthcare flexible spending account (FSA) contribution limits will increase $50 from the current amount of $2,650 to $2,700
Monthly limit for transit and parking will increase $5 from the current amount of $260 to $265
Annual maximum reimbursement for a qualified small employer health reimbursement arrangement (QSEHRA) will increase $100 for individual coverage from the current amount of $5,050 to $5,150, and the maximum reimbursement amount will increase $200 for family coverage from the current amount of $10,250 to $10,450
As a reminder, on May 10, 2018, the IRS announced 2019 health savings account (HSA) contributions limit increases. In 2019, the annual HSA contribution limit for individual coverage will increase $50 from the current $3,450 to $3,500, and the family coverage contribution limit will increase $100 from the current $6,900 to $7,000.
If you have any questions, please contact your Service Delivery Manager for more information.
On October 26, 2016, the IRS announced the 2017 annual inflation adjustments, which included increased limits for Health Flexible Spending Accounts (FSAs) under an IRC §125 cafeteria plan. The Parking and Transit limits for 2017 remain the same.
When Bob Cummings started out in benefits administration, health-insurance co-pays were $3, premiums were well under $100 a month, his office ran on MS-DOS, and it issued paper statements. Much has changed since then, obviously, but not his company’s success formula, based on personalization, creativity, knowledge of a complex and ever-changing subject, and what American Benefits Group prefers to call ‘enabling technology.’
Northampton - Robert Cummings, CEO and founder of American Benefits Group of Northampton, Massachusetts, has been elected President of the National Association of Professional Benefits Administrators (NAPBA) . . .
Published in The Republican, Business Monday - http://www.masslive.com/business-news/index.ssf/2015/07/people_in_business_robert_cummings_of_am.html
On Oct. 1, 2014, the IRS, EBSA and HHS released final regulations related to excepted benefits. As background, plans or programs that qualify as excepted benefits are generally exempt from PPACA’s mandates such as preventive care services and the prohibition on annual dollar limits.
On Sept. 18, 2014, the IRS published Notice 2014-55, which creates two new Section 125 midyear qualifying events. The two new events apply in very specific situations and – like all Section 125 events – are optional. Employers who wish to include these new Section 125 qualifying events as options in their plan design need to amend the plan document accordingly.
Moments ago, the Department of Treasury issued a press release and informational fact sheet announcing a major policy change relating to flexible spending accounts (FSAs) that has many positive implications for all FSA constituents – including administrators, employers and participants. The Department of Treasury has modified its FSA “use-it-or-lose-it” provision to allow a limited rollover of FSA funds.
On Friday, September 13, 2013 Treasury published Notice 2013-54 (Notice) which preserves all Health Flexible Spending Accounts (health FSAs) that are considered excepted benefits but eliminates an employer’s ability to use a stand-alone health FSA or other tax-favored arrangements, including Premium Reimbursement Arrangements or Health Reimbursement Arrangements (HRAs), to help employees pay for individual health policies on a tax-free basis. In addition, the Notice addresses a number of specific topics related to FSAs and HRAs. As such, this Alert is the second of two.
Every so often it seems another round of surveys is released demonstrating the strong, continual growth of the consumer-directed health care (CDHC) market and the accompanying behavioral shift in how Americans approach buying health care. This month has
Group health plans, which include HRAs, MERPs, and non-excepted FSAs, must provide a Summary of Benefits and Coverage (SBC) for all eligible plans to all eligible individuals, participants and beneficiaries.
The IRS has released Notice 2012-40 which provides guidance on the effective date of the $2,500 contribution limit to health flexible spending arrangements (FSAs) under IRS Code Section 125(i) and on the deadline for amending plans to comply with the limit. The notice also provides relief for contributions that mistakenly exceed the $2,500 limit provided they are corrected in a timely manner.
Do you think you’re saving money by administering your health reimbursement arrangement (HRA)? In our experience, many employers that self-administer an HRA often overlook important compliance obligations that put them at financial risk. Failure to comply with the following requirements is common and can be costly.