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American Benefits Group - COVID-19 - Important Update
COVID-19 Update - Please forward this communication to others in your organization who may need it.
Reminder - We request you help us in an effort to reduce US mail wherever possible
- Manual Claim Reimbursement: these can be submitted electronically either by uploading information through the participant portal, using the camera feature with our mobile application or faxing to our secure fax viewer.
- Monthly Administrative Service Fee Invoices Payments: communications have been sent to all AP contacts for each organization. Within the communication, we identify alternative methods of payment.
- COBRA and Direct Billing: If you are currently receiving your remittances by check we ask that you sign up for ACH. Please reach out to accounting@amben.com.
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COVID-19 - Important Update
As we continue to monitor developments and consider American Benefits Group’s response and contingency plans in the context of the coronavirus developments, our priority is the safety of our employees and ensuring our ability to continue to service our clients’ needs.
Our Critical Response Group is composed of leaders and subject matter experts across our business lines. This group is meeting daily to assess the impact across our business and in our communities, advise the executive management, develop and deploy actions.
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IRS Announces 2020 Adjustments
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.