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American Benefits Group (ABG) Upping the Benefits Administration Game
American Benefits Group (ABG) Upping the Benefits Administration Game
In recent years, the US’ employee benefits landscape has rapidly evolved owing to factors such as escalating healthcare costs, changes in employment and benefits laws, and new initiatives and options in healthcare benefits. As employers continue to explore various ways to manage the costs and strategic design of their health benefits programs, integrated consumer-driven accounts such as Healthcare FSA, Health Savings Accounts (HSAs), and Health Reimbursement Arrangements (HRAs) play an instrumental role to empower participants with the tools they need to manage their health care spending and out of pocket costs. Delivering comprehensive tools and guidance to manage these accounts in one place with access real time healthcare cost and quality assessment tools and data is a responsibility that Massachusetts-based American Benefits Group (ABG) take very seriously.
Read more … American Benefits Group (ABG) Upping the Benefits Administration Game
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No Changes to Health FSA Maximum Limit the limit remains at $2,750 for 2021
The IRS announced Revenue Procedure 2020-45 which provides the 2021 cost-of-living increases for inflation for certain items. In 2021, the:
- Annual Healthcare Flexible Spending Account (FSA) contribution limits will not increase they will remain at the 2020 amount of $2,750
- Monthly limit for Transit and Parking will not increase they will remain at the 2020 amount of $270 per benefit
- Annual maximum reimbursement for a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) will increase $50 for individual coverage from the current amount of $5,250 to $5,300 and the maximum reimbursement amount will increase $100 for family coverage from the current amount of $10,600 to $10,700
As a reminder, the IRS announced 2021 Health Savings Account (HSA) contributions limit increases earlier this year. In 2021, the annual HSA contribution limit for individual coverage will increase $50 from the current $3,550 to $3,600, and the family coverage contribution limit will increase $100 from the current $7,100 to $7,200.
Please note that this email has been sent to the Company Plan Administrator and Broker Contacts, please share with others in your organization.
If you have any questions, please contact American Benefits Group for more information.
The IRS announced Revenue Procedure 2020-45 which provides the 2021 cost-of-living increases for inflation for certain items. In 2021, the:
- Annual Healthcare Flexible Spending Account (FSA) contribution limits will not increase they will remain at the 2020 amount of $2,750
- Monthly limit for Transit and Parking will not increase they will remain at the 2020 amount of $270 per benefit
- Annual maximum reimbursement for a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) will increase $50 for individual coverage from the current amount of $5,250 to $5,300 and the maximum reimbursement amount will increase $100 for family coverage from the current amount of $10,600 to $10,700
As a reminder, the IRS announced 2021 Health Savings Account (HSA) contributions limit increases earlier this year. In 2021, the annual HSA contribution limit for individual coverage will increase $50 from the current $3,550 to $3,600, and the family coverage contribution limit will increase $100 from the current $7,100 to $7,200.
Please note that this email has been sent to the Company Plan Administrator and Broker Contacts, please share with others in your organization.
If you have any questions, please contact American Benefits Group for more information.
Read more … No Changes to Health FSA Maximum Limit the limit remains at $2,750 for 2021
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COVID-19: Recent Official Notices for Employer Benefit Plans
Recently there have been multiple regulatory announcements regarding Section 125 Cafeteria Plans, Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs). Please be mindful that not every announcement applies to every plan type, nor to all configurations of a given plan type.
Recent announcements include:
|
Notice or Announcement |
Date Released |
|
The CARES Act |
3/27/2020 |
|
EBSA Disaster Relief Notice 2020-01 |
4/29/2020 |
|
IRS Notice 2020-29 |
5/12/2020 |
|
IRS Notice 2020-33 |
5/12/2020 |
Read more … COVID-19: Recent Official Notices for Employer Benefit Plans