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2018 HSA contribution limit

January 9, 2017

How does a company roll over their HSA and FSA?

Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs)] have different rollover rules. FSA Rollover Rules For FSA plans, companies can allow their employees to roll over up to $500 to the next year. But this is an optional benefit that companies aren’t obligated to provide. The IRS details [everything involved](http://www.irs.gov/pub/irs-drop/n-13-71.pdf) in the rollover process, […]

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2018 HSA contribution limit

January 9, 2017

How do I know if our company’s insurance plans apply to domestic partners?

Your company decides whether or not to offer health insurance to domestic partnerships and would likely communicate their policy in the employee handbook. In addition, this would be specified in each carrier’s contract, also known as the Certificate of Coverage or policy, under the definition of “dependent.” Most insurance carriers allow the employer group to […]

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2018 HSA contribution limit

January 9, 2017

Are contributions to HSA considered income?

Employee contributions to Health Savings Accounts are considered taxable income, but contributions from the employer aren’t, in most cases. Limitations There are limits to how much the employee and employer can contribute to the HSA each year. In 2014 for example, for individual high deductible health plan coverage, the employee and employer combined contributions couldn’t […]

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2018 HSA contribution limit

January 9, 2017

What are the pros and cons of a young employee purchasing life insurance and how does that employee select the best plan?

Pros and Cons of Life Insurance Life insurance provides your dependents or other beneficiaries with a one-time payment in the event of your death. In short, a pro of life insurance is that it can cover your debts and responsibilities, such as house and car payments, and provide support for your survivors. A con is […]

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2018 HSA contribution limit

January 9, 2017

What are the types of expenses that are FSA, HSA, and HRA eligible?

You or your employees are eligible to use FSA, HSA, and HRA funds to cover certain medical, dental, and dependent care expenses depending on the account type. First, let’s define what the government calls medical expenses. Definition of Medical Expenses Medical expenses are your out-of-pocket costs for diagnosis, cure, treatment, or prevention of a disease […]

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2018 HSA contribution limit

January 9, 2017

Is there a penalty for companies under 100 who offer HRAs?

The critical number is 50 not 100, but, yes, there may soon be a penalty. Small employers who offer a Health Reimbursement Arrangement (HRA) without an associated health insurance plan face penalties of up to $100 per day per employee starting in 2016. Under the Affordable Care Act](http://medicaid.gov/affordablecareact/affordable-care-act.html), employers who have [50 or more full-time […]

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2018 HSA contribution limit

January 9, 2017

What are Qualifying Life Events (QLEs)?

Qualifying life events are occasions that allow employees to enroll in or make changes to existing insurance outside of their annual open enrollment. Proving It Carriers will ask for proof of QLEs when an employee submits an application outside of their company’s open enrollment. For QLEs such as marriage, or childbirth, the employee needs to […]

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2018 HSA contribution limit

January 9, 2017

What factors are involved with ACA compliance?

The Employer Shared Responsibility provisions of the Affordable Care Act (ACA) require Applicable Large Employers (those with 50 or more full-time employees during the previous calendar year) to offer healthcare coverage to eligible employees. You can find more information here. Relevant Factors – Calculating the number employees – Which employers are considered ALEs by the ACA […]

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2018 HSA contribution limit

January 9, 2017

How does my company decide which dental plan is best for us?

The best network and plan will have providers in your area who offer the services you need within an affordable plan. So finding the one that’s best for you will satisfy the following four key factors: Services Required Basically, you must decide what dental services you want your insurance to cover. There are Dental HMO-style […]

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2018 HSA contribution limit

January 9, 2017

What are forms 1094-C and 1095-C?

In addition to the Affordable Care Act’s (ACA) mandate that employers offer affordable healthcare to their employees, Section 6055 and 6056 of the ACA require Applicable Large Employers (ALEs) to: – File forms 1094-C](http://www.irs.gov/pub/irs-pdf/f1094c.pdf) and [1095-C with the IRS – Provide written statements to covered employees Forms 1094-C and 1095-C help the IRS enforce the […]

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2018 HSA contribution limit

January 9, 2017

Are summer camps eligible for dependent care?

As long as the child is under 13-years-old, and the camp is a day camp, then yes, the expense will qualify. However, overnight camps do not qualify as an eligible expense. How it works Enrolling in a dependent care [Flexible Spending Account](http://www.irs.gov/uac/Ten-Things-to-Know-About-the-Child-and-Dependent-Care-Credit) (FSA) means the employee can use pre-tax dollars to pay for any child […]

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2018 HSA contribution limit

January 9, 2017

What is COBRA?

COBRA refers to the Consolidated Omnibus Benefits Reconciliation Act and it grants the right of a terminated employee, or an employee who has moved to part-time, to remain covered under their employer’s company health plan. When employees enroll in COBRA, they are continuing the same coverage as their group plan, including: – Benefits, choices, and […]

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