On November 14, 2022, the IRS released Notice 2022-59 which updated the amount of the Patient-Centered Outcomes Research Trust Fund fee that self-insured health plans must pay for plan years ending on or after October 1, 2022, and before October 1, 2023. The PCORI fee is calculated using the average number of lives covered under the policy or plan and the applicable dollar amount for that policy year or plan year. The applicable dollar amount was $2.00 when the fee was enacted as part of the Affordable Care Act and that amount is increased annually based on increases in the… Read More
With the release of Revenue Procedure 2022-38 and Revenue Procedure 2022-24 the IRS has set the health & welfare limits for the 2023 plan year. The chart below details the changes made to the limits: Welfare Plan Limits 2023 2022 Health FSA Max $3,050 $2,850 Dependent Care FSA Max $5,000 $5,000 Adoption Credit Limit $15,950 $14,890 HDHP Min Annual Deductible (Single) $1,500 $1,400 HDHP Min Annual Deductible (Family) $3,000 $2,800 HDHP Out of Pocket Max (Single) $7,500 $7,050 HDHP Out of Pocket Max (Family) $15,000 $14,100 HSA Max Contribution Limit (Single) $3,850 $3,650… Read More
The Senate passed the Inflation Reduction Act (IRA) on Sunday, August 7, 2022, under its budget reconciliation authority – meaning that a simple majority was needed to pass the bill. Among the provisions in the IRA were provisions to place a cap on the cost of insulin at $35. Under the originally introduced bill, this cap applied to government programs, such as Medicare, and private insurance. Because requiring all insurance policies to have a minimum co-pay of $35 for insulin would cause a high deductible health plan not to qualify as a HSA-qualified high deductible health plan, the bill also… Read More
On April 29, 2022 the Internal Revenue Service released Revenue Procedure 2022-24 which provides the 2023 inflation adjusted amounts for high deductible health plans (HPHPs) and Health Savings Accounts. The amounts for HSAs for 2023 as compared to 2022 are as follows: 2023Rev. Proc. 2022-24 2022Rev. Proc. 2021-25 Annual limitation on deductions to an HSA – self-only coverage $3,850 $3,650 Annual limitation on deductions to an HSA – family coverage $7,750 $7,300 HDHP – self-only coverage annual deductible not less than: $1,500 $1,400 HDHP – self-only coverage annual out-of-pocket expenses do not exceed: $7,500 $7,050 HDHP – family coverage annual… Read More
The APEX (Alegeus Performance Excellence) awards honor clients who have demonstrated leadership and achieved exceptional business results using the Alegeus platform. Clients received recognition at the virtual 2022 Alegeus Client Success Summit on April 4, 2022. Peak One Administration won in the category of Employee Penetration Rate, which recognizes exceptional results in helping a high rate of eligible employees enroll in CDH accounts and take control of their healthcare spending. “We are pleased to honor this year’s winners for their outstanding performance and dedication,” said Karen Thomas, chief growth officer at Alegeus. “Their efforts help to drive the consumer-directed healthcare… Read More
