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President Biden to End COVID-19 Emergencies on May 11

January 31, 2023 President Joe Biden has informed Congress yesterday that he will end the twin national emergencies for addressing COVID-19 on May 11, as most of the world has returned closer to normalcy nearly three years after they were first declared. The move to end the national emergency and public health emergency declarations would formally restructure the federal coronavirus response to treat the virus as an endemic threat to public health that can be managed through agencies’ normal authorities. It comes as lawmakers have already ended elements of the emergencies that kept millions of Americans insured during the pandemic…. Read More

Patient-Centered Outcomes Research Institute (PCORI) fee for Self-Insured Health Plans is updated by IRS

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

IRS Releases 2023 Cost of Living Adjustments for Certain Tax Provisions

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

HSA Provision Included in Inflation Reduction Act

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

IRS Releases 2023 Limits for HSAs

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