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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

Alegeus Announces Recipients of 2022 APEX Awards for Client Excellence

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

Biden Administration Starts Taking Orders for Free Covid-19 Tests

Website opens in pilot phase a day ahead of its planned debut The tests are likely to start to ship in late January, the U.S. Postal Service says. By Brianna Abbott Follow Updated Jan. 18, 2022 4:58 pm ET The Biden administration began taking orders for free Covid-19 tests on Tuesday, a day ahead of the planned launch of its website for ordering and distributing rapid Covid-19 tests to Americans. The website is operating at limited capacity ahead of the official launch, White House press secretary Jen Psaki said. She called it a standard practice to address troubleshooting and ensure… Read More