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Coronavirus Testing & Treatment Covered by HDHPs

The IRS has issued Notice 2020-15, which allows high-deductible health plans (HDHPs) to cover testing and treatment for coronavirus (COVID-19) pre-deductible. This means coronavirus testing and treatment are considered a qualified medical expense under an HDHP, and people can use health savings account (HSA) funds to pay for it. Due to the national health emergency coronavirus presents, this notice applies even to HDHPs that would otherwise be disqualified under section 223(c)(2)(A) – in other words, HDHPs offered by a health plan that provides other health benefits covering coronavirus testing and treatment, and HDHPs with a deductible that falls below the minimum… Read More

IRS Confirms That HSA Contributions Can Be Made By July 15, 2020

The Internal Revenue Service published a series of questions and answers relating to the delay of the tax filing deadline from April 15, 2020 to July 15, 2020 as provided in IRS Notice 2020-18.  With regard to contributions to an HSA, the IRS stated the following: “Contributions may be made to your HSA or Archer MSA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns is now July 15, 2020, under this relief, you may make contributions to your… Read More

IRS and DOL Provide Relief for Participants and Plan Sponsors from Certain Time Deadlines Due to COVID-19 Pandemic

Today, recognizing the impact of the COVID-19 Pandemic, the Internal Revenue Service and the Department of Labor released guidance that extends the period of time that a participant has in enrolling in coverage under a health plan, paying for COBRA continuation coverage, submitting claims for coverage and disputing denials of claims for benefits. The guidance also extends the period of time that a group health plan sponsor or administrator has to provide a COBRA election notice. Agency FAQs were also released related to the guidance. Essentially, the guidance provides that actions that must be taken with the time period from March 1, 2020 until… Read More

IRS Releases Benefit Limits for 2020

Today, the Internal Revenue Service announced in Revenue Procedure 2019-44 the annual inflation adjustments for more than 60 tax provisions for 2020, including the tax rate schedules, and other tax changes. This Revenue Procedure provides details about these annual adjustments:   There are several benefit limitations for 2020 included:  * The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA) increases to $2,750. *The amount for the adoption credit or the amount excluded for adoption assistance allowed for an adoption of a child with special needs is increased to $14,300. *The dollar amount for employee health Insurance expense of small employers is $27,600. This… Read More

Flex-Ed: Using your FSA card the right way

Waiting to get reimbursed from your Flexible Spending Account (FSA) for an FSA-eligible item is tedious—filing paperwork with your FSA administrator, waiting for approval and paying out of pocket in the meantime. Luckily, the FSA debit card streamlines the process. The FSA debit card allows you to electronically access pre-tax contributions you’ve allocated to your FSA. Instead of going through the process of administrator reimbursement, you’ll be able to use your FSA debit card to purchase eligible items you need without having to wait. The reason? The FSA debit card is linked to directly to your FSA. But here’s the deal—FSA debit… Read More