COVID-19: FSA and DCAP Account Updates

Since the beginning of the COVID-19 emergency in March, the federal government has released several modifications to healthcare benefits to assist American companies and workers handle the economic stress, such as the CARES Act. In May, two additional notices were published, allowing mid-year election changes for health Flexible Spending Accounts (FSAs) and Dependent Care Assistance Programs … Read more…

2021 HSA Contribution Limits, HDHP Minimum Deductibles and Out of Pocket Max

On Wednesday, May 20, the Internal Revenue Service (IRS) published the new rates for Health Savings Accounts (HSAs) in 2021. There is an increase for 2021 HSA contribution limits as well as out-of-pocket maximum limits for high deductible health plans (HDHPs). Learn more below. 2021 HSA Contribution Limits For 2021, the IRS has adjusted HSA contribution limits … Read more…

IRS Extends 2020 Tax Deadline and HSA Contribution Period

Due to the impact of COVID-19 (coronavirus), Congress, the IRS, and other federal agencies have taken significant actions to provide relief for workers and their families. Learn more below about extensions to the tax filing deadline and HSA contribution period, and information about getting treated for coronavirus under a high deductible health plan.   2020 … Read more…

Employer Benefit Updates: Cadillac Tax Repeal and PCORI Extension

Congress Repeals Cadillac Tax and Extends PCORI

In December 2019, funding legislation was approved by Congress and signed by President Trump. In addition to approving federal spending for 2020, the bill also repealed the Cadillac Tax and extended PCORI – which are important for employers. Learn more below about these new details regarding healthcare benefits. Cadillac Tax Repeal Officially known as the … Read more…

How Much Should I Contribute To My HSA?

A Health Savings Account, or HSA, is a tax-advantaged tool for healthcare consumers enrolled in a high deductible health plan (HDHP). An HSA is designed to help account owners save money (via tax-free contributions) to pay for qualified out-of-pocket medical and healthcare expenses (tax-free withdrawals). It can also be used as a supplementary retirement account. … Read more…

Dependent Care FSA: Benefits, Eligible Expenses, and More

People generally associate Flexible Spending Accounts (FSAs) with healthcare. However, did you know there is a type of FSA that can be used for childcare and other dependent expenses? With a Dependent Care FSA, also known as Dependent Care Assistance Plan (DCAP), employees can set aside money to cover various dependent care costs while they … Read more…