As we approach the end of the year, and for some, the deadline to “use or lose” some or all of their Flexible Spending Account (FSA) balances, we’d like to make stakeholders aware of the expanded IRS list of qualified expenses.
A question I firmly believe is not asked and answered enough these days is – “how much should I budget for healthcare post-retirement (age 65), assuming I leave my employer (or other) plan and elect Medicare”? This includes expenses related to medical/dental/vision, care and insurance premiums, and assumes Medicare (and its various parts/pieces) is in place to protect against catastrophic type loss. Well, the answer might surprise a few folks, and is definitely something to consider if retirement is on the horizon!
In light of the Coronavirus pandemic, Congress, the Office of Personnel Management (OPM), and the IRS have made key changes affecting the use of tax-free funds that reside in tax preferred spending accounts:
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law. The CARES Act amends certain provisions of the Families First Coronavirus Response Act (“FFCRA”). CARES also temporarily eliminates deductibles for certain services in HSA Qualified High Deductible Health Plans (HDHPs), and temporarily expands the list of qualified expenses reimbursable through HSAs, HRAs, and FSAs.
Leaders of the major health insurance companies in the U.S. agreed to expand insurance benefits related to Corornavirus/COVID-19, in a historical meeting held at the White House yesterday (March 10, 2020). Present at the meeting were executives from: Aetna
Blue Cross Blue Shield (BCBS) Association (representing the 36 BCBS plans throughout the nation, including Anthem)
Cigna
Humana
UnitedHealth Group (aka United Healthcare)
Here are the maximum limits for Health Savings Accounts (HSA) and the required (qualified) High Deductible Health Plans (HDHP) for 2020…
Both the pace and scope of changes in the healthcare/health insurance space accelerated this past week (7/15/19-7/19/19) with several important developments. Here’s a recap of what all took place…
