Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical needs....
In Revenue Procedure 2021-36, the IRS recently announced an important indexing adjustment related to the Affordable Care Act (ACA). Now is a good time to review whether your organization is an applicable large employer (ALE) under the ACA and, if so, whether the health care...
Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you are married and both you and your spouse are paying them....
The premium tax credit (PTC) is a refundable credit that helps individuals and families pay for insurance obtained from a Health Insurance Marketplace (commonly known as an ‘Exchange’). A provision of the Affordable Care Act (ACA) created the credit. The American Rescue Plan Act (ARPA), signed...
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It is...
The IRS, U.S. Department of Labor, and Department of Health and Human Services recently issued interim final regulations addressing group health plan coverage of COVID-19 preventive services, including vaccinations and testing. The regulations are effective immediately and will sunset at the end of the COVID-19...
In a Revenue Procedure, the IRS recently provided information regarding the inflation-adjusted maximum dollar amount that may be made for excepted benefit Health Reimbursement Arrangements (HRAs) or other account-based group health plans next year. More specifically, the amount applies to plan years beginning after December...
Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs), and Health Savings Accounts (HSAs, which are usually offered...
The IRS recently announced 2021 indexing adjustments for some critical percentages under the Affordable Care Act (ACA). This makes now a good time to review whether your organization is an applicable large employer (ALE) under the ACA and, if so, whether the health care coverage...
In response to the novel coronavirus (COVID-19) outbreak, many employers have closed all or parts of their operations — and placed all or some employees on temporary unpaid leave in the form of mandatory furloughs. If yours has done so, or is considering it, you...