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Showing posts with the label HSA

Can I use my HSA for telemedicine? Telemedicine HSA eligibility clarified

Telemedicine has made significant strides, reshaping how healthcare is delivered and making medical services more accessible. With the recent surge in its popularity, it's crucial to understand how implementing this benefit could impact your business and your employees' health savings accounts (HSAs). For HR professionals, employers and plan sponsors, knowing the intricacies of telemedicine’s influence on HSA eligibility is essential.  [Download the entire story] to access links and charts from the IRS on HSA eligibility requirements and HSA-compatible coverage types. For a summary, read on.  The intersection of telemedicine and HSA eligibility  Did you know that offering a telemedicine benefit could affect an employee's eligibility for HSA contributions? The IRS has yet to issue direct guidance on this topic; however, general rules governing HSA contributions can help inform your decisions. The structure of your telemedicine benefit could determine whether it is conside...

Increased Civil Penalty Amounts for SBC, MSP, HIPAA Violations

Heads up healthcare professionals and group health plan administrators!   The U.S. Department of Health and Human Services (HHS) announced significant increases in civil penalties for Summary of Benefits and Coverage (SBC), Medicare Secondary Payer (MSP) and HIPAA violations as of Aug. 8. These adjustments, made to keep up with inflation, underscore the importance of complying with federal requirements.  The stakes have never been higher. Whether you're navigating adjustments in penalties ranging from $1,406 to $71,162, or ensuring your compliance protocols are airtight, this update is critical for anyone managing group health plans.  Dive into the full post to get a comprehensive overview of these changes, understand how they could impact your organization and learn how to safeguard against potential violations. Don’t wait — download the full story now to stay ahead of the curve !  Have questions? Contact us  TruePlan Benefit and Retirement Advisors focus...

Open Enrollment 2025: Health Savings Accounts (HSAs)

Maximize your benefits with our 2025 open enrollment guide  As open enrollment approaches, what are you doing as an employer to ensure your employees are prepared? If your organization is currently sponsoring a high-deductible health plan (HDHP) compatible with HSAs, it's the perfect time to explore ways to keep your employees up to date.  Our full guide, Open Enrollment 2025 - Health Savings Accounts (HSAs) , covers everything you need to know, including:  how to communicate HSA rules to employees;  updating HDHP design; and  helpful IRS links and resources.  Download it today to unlock your HSA's full potential for 2025!   Want open enrollment communication resources?  Once you understand the compliance aspects of HSAs and HDHPs, you can start to learn effective ways to communicate open enrollment. Check out our blog on how to get the most out of your open enrollment communications. Then, dive into eight tips for effective open enrollment commu...

June 2024 Benefits Buzz: 2025 HSA/HDHP limits and HIPAA privacy changes

HSA/HDHP limits will increase for 2025  On May 9, the IRS released Revenue Procedure 2024-25 to provide the inflation-adjusted limits for health savings accounts and high-deductible health plans for 2025. The IRS is required to publish HSA/HDHP limits by June 1 each year. These limits include:  the maximum HSA contribution limit;  the minimum deductible amount for HDHPs; and  the maximum out-of-pocket expense limit for HDHPs.  These limits vary based on whether an individual has self-only or family coverage under an HDHP.  Eligible individuals with self-only HDHP coverage will be able to contribute $4,300 to their HSAs in 2025, up from $4,150 in 2024. Eligible individuals with family HDHP coverage will be able to contribute $8,550 to their HSAs in 2025, up from $8,300 in 2024. Individuals age 55 or older may make an additional $1,000 “catch-up” contribution to their HSAs.  The minimum deductible amount for HDHPs increases to $1,650 for self-only cover...

April 2024 Benefits Buzz: ERISA enforcement results and IRS updates

DOL releases ERISA enforcement results for 2023  The U.S. Department of Labor released the results of the Employee Benefits Security Administration’s enforcement actions for fiscal year 2023.  Through its enforcement of ERISA, EBSA oversees approximately 2.8 million health plans, 765,000 pension plans and 619,000 other welfare benefit plans. According to the audit, these plans cover 153 million workers, retirees and dependents.  In FY 2023, EBSA recovered over $1.4 billion for plans, participants and beneficiaries. Other key enforcement results include:  EBSA closed 731 civil investigations. Of these, 69% resulted in monetary results for plans or other corrective actions.  EBSA referred 50 cases for civil litigation and closed 196 criminal investigations.  EBSA’s criminal investigations led to the indictment of 60 individuals for offenses related to employee benefit plans. This included plan officials, corporate officers and service providers.  EBSA’s...

HSA and HDHP limits will increase for 2024

On May 16, the IRS released  Revenue Procedure 2023-23 , which provides the inflation-adjusted limits for health savings accounts and high-deductible health plans for 2024. The IRS is required to publish these HSA and HDHP limits by June 1 of each year. These limits include: the maximum HSA contribution limit; the minimum deductible amount for HDHPs; and the maximum out-of-pocket expense limit for HDHPs. These limits vary based on whether an individual has self-only or family coverage under an HDHP. Eligible individuals with self-only HDHP coverage will be able to contribute  $4,150  to their HSAs for 2024, up from $3,850 for 2023. Eligible individuals with family HDHP coverage will be able to contribute  $8,300  to their HSAs for 2024, up from $7,750 for 2023. Individuals age 55 or older may make an additional $1,000 “catch-up” contribution to their HSAs. The minimum deductible amount for HDHPs increases to  $1,600  for self-only coverage and  $3...

Benefits Buzz - June 2023

  HSA/HDHP limits increase for 2024 On May 16, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts and high-deductible health plans for 2024. The IRS is required to publish these limits by June 1 of each year. These limits include: the maximum HSA contribution limit; the minimum deductible amount for HDHPs; and the maximum out-of-pocket expense limit for HDHPs. These limits vary based on whether an individual has self-only or family coverage under an HDHP. Eligible individuals with self-only HDHP coverage will be able to contribute $4,150 to their HSAs in 2024, up from $3,850 in 2023. Eligible individuals with family HDHP coverage will be able to contribute $8,300  to their HSAs in 2024, up from $7,750 in 2023. Individuals aged 55 or older may make an additional $1,000 “catch-up” contribution to their HSAs. The minimum deductible amount for HDHPs increases to $1,600 for self-only coverage and $3,200 for family cov...

Everything You Need to Know About Using Health Savings Accounts

A health savings account can help pay for eligible medical expenses not covered by an insurance plan, including the deductible, coinsurance and even health insurance premiums in some cases. HSAs can be funded with your tax-exempt dollars, by your employer, by a family member or by anyone else on your behalf. When it comes to using an HSA, many questions arise, such as: What expenses are eligible for tax-free reimbursement from my HSA? Are dental and vision care qualified medical expenses under an HSA? What medical expenses are not eligible for tax-free reimbursement from my HSA? Get the answers to these questions and more in two Know Your Benefits articles: Frequently Asked Questions About Using HSAs and Understanding a Health Savings Account .   For more information about  employee benefits, our services and products , contact HANYS Benefit Services by email  or call 800.388.1963. These Know Your Benefits articles are provided by HANYS Benefit Services and are to be u...

What is a Health Savings Account (HSA)?

Many factors go into employees choosing the right health plan for themselves and their families. Health savings accounts (HSAs) are tax-advantaged savings accounts that accompany high deductible health plans (HDHPs). Dollars from the account can help pay for eligible medical expenses not covered by an insurance plan, including the deductible, coinsurance and more. They are a great way to save money and efficiently pay for medical expenses. How do employees know if an HSA is right for them? This HSA employee guide provides details on what an HSA is, how it works, and the benefits of having one. It also includes a few HSA case studies to clarify how an HSA could benefit people in various life stages and circumstances. It is a great resource to provide your employees on health savings accounts. Are you introducing health savings accounts to your workforce? We’ve got you covered with a HSA introduction presentation . Download a copy of the HSA guide and HSA introduction presentation tod...