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The rules on how expenditures for over-the-counter drugs are reimbursed and governing health flexible spending account balances still unused at the end of the year could change if a bill the House passed on June 7 is enacted. In a 270-146 vote, the House approved H.R. 436, the Health Care Cost Reduction Act of 2012. […]
Employers and plan administrators that find the over-the-counter drug rules put in place by the health care reform law to be onerous may have relief, if the Ways and Means Committee has its way. The committee on May 31 in a 24-9 vote ordered H.R. 5842, the Restoring Access to Medication Act, reported to the […]
Employers and plan administrators that offer health flexible spending accounts have been bracing themselves for Jan. 1, 2013. That’s when the $2,500 limit on health FSA salary reduction contributions provided for in the Patient Protection and Affordable Care Act kicks in. The IRS on May 30 issued Notice 2012-40, which provides guidance on the limit, […]
Employers with high-deductible health plans (HDHPs) that make it possible for employees to open health savings accounts (HSAs) have plenty of lead time to prepare for 2013. The IRS on April 27 issued Revenue Procedure (Rev. Proc.) 2012-26, which contains the HSA and HDHP limits for calendar year 2013. The HSA annual limits and the […]
Employers can give employees up to 2½ months after the end of the plan year to spend unused money in their flexible spending accounts (FSAs). Since so many plans have a calendar-year basis for their plan years, many employers and plan administrators that chose to grant the grace period are handling claims from last year […]
Many employers provide some sort of benefits for employees’ dependents. These can take many forms. Some are benefits that do not require expenditure of much, or any, money and which are not taxed. Other benefits for dependents, however, may entail more significant expenditures and have to be provided under specific rules in order to not […]
By Rich Glass. The IRS is hitting the ground running. Just a few days into 2012, we received Notice 2012-09, which addresses reporting health care coverage costs on Forms W-2. Following are a nine more things that Glass says we can expect from the federal government this year. Affordable Care Act (ACA), Part I: Health […]
Your employees might be disappointed when they learn their tax exempt transit benefits are no longer $230 next month. Commuter benefits for mass transit are a top benefit offered by companies. But the monthly $230 cap for mass transit is set to be cut nearly in half to $125 a month in just six days – […]
On Jan. 1, employers in San Francisco will have to make sure that employee health reimbursement accounts the city requires them to fund are available to employees for two years, not just one. Amendments to the Health Care Security Ordinance (HCSO) add to the requirements the city already has in place to establish access to universal […]
Flexible spending accounts (FSAs) are a common feature of employee benefit plans. But why would an employer offer an FSA plan to its employees? Well, it’s extra money in your workers’ pockets that you and your employees probably don’t want to leave lying on the IRS’ table. Karen Kirkpatrick, senior compliance adviser for Infinisource, explained […]