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IRS Releases 2021 HSA Contribution Limits and HDHP Deductible and Out-of-Pocket Limits

In Rev. Proc. 2020-32, the IRS released the inflation adjusted amounts for 2020 relevant to HSAs and high deductible health plans (HDHPs).  The table below summarizes those adjustments and other applicable limits.   2021 2020 Change Annual HSA Contribution Limit (employer and employee) Self-only: $3,600 Family: $7,200 Self-only: $3,550 Family: $7,100 Self-only: +$50 Family: +$100 …

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Carrier Premium Credits and ERISA Fiduciary Obligations

Due to COVID-19 and state and local stay-at-home orders, utilization of group medical and dental insurance benefits is down.  As a result, some carriers recently notified employers that they will be issued premium credits. When asking how these premium credits should be treated by the employer, we often compare then to the ACA’s medical loss …

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IRS Relaxes Election Change, Other Rules for Cafeteria Plans and FSAs

As the country continues to feel the impact of the COVID-19 National Emergency declared by President Trump on March 13, 2020, the IRS has provided some much-needed guidance and relief for employees.  On May 12, 2020, the IRS issued Notices 2020-29 and 2020-33, which, among other things, extend the claims period for health flexible spending arrangements …

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Employer Insurance Premium Payment Grace Periods & Premiums Returned to Employers Inadvertent ERISA Issues

During this pandemic, many employers are having to curtail operations and are going through the difficult process of finding cost-saving measures because of the sudden reduction in revenue caused by the various COVID-19 related state and local government orders. Many carriers are allowing, and some states are requiring insurance policies to remain in force even …

Read moreEmployer Insurance Premium Payment Grace Periods & Premiums Returned to Employers Inadvertent ERISA Issues