OOPMax Archives - Employee Benefits I AP Benefit Advisors

IRS Releases 2021 Limits for HSAs

On May 20, 2020, the IRS released Revenue Procedure 2020-32.  It provides the 2021 inflation-adjusted amounts for HSA-qualified high deductible health plans (HDHPs). The inflation-adjusted increases for 2021 are: HSA-Qualified HDHP Self Coverage: Annual deductible must be $1,400 or more in 2021 (up $50 from 2020), and annual out-of-pocket expenses cannot exceed $7,000 (up $100 […]

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ACA Limits, Penalties and Fees – 2014 thru 2020

Employer Shared Responsibility (Employer Mandate) Plan Years 2020 2019 2018 2017 2016 2015 2014 Affordability Safe Harbor Percentage 9.78% 9.86% 9.56% 9.69% 9.66% 9.56% 9.50% Employer Mandate Penalties – Calendar Year Penalties 2020 2019 2018 2017 2016 2015 2014 Tier One: Failure to offer coverage or to offer to 95% of employees (70% for 2015) […]

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ACA Limits, Penalties and Fees – 2014-2019

Employer Shared Responsibility (Employer Mandate) Plan Years 2019 2018 2017 2016 2015 2014 Affordability Safe Harbor Percentage 9.86% 9.56% 9.69% 9.66% 9.56% 9.50% Employer Mandate Penalties – Calendar Year Penalties 2019 2018 2017 2016 2015 2014 Tier One: Failure to offer coverage or to offer to 95% of employees (70% for 2015) $2,500 $2,320 $2,260 […]

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IRS Increases Some HSA Limits for 2019

With IRS Rev. Proc. 2018-30, the IRS provided several new increases to various categories that Individuals and Families may elect into a Health Savings Account (HSA) if they have a compatible HDHP (High Deductible Health Plan). For 2019, the annual contribution limitation for a person with self-only coverage under a high-deductible health plan is $3,500, […]

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IRS Releases 2016 HSA Limits & Specifications

IRS Rev. Proc 2015-30 – increases the Health Savings Account (HSA) maximum annual contribution for 2016 by $100 for families and leaves the single (Employee-Only) contribution at 2015’s level. Corresponding health plans remain the same. The corresponding HDHP plan (per IRC 223(c)(2)(A)) must be a health plan with an annual deductible that is not less […]

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HHS Explains Application of Annual Cost-Sharing Limit to Family HDHP Coverage

From EBIA HHS has posted an FAQ explaining how the annual cost-sharing limit under healthcare reform will affect high-deductible health plan (HDHP) coverage. In the preamble to final 2016 parameters regulations issued last month, HHS established that the cost-sharing limit for self-only coverage should apply to all covered individuals, whether or not they are covered […]

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Implementation FAQs Address Out-of-Pocket Maximums, Preventive Services, Health FSA Carryovers, and More

from EBIA The DOL, IRS, and HHS have jointly issued FAQs Part XIX, addressing implementation of a variety of health care reform provisions. Here are highlights: Out-of-Pocket Maximums. Q/As-2 through -4 address the extent to which certain items must be counted toward the annual limit on out-of-pocket maximums for essential health benefits (EHB), generally applicable to […]

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IRS Releases 2014 HSA Limits

Breaking news!   The Internal Revenue Service has just released the 2014 cost-of-living-adjusted HSA limits.  The following takes effect for calendar year 2014. Annual contribution limits $50 increase (EE Only): The annual limitation on deductions for an individual with employee-only coverage under a high deductible health plan (HDHP) is $3,300 — up $50 from 2013. $100 […]

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