The Internal Revenue Service reminds taxpayers today that the cost of home testing for COVID-19 is an eligible medical expense that can be paid or reimbursed under health flexible spending arrangements (health FSAs), health savings accounts (HSAs), health reimbursement arrangements (HRAs), or Archer medical savings accounts (Archer MSAs).
Cost of Home Testing for COVID-19 is Eligible Medical Expense Read More »
2022 Cost-of-Living Adjustments On May 10, 2021 the Internal Revenue Service (IRS) released Revenue Procedure 2021-25 announcing cost-of-living adjustments (COLAs) applicable to Health Savings Accounts (HSAs) for 2022.
Health Savings Accounts 2022 Read More »
The premium tax credit helps pay for health insurance coverage bought from the Health Insurance Marketplace. Eligible people can choose to have all, some, or none of the estimated credit paid in advance directly to their insurance company on their behalf.
IRS Suspends Requirement to Repay Excess Advance Payments of the 2020 Premium Tax Credit Read More »
The IRS and Congress have provided COVID-19 relief for flexible spending account plans (FSAs).
The Coronavirus Aid, Relief and Economic Security (CARES) Act was intended to provide relief in response to the COVID-19 (Coronavirus) crisis. However, some non-COVID related items were also buried in the bill. These include temporary and permanent changes to:
Coronavirus Insurance and Coverage Changes for HDHPs, HSAs, FSAs and HRAs Read More »
New in 2020, employers that qualify can set up “individual coverage” health reimbursement arrangements (HRAs). Employers will also be able to set up “excepted benefit HRAs.” HRAs involve employee accounts through which employers can reimburse certain health costs.
Health Reimbursement Arrangements Read More »
IRS Issues 2018 Version of Publication 969 on HSAs, HRAs, Health FSAs, and MSAs The IRS has substantially revised Publication 521 (Moving Expenses) to reflect limitations on the moving expense deduction and the exclusion for moving expense reimbursements imposed by the Tax Cuts and Jobs Act.
Limited Moving Expense Deduction Read More »
The Internal Revenue Service reminds eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2019.
Plan now to use Health Flexible Spending Arrangements Read More »