Medical Insurance

Cost of Home Testing for COVID-19 is Eligible Medical Expense

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).

Health Savings Accounts 2022

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 Reimbursement Arrangements

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.

Limited Moving Expense Deduction

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.

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