Individuals
On June 1, 2014, same-sex marriage became legal in the state of Illinois. As a result, we wanted to revisit marriage as a qualifying event for health insurance coverage and discuss how account-based health plans are impacted.
Can an individual be covered by more than one “Flex Plan” at the same time?
Yes, Health Care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs) can be combined in certain circumstances.
The Department of Health and Human Services (HHS) issued some new guidance on May 2, 2014 as it relates to Special Enrollment Periods and Hardship Exemptions in the individual marketplace. The new guidance has been summarized below:
How do the annual maximum Health Savings Account (HSA) contribution limits apply to an eligible individual with family High-Deductible Health Plan (HDHP) coverage for the entire year if the family HDHP covers spouses or dependent children who also have coverage by a non-HDHP (e.g. Medicare, Medicaid, HMO)?
On April 23, 2014, the following limits were released by the Internal Revenue Service (IRS) under Revenue Procedure 2014-30 for Health Savings Accounts (HSAs) in 2015.
These limits are updated annually and reflect cost-of-living adjustments.
HSA contribution limits
$3,350 for individual coverage (increased $50 from 2014)
$6,650 for family coverage (increased $100 from 2014)
The Internal Revenue Service (IRS) recently issued long awaited guidance that details how someone can be Health Savings Account (HSA)-eligible the following plan year if they have access to funds that rollover from a Healthcare Flexible Spending Account (FSA) from the previous plan year.
Each year on April 2, the International Foundation of Employee Benefit Plans (IFEBP) champions the effort to recognize all those who participate in the employee benefits industry and their hard work. As an IFEBP member, Flexible Benefit Service LLC (Flex) wants to thank you for your business and remind you to participate in the festivities, as well.
Applies to those who have started the enrollment process and experienced an error
Let José walk you through what a Health Savings Account (HSA) is.
This high-level overview shows some things that HSA money can be used for along with maximum contributions for 2014.
Click through the slides below for the details and feel free to share with a friend.