IRS
The Affordable Care Act (ACA) created the Patient-Centered Outcomes Research Institute (PCORI) as a way to help improve clinical effectiveness. The research institute is partially funded by fees charged to health plans, including some Health Reimbursement Arrangements (HRAs) and some Flexible Spending Accounts (FSAs). The fees are payable over a seven year time period and started for the first time last year.
The next round of PCORI fees are due to the IRS by July 31, 2014 and are payable via Form 720 by applicable employers for plan years ending in 2013
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.
Yesterday, IRS officials made a significant announcement that impacts the Employer Shared Responsibility requirements, also known as the Employer Mandate. New guidance issued by the IRS confirms that a new phased approach will be utilized to implement it.
The new approach has 3 significant changes to the previously written rules:
The initial Patient-Centered Outcomes Research Institute (PCORI) fee for plan years ending after September 30, 2012 will be payable by July 31, 2013. Employers are required to pay this fee on plans that are considered to be self-insured.
Insurance companies will pay the PCORI fee on fully insured plans. However, the updated Form 720 in which the fees are paid gives the impression that employers are also responsible for this fee on fully insured plans.
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