HDHP
In just a very short period of time, the Coronavirus Disease (COVID-19) is impacting health plans and health care throughout the country. Here are some key examples of recent developments:
It’s no surprise that more and more employers are offering qualified high deductible health plans (HDHPs) to their employees, and some employers are combining Health Reimbursement Arrangements (HRAs) and Health Savings Accounts (HSAs) to alleviate a portion of the deductible and/or out-of-pocket expenses that employees are exposed to. However, you have to be very careful with the HRA plan design in order to preserve HSA eligibility for employees.
President Donald Trump issued an executive order last month aiming to improve price and quality transparency in the healthcare industry.
The Internal Revenue Service (IRS) issued Revenue Procedure 2019-25 last month with information on the Health Savings Account (HSA) and qualified high-deductible health plan (HDHP) limits for 2020.
These limits are updated annually and reflect cost-of-living adjustments.
Each year, the Internal Revenue Service (IRS) makes inflation adjustments to Health Savings Accounts (HSAs) and qualified high deductible health plans (HDHPs). On May 24, 2019, the IRS released Rev. Proc. 2019-25 which included details on the inflation adjustments for 2020.
The table below sumarizes the the HDHP requirements for 2020.
Health Savings Accounts (HSAs) allow eligible individuals to put money aside tax-free to pay for out-of-pocket medical expenses, but HSAs work differently than other tax-advantaged accounts. Here are 10 helpful tips and reminders as the year comes to an end.
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)?
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