Did you know your Flexible Spending Accounts (FSAs and DCAs) need Discrimination Testing?
Flexible Spending Accounts (FSAs) and Dependent Care Accounts are valuable employee benefits offered by many employers to assist workers with managing healthcare and dependent care expenses. However, to ensure these accounts comply with regulations and aren’t unfairly advantageous to higher-paid employees, discrimination testing is mandated by the Internal Revenue Service (IRS). Purpose of Discrimination Testing […]
HSA Contribution Limits 2021 IRS
Every year, the IRS updates their Health Savings Accounts (HSA) contribution limits. It’s important to stay up to date with these changes and be aware of how much you could be saving each year for qualified medical expenses. Single Plan HSA Contribution Limits Family Plan Maximum Contribution Limit $3,600 $7,200 Minimum Deductible $1,400 $2,800 Maximum […]
Cadillac Tax Delayed until 2022
Delayed Again but Not Repealed The recent government funding bill included a provision to delay the Cadillac Tax further. The tax is a 40% excise tax on plans with value over certain indexed thresholds. The stopgap funding bill also amends other tax provisions that were part of the Affordable Care Act, such as delaying the […]
