As we have done the past several holiday seasons, Sterling and our employees are donating to food banks in our markets throughout the country as a way of saying thanks to our members, clients and partners.
This year, for every new fan who likes our Facebook page – or current fan who posts a comment – we will donate $1, up to $5,000 in total, to support the following organizations selected by our employees. Two are also Sterling clients:
Like us on Facebook today and access information and resources on financing your healthcare, health & wellness tips, and more. And look for photos later this month as we present our donations in your honor.
Thank you for helping us put food on the table for many in need this holiday season.
In our latest video, the Director of Human Resources at the Los Angeles Mission discusses the benefits they’ve seen from their Health Savings Account program with Sterling Administration.
Learn more about HSAs and Sterling Administration. Watch HSAs: Client Success Story here.
The Internal Revenue Service announced the following new benefit plan limits for 2015. In addition, the IRS just issued an important change to Section 125 Cafeteria Plans. We’re notifying FSA clients about this change now.
Health Savings Account (HSA) Limits
- 2015 HSA contribution limits are $3,350 for self-only coverage and $6,650 for family coverage.
- High deductible health plan deductibles are $1,300 for individuals and $2,600 for families. Out-of-pocket expenses cannot exceed $6,450 for individuals and $12,900 for families.
Flexible Spending Account (FSAs) Limits
- Healthcare FSA: The annual maximum for Healthcare FSAs has increased from $2,500 to $2,550 for 2015.
- Dependent Care FSA: At this time, the IRS has not released information on contribution limit changes to these plans.
- Transit & Parking FSA: Contribution limits remain unchanged for 2015. The monthly limits are $250 for parking, $130 for transit and $20 for bicycle commuting.
IRS Issues Notice 2014-55 Allowing Additional Permitted Election Changes to Health Coverage Under Section 125 Cafeteria Plans
The IRS just issued Notice 2014-55 to expand the permitted election rules for health coverage under a Section 125 cafeteria plan. There are now two situations in which a Section 125 cafeteria plan participant is permitted to revoke her/his election during a period of coverage:
- The first situation involves a participating employee whose hours are reduced so that the employee is expected to average less than 30 hours of service per week, but for whom the reduction does not affect the eligibility for coverage under the employer’s group health plan.
- The second situation involves an employee participating in an employer’s group health plan who would like to cease coverage under the group health plan and purchase coverage through a competitive marketplace established by the ACA Exchange or Marketplace.
We are in the process of notifying FSA clients regarding amendment to their plan documents, if they choose. Read more about this change in this release from the IRS.
Please contact us if you have questions or need more information.
The IRS has released its Health Savings Account (HSA) contribution limits for 2015.
For individuals, the 2015 limit will be $3,350 (it’s $3,300 in 2014) and for families the 2015 limit will be $6,650 (it’s $6,550 in 2014). Individuals 55 and over may contribute $1,000 more as a “catch up” contribution.
Learn more about Health Savings Accounts.