Your family finances matter to you and to us.
We help make sure you aren’t paying too much from your HSA, FSA or HRA by offering a free service to review your EOB. Our expert staff reviews the documentation that you provide, looking for appropriate charges and areas where you may be entitled to discounts.
You can learn more here or contact us at 800.617.4729 or firstname.lastname@example.org.
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.
New Healthcare Flexible Spending Account (FSA) regulations allow employers to choose an optional rollover of up to $500 to the next plan year so employees no longer face the “use it or lose it” rule up to this amount. Setting up a Healthcare FSA for employees and funding it with at least the $500 rollover amount is a great way to take care of employees and take advantage of tax savings. Of course one can choose the traditional Healthcare FSA set-up as well with increased funding.
Plus, Sterling can:
- Set up the Healthcare FSA mid-year, short plan year
- Coordinate the Healthcare FSA with health savings accounts and health reimbursement arrangements
And we offer:
- Online enrollment, making it easy and fast for employees to participate
- IIAS compliant debit cards
- Expert claims processing and compliance services to protect employers and employees
- Online account management tools
Contact your Sterling sales representative today for more information about the $500 Healthcare FSA and all of our services, including HSA, HRA, FSA (full suite), POP, COBRA, ERISA and PPACA compliance.
Are you an employer with employees in the greater San Francisco Bay Area? If so, you need to know about the new Bay Area Commuter Benefits Program and how to comply.
Effective September 2014, a new law requires employers with 50 or more employees located in the greater Bay Area to provide commuter benefits to their employees. More information and a link to a site where employers must register can be found here.
An easy way to comply is by setting up a transit & parking FSA through Sterling. We’ve administered these plans for years and can quickly help you.
▶ We must have your information by September 1, 2014 to meet this deadline.