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WHAT CAN WE HELP YOU WITH TODAY?

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Table of contents
 1. News Updates
 2. COVID-19 Updates

Making open enrollment decisions? Read our HSA Open Enrollment guide to learn
more about how an HSA works.

 * Individuals/Employees
 * Employers
 * Brokers/Agents

New to this site? Here's a quick introductory video. 

 * NEWS UPDATES
   
   2022 Limits for HDHPs and HSA Contributions Announced - 5/11/2021 The IRS
   announced the following 2022 limits for high deductible health plans (HDHPs)
   and health savings accounts (HSAs).
   
   In 2022, individual HSA contribution limits will rise to $3,650; the family
   HSA contribution limit will rise to $7,300.
   
   The HDHP minimum deductible limit for individual coverage will stay the same
   in 2021 at $1,400, with family coverage remaining at $2,800. Additionally,
   the HDHP maximum out-of-pocket expenses will change under this provision. For
   individuals, it changes to $7,050 and for families, $14,100.
   
   These limits become effective January 1, 2021. IRS Announces Extension of HSA
   Contribution Deadline - 3/17/2021 The IRS extended the federal tax return
   filing deadline from April 15, 2021 to May 17, 2021, according to an
   announcement on March 17th.
   
   The federal tax return filing date extension also applies to Form 1040 and
   allows HSA account holders to make HSA contributions for the 2020 tax year
   until May 17. Three states affected by the winter storms, Texas, Oklahoma,
   and Louisiana, were granted an additional extension. The filing date for
   5498s has been extended to June 30, 2021. IRS Announces 2021 FSA and TRA
   Limits - 10/29/2020 The IRS announced FSA limits for 2021 would remain at
   $2,750.
   
   However, the IRS also announced that the annual maximum carryover will be
   increased to $550 (a $50 increase from the previous $500 limit).
   
   Additionally, the IRS did not increase TRA maximum benefits. They will remain
   at a maximum of $270 for the 2021 tax year. 2021 Limits for HDHPs and HSA
   Contributions Announced - 5/22/2020 The IRS announced the following 2021
   limits for high deductible health plans (HDHPs) and health savings accounts
   (HSAs).
   
   In 2021, individual HSA contribution limits will rise to $3,600; the family
   HSA contribution limit will rise to $7,200.
   
   The HDHP minimum deductible limit for individual coverage will stay the same
   in 2021 at $1,400, with family coverage remaining at $2,800. Additionally,
   the HDHP maximum out-of-pocket expenses will change under this provision. For
   individuals, it changes to $7,000 and for families, $14,000.
   
   These limits become effective January 1, 2021. What the Cadillac Tax Repeal
   Means for Employers - 12/20/2019 In December, 2019, President Trump signed
   spending legislation that will repeal of an excise tax on high-cost health
   plans, known as the Cadillac Tax. The Cadillac Tax, which was scheduled to
   take effect in 2022, would have imposed a 40 percent excise tax on employer
   health plans, deemed by many to be too generous.
   
   Are you curious what this could mean for you and your employees? At Further,
   we have been working hard to bring awareness to this tax and advocate for the
   repeal on behalf of our partners and clients. With the Cadillac Tax repeal,
   effective December 21, 2019, employees will continue to have access to their
   health spending and savings accounts that they rely on to pay for care today,
   and employers can continue to offer great health benefits without the worry
   of potential taxes.
   
   At Further, our mission is to provide resources and tools to our members that
   empower them to spend every day wisely. There are many online sources that
   provide more background on this tax, including information from the National
   Association of Health Underwriters and the Tax Policy Center. IRS Releases
   2020 FSA and TRA Limits - 11/7/2019 Issued Wednesday November 6, 2019, the
   IRS has raised the Flexible Spending Account (FSA) limit to $2,750 for 2020.
   Additionally, Transportation Reimbursement Account (TRA) expense limits for
   parking and transit have been set at $270/month.
   
   For groups that already set their contribution limits to the 2019 amount
   ($2,700), Further will automatically update that amount to the new 2020 limit
   of $2,750 unless notified otherwise within the next 30 days. New California
   law requires FSA employers to notify employees of withdrawal deadlines -
   10/22/2019 California has enacted a law that requires employers with flexible
   spending accounts (which includes health FSAs, dependent care or adoption
   assistance FSAs) to notify account participants of any deadline(s) to
   withdraw funds before the end of the plan year.
   
   The law will go into effect on January 1, 2020.
   
   The law does not give insight into when the required notices are to be
   provided but notes the notice must be provided in two different forms, one of
   which may be electronic. Permitted forms of notice include (but are not
   limited to) email, telephone, text message, postal mail or an in-person
   notification.
   
   The Employee Retirement Income Security Act (ERISA) likely preempts the law
   as applied to health FSAs that are under ERISA. DCAPs and adoption assistance
   FSAs are rarely subject to ERISA, nor are health FSAs that are governmental
   or church plans; the law is potentially applicable to these programs. Groups
   are advised to work with benefit counsel to determine if compliance is
   required.
   
   More information on this new law can be found on the California Legislative
   Information site here.
   
   If you have additional questions about these changes or impacts, please
   contact a Further representative. HDHP Preventive Care Benefits Expanded -
   7/17/2019     On July 17, 2019, the IRS issued guidance that expands health
   savings account (HSA) qualified expenses. HSAs will now cover additional
   services and items used to treat chronic conditions, such as preventative
   care. This guidance expands the list of preventative care benefits covered by
   high deductible health plans (HDHPs) under section 223(c)(2) of the Internal
   Revenue Code (Code).
   
   The change took effect on July 17, 2019.
   
   The list of approved preventive care items and details regarding the notice
   are provided here. On Oct. 12, President Donald Trump signed an executive
   order that directs federal regulators to issue new rules regarding health
   reimbursement arrangements (HRAs), association group health plans, and
   short-term health policies. President Trump has asked agencies to issue new
   regulations broadening the use and availability of HRAs, specifically
   allowing for non-group HRAs. The agencies have 120 days to issue proposed
   regulations.
   
   Currently, the existing rules surrounding HRAs have not changed. Further is
   continuing to monitor events.

 * COVID-19 UPDATES
   
   Further white paper detailing COVID-related spending account changes
   available for download - 6/14/2021 Passed in March 2020, the Coronavirus Aid,
   Relief, and Economic Security (CARES) Act was the first piece of federal
   legislation addressing the impact of the COVID-19 pandemic. This act included
   important provisions for health spending accounts, including expanding the
   list of eligible expenses that qualify for reimbursement to include
   over-the-counter medications.
   
   Since then, Congress, the IRS and the DOL have made several regulatory
   changes and announcements to address the continued impact of the COVID-19
   virus. Read our white paper to learn more. American Rescue Plan Act of 2021
   (ARPA) Increases DCAP Maximum - 3/24/2021 On March 11, 2021, the American
   Rescue Plan Act of 2021 (ARPA) was signed into law. This law increases the
   maximum amount that may be excluded from an employee’s gross income in 2021
   under a dependent care assistance program (DCAP).
   
   The DCAP maximum amounts increased from $5,000 to $10,500 for married parents
   filing taxes jointly or for single parents, and from $2,500 to $5,250 for
   married parents filing separately per calendar year. Please note that these
   limits apply to the 2021 tax year, and that non-calendar year plan
   participants should take this into consideration when making annual
   elections. DOL Releases Guidance on Financial Account Runout Extensions -
   3/23/2021 On February 26, 2021, the Department of Labor (DOL) released
   guidance on the duration of the spending account changes provided in earlier
   disaster relief efforts. In summary, the guidance indicates the end of the
   runout period will be extended by one year. This impacts employees with FSA,
   HRA and HIA accounts. DOL Releases Guidance on Extended COBRA Deadlines -
   2/27/2021 On February 26, 2021, the Department of Labor (DOL) released
   guidance that extended COBRA deadlines due to disaster relief efforts. The
   guidance indicates “reasonable accommodations” should be allowed for
   individuals with an election window/payment extension deadline that may have
   expired. It did not define reasonable accommodation.
   
   The American Rescue Plan Act (ARPA) includes a 100% subsidy of COBRA coverage
   for “assistance eligible individuals” (AEIs). The subsidy is available to
   AEIs from April 1, 2021, through September 30, 2021. DOL Releases Guidance on
   Extended COBRA Deadlines - 2/27/2021 On February 26, 2021, the Department of
   Labor (DOL) released guidance that extended COBRA deadlines due to disaster
   relief efforts. The guidance indicates “reasonable accommodations” should be
   allowed for individuals with an election window/payment extension deadline
   that may have expired. It did not define reasonable accommodation.
   
   The American Rescue Plan Act (ARPA)includes a 100% subsidy of COBRA coverage
   for “assistance eligible individuals” (AEIs). The subsidy is available to
   AEIs from April 1, 2021, through September 30, 2021. COVID-19 Relief Bill,
   Consolidated Appropriations Act (CAA), Impacts FSA Plans - 12/29/2020 The
   COVID relief bill, the Consolidated Appropriations Act (CAA), 2021, was
   signed into law on Sunday, December 27, 2020. The legislation includes
   several items that impact medical flexible spending accounts (FSAs) and
   dependent care assistant plan (DCAP) accounts.
   
   The changes include a carryover extension and grace period adjustment. It
   also allows medical FSA participants who terminated during the 2020 or 2021
   plan year to spend down their unused balances for expenses incurred through
   the end of the plan year in which the termination occurred. For FSA and DCAP,
   the bill allows the option for plans to allow a prospective change in
   election amounts for plan years ending in 2021 without a corresponding change
   in status event. Finally, the bill increased the maximum age of eligible DCAP
   dependents by one year, which allows employees to use their DCAP to pay for
   dependent care up to the age of 14.
   
   Employers will need to determine whether to amend their plan document due to
   the COVID relief legislation and are able to do so until December 31, 2022
   for 2021 plan yar changes.
   
   Our webinar featuring Further’s Chief Compliance Officer Ryan McArton, covers
   the bill and what employers should consider before choosing to amend their
   plan. CARES Act Expands Eligible Expenses to Include OTC and Feminine Hygiene
   Products - 3/27/2020 The Coronavirus Aid, Relief, and Economic Security
   (CARES) Act was signed into law on Friday, March 27th. One component of the
   law was an expansion of products eligible for reimbursement from health
   savings accounts (HSAs) and medical flexible spending accounts (FSAs).
   
   Changes include the addition of over-the-counter (OTC) drugs and medicines,
   which previously were only eligible for reimbursement with a prescription.
   Additionally, feminine hygiene products such as tampons, pads, liners, cups,
   and sponges are now eligible as well. Members may use an HSA or FSA to
   purchase those items, or file reimbursement claims. These are permanent
   changes.
   
   The CARES Act also addressed telehealth accessibility. We encourage those
   interested in telehealth to check with your health plan provider to see what
   your coverage is.
   
   For more information on the COVID-19 pandemic and the effect on spending
   accounts, visit our COVID-19 FAQ guide. IRS Extends HSA Contribution Deadline
   to July 15, 2020 - 3/20/2020 On March 20, in response to the COVID-19
   pandemic, IRS Notice 2020-17 extended the federal tax filing deadline by
   three months to July 15, 2020. Included with that, health savings account
   (HSA) holders now have until July 15 to make contributions to their HSA and
   count toward their 2019 contribution totals.
   
   The 2019 maximum HSA contributions are $3,500 for those with individual plans
   and $7,000 for those with family plans. If the member is 55 years old or
   older, the member can contribute an additional $1,000 toward their HSA for
   either an individual or family plan.
   
   For more information on the COVID-19 pandemic and the effect on spending
   accounts, visit our COVID-19 FAQ guide. IRS Allows HDHP Compatibility With No
   Cost for COVID-19 Plan Coverage - 3/12/2020 On Wednesday, March 11, the IRS
   released Notice 2020-15 that states high deductible health plan (HDHP)
   participants will not lose eligibility if their health plan provides testing
   and treatment of the coronavirus (COVID-19) at no cost or with a deductible
   below the minimum HDHP deductible.
   
   The Notice is in response to nationwide preparation of COVID-19, including
   many health plans announcing coverage for testing and treatment.
   
   More information about this Notice can be found on the IRS website.

 


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