Beware: Next Year, HSA-Compatible HDHPs Cannot Use ACA Out-of-Pocket Limit
Lockton Health Reform Blog
A recent announcement of 2015 inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) does not apply to ACA out-of pocket limits. Increases in health insurance premiums are outstripping increases in the cost of other items. In turn, this widens the gap between ACA cost-sharing limits and maximum HDHP out-of-pocket limits. For full article, click here.
Failure to Address the 90-Day Waiting Period Rule in a Handbook or CBA Can Cause Problems
Mondaq
The 90-day waiting period rule took effect for plan years beginning on or after January 1, 2014, but many plan sponsors have yet to update their work policies (for example, employee handbooks and CBAs) in order to coordinate their provisions with the rule. The full article is available here.
Updated Model CHIP Notice Available for Employers
The Business Key Corporation
Before the start of each plan year, employers in states that provide premium assistance through Medicaid or the Children's Health Insurance Program (CHIP) must notify employees of potential opportunities for assistance in obtaining health coverage. The updated model notice is available here.
Some plans mail the notice separately, but others choose to include the notice in annual enrollment packets. For assistance with the notice, please contact your BSG representative. | |
HSA Contribution Limits and Minimum Deductibles Adjusted for Inflation
Internal Revenue Service
The IRS has released the 2015 inflation adjusted amounts for health savings accounts (HSAs). To be eligible to contribute to an HSA, an individual must be covered under a high deductible health plan (HDHP) and meet certain other eligibility requirements.
Annual Contribution Limitation: For calendar year 2015, the annual limitation on HSA deductions for an individual with self-only coverage under an HDHP is $3,350. The annual limitation on HSA deductions for an individual with family coverage under an HDHP is $6,650.
High Deductible Health Plan: For calendar year 2015, a "high deductible health plan" is defined as a health plan with an annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,450 for self-only coverage or $12,900 for family coverage.
On the Way: Employee Premium Tax Credit Notices from Exchanges
Wolters Kluwer
Employers with employees who obtained health coverage through an Exchange need to have a procedure in place for dealing with notices from the Exchanges regarding premium tax credits. Read full article here.
 Special Alert - FSA with Rollover and HSA Contributions
McGraw Wentworth
A recent IRS memo addresses seven different scenarios related to FSA rollovers and HSA contributions. This is helpful information for employers who want to allow rollovers, but not restrict employees from contributing to an HSA. Read the full article here.
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