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IRS Announces 2021 Limits for Health Savings Accounts and High-Deductible Health Plans

The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs) for 2021. Some of the dollar limits currently in effect for 2020 will change for 2021. Access a table comparing the applicable dollar limits.

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IRS Expands Scope of Preventive Care Under Health Savings Account Rules

A new IRS notice will allow many with chronic health conditions who participate in high-deductible health plans (HDHPs) with health savings accounts (HSAs) to receive necessary care that may otherwise be out of financial reach. The notice expands the list of preventive care benefits that can be covered by an HDHP prior to a participant meeting the minimum deductible without disqualifying them from making or receiving HSA contributions. Access the full article.

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IRS Announces 2020 Limits for Health Savings Accounts and High-Deductible Health Plans

The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the applicable dollar limits for health savings accounts and high-deductible health plans for 2020. Nearly all of the dollar limits currently in effect for 2019 will change for 2020. See a comparison of the applicable dollar limits for HSAs and HDHPs for 2019 and 2020. Access the full article.

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IRS Announces Limits for Health Savings Accounts and High-Deductible Health Plans for 2019

On May 10, 2018, the IRS announced cost-of-living adjustments to the applicable dollar limits for health savings accounts and high-deductible health plans for 2019. Many of the limits will change for 2019. Access the full article.

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Update: IRS Announces Employee Benefit Plan Limits for 2018

On Monday, November 27, 2017, the Social Security Administration announced (announcement here) that the it is lowering the maximum amount of earnings subject to the Social Security tax for 2018 to $128,400.  The Social Security Administration had previously announced the amount as $128,700.  The revision is the result of updated wage data reported to Social Security.  Our On The Subject article has been updated to reflect the lower amount.

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IRS Announces Employee Benefit Plan Limits for 2018

The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2018. Although some of the dollar limits currently in effect for 2017 will remain the same, the majority of the limits will experience minor increases for 2018. Continue reading.

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The Basics of Health Savings Accounts and Health Flexible Spending Accounts

In a recent webinar, Jake Mattinson and Sarah Raaii discussed the basics of health savings accounts (HSAs) and health flexible spending accounts. They provided an overview of the various regulations surrounding HSA, such as eligibility requirements, high deductible health plans, and contributions and distributions, and cafeteria plans. Additionally, they analyzed the differences between HSAs and Health FSAs and HRAs. View the full presentation.

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IRS Announces Employee Benefit Plan Limits for 2015

The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans for 2015. Although many dollar limits currently in effect for 2014 will change, some limits will remain unchanged for 2015. Read the full article.

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IRS Announces Employee Benefit Plan Limits for 2014

The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans for 2014. Although many dollar limits currently in effect for 2013 will change, some limits will remain unchanged for 2014. This On the Subject provides a chart of these 2014 cost-of-living changes. To read the full article, click here.

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New Guidance on Form 8889 for Health Savings Accounts

by Amy M. Gordon and Susan Nash The Internal Revenue Service (IRS) has released the 2012 version of Form 8889 (Health Savings Accounts [HSA]) and its Instructions.  The Form 8889 is filed by HSA holders as an attachment to the IRS Form 1040.  The Form 8889 is generally used to report contributions and distributions to and from the HSA.  The 2012 versions of the form and instructions are substantially similar to the 2011 versions, however the 2012 form and instructions have been updated to include the 2012 contribution limits, and to reflect that qualified HSA distributions from health flexible spending accounts (FSA) or health reimbursement accounts (HRA) are no longer permitted.  Please note the 2012 HSA contribution limits are $3,100 for an individual and $6,250 for a family.  

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