Employee Benefits Advisory – November Benefits Buzz

Our November Benefits Buzz is here! Be sure to take a look to learn more about:

  • Latest ACA Repeal Bill Withdrawn
  • New Rules for Disability Benefit Claims May be Delayed

Download Benefits Buzz November

Employee Benefits Advisory – Benefits Bulletin

Where has the year gone? At one of the busiest times of the year, don’t forget to take the time to review the following and ensure you start 2019 on the right foot:

  • Expiration Date Extended for Model Exchange Notices
  • IRS & DOL Provide Guidance on AHPs
  • Limits for HSAs and HDHPs will Increase for 2019
  • Final Rule Expands Short-term Limited Duration Insurance

Download Benefits Bulletin – October

Employee Benefits Advisory – July Benefits Bulletin & Webinar Invite

Happy 3rd quarter! Keep your cool this summer by staying up-to-date on these hot topics:

  • 2019 HSA Limits
  • ACA Affordability Percentages
  • Don’t Forget About PCORI Fees
  • Mental Health Parity Compliance

Download 3rd Quarter Benefits Bulletin

Employee Benefits Advisory – June Benefits Buzz and Webinar

We are officially halfway through 2018! Can you believe it? Time is flying by and changes are happening all the time. Make sure you’re in the loop.

  • Reminder – PCORI due date is July 31
  • IRS Announces Second Change to HSA Family Contribution Limit
  • DOL Releases New Resources for Mental Health Parity Compliance

Download June Employee Benefits Advisory

Owen-Dunn is proud to be your resource for all your employee benefits needs. If you have any questions, feel free to reach out at any time.

Employee Benefits Advisory – May Benefits Buzz

  • Better late than never! Did you miss the April, 2 ACA Reporting Deadline? A penalty of $100 per late return will be charged from now until August 1.
  • The IRS released a new 2018 version of the Employer’s Tax Guide to Fringe Benefits. Significant changes have been made. Employers should work with their tax advisors to implement the changes.

Download the May Benefits Buzz

Owen-Dunn is proud to be your resource for all your employee benefits needs. If you have any questions, feel free to reach out at any time.

IRS Changes Position on H.S.A Family Limit for 2018

The Internal Revenue Service (IRS) has announced relief for taxpayers with family coverage under a High Deductible Health Plan (HDHP) who contribute to a Health Savings Account (HSA). For 2018, taxpayers with family coverage under an HDHP may treat $6,900 as the maximum deductible HSA contribution.

In early March we informed you that, as part of the Tax Cuts and Jobs Act, the IRS reduced the maximum deductible HSA contribution for taxpayers with family coverage under an HDHP by $50, to $6,850.

Subsequently, Revenue Procedure 2018-27, released on April 26, 2018, announces the relief and allows the $6,900 limitation to remain in effect for 2018. Individuals participating in an HSA generally can change their contribution amounts monthly, therefore anyone who changed their contribution to stay within the reduced $6,850 limit may now want to increase their contributions to reach the higher $6,900 limit for 2018.

For more information about the Tax Cuts and Jobs Act enacted in Dec. 2017, visit the Tax Reform page on IRS.gov.

Below you will find a Compliance Bulletin which provides an overview of the H.S.A family contribution. Please give your Benefits Consultant at Owen-Dunn a call if you have any questions or concerns.

Download IRS Compliance Bulletin

Employee Benefits Advisory – Benefits Bulletin

Welcome to Q2! Stay up-to-date on the latest tax and policy changes and industry trends.

  • New IRS Tools for 2018 Tax Withholding
  • IRS Reduces 2018 HSA Limit for Family Coverage
  • HHS’ 5-point Strategy to Combat the Opioid Crisis
  • Key Highlights from the 2017 Health Plan Design Benchmark Summary

Download Q2 Benefits Bulletin

Benefit Advisory – Revised HSA Family Contribution Limit for 2018

On March 5, 2018, the Internal Revenue Service (IRS) released Revenue Procedure 2018-10, a revised H.S.A family contribution limit for 2018. This revision comes as part of the tax reform legislation passed earlier this year.

The revised H.S.A contribution limit for individuals enrolled in family High Deductible Health Plans (HDHP) coverage has been reduced for 2018 and is now $6,850, as opposed to the $6,900 family limit announced by the IRS last May. The contribution limit for those with self-only coverage was not affected and remains at $3,450.

This change is retroactive to January 1, 2018. Therefore, previous contribution elections may need to be adjusted and/or excess contributions that have already been deposited for 2018 (e.g., for those who have already contributed the full amount) will need to be returned.

Other benefit limits, including FSA, Dependent Care, HDHP deductible and out-of-pocket limits were not impacted and remain the same for 2018.

Please see an overview of the H.S.A family contribution reduction below. Don’t hesitate to give your Benefits Consultant at Owen-Dunn a call if you have any questions or concerns.

Download Compliance Bulletin

Employee Benefits Advisory – Two Major Changes This Month

Did you know? There are two major employee benefits changes to note this month.

  • IRS Delays Furnishing Deadline
  • Repeal of the Individual Mandate Penalty

For a more detailed description of the changes and what’s next for you and your business¬†download the February Benefits Buzz.

Employee Benefit Advisory – Spending Bill Delays Several ACA Taxes, Including Cadillac Tax

On Jan. 22, 2018, President Trump signed into law a short-term continuing spending resolution to end the government shutdown and continue funding through Feb. 8, 2018. The continuing resolution delays the following three taxes and fees under the Affordable Care Act (ACA):

The Cadillac Tax: The continuing resolution delays implementation of the Cadillac tax on high-cost group health coverage for an additional two years, until 2022. Due to its unpopularity, there is some indication that this additional delay will lead to an eventual repeal of the Cadillac tax provision altogether.

The Medical Device Excise Tax: The moratorium on the medical device excise tax was also extended under the continuing resolution for an additional two years, through 2019. As a result, the medical devices tax will not apply to any sales made between Jan. 1, 2016, and Dec. 31, 2019.

The Health Insurance Providers Fee: The continuing resolution also provides an additional one-year moratorium on the health insurance providers fee, for the 2019 calendar year. However, this fee continues to apply for 2018.

Given the current, rapidly changing legislative environment, it is important for everyone to be aware of the evolving applicability of existing ACA taxes and fees so that you know how the ACA affects your bottom line.

The ACA Compliance Bulletin below provides an overview of the ACA tax delays.

Download the ACA Compliance Bulletin

Please give your Benefits Consultant at Owen-Dunn a call if you have any questions or concerns.

Owen-Dunn Team
(916) 993-2700