This month's Benefits Buzz discusses the newly released health savings account and high deductible health plan limits for 2021, and COVID-19 guidance for Section 125 midyear election changes.
On May 20, 2020, the IRS announced the inflation-adjusted limits for HSAs and high deductible health plans (HDHPs) for 2021. This Legal Update video explains further.
On March 11, 2020, the IRS issued Notice 2020-15, which allows high deductible health plans (HDHPs) to pay for COVID-19 testing and treatment without a deductible. This Legal Update video explains more.
Benefits Bulletin is a quarterly newsletter that covers hot benefit topics in depth. This issue includes information about the health savings account and high deductible health plan limits for 2020, the Trump administration's moves toward better health care price transparency, the upcoming due date for PCORI fees and information about measuring employee engagement.
The IRS has released the inflation-adjusted limits for HSAs and HDHPs for 2020. These limits include: (1) the maximum HSA contribution limit, (2) the minimum deductible amount for HDHPs, and (3) the maximum out-of-pocket expense limit for HDHPs. This Compliance Bulletin shows the new limits for 2020, as compared to the limits for 2019.
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