News
HSA Contribution Limits Unchanged for 2011
June 01, 2010
The IRS announced that contribution limits to a Health Savings Account (HSA) will not change from 2010 to 2011.
2010 and 2011 maximum contributions are:
Individual coverage: $3,050
All other coverage levels: $6,150
The minimum deductibles and maximum out of pocket maximums for ...
Health FSA Maximum Contribution Set at $2,500
April 21, 2010
Starting in 2013, the health care reform law caps annual FSA contributions at $2,500 per year. In the past, there was no maximum contribution amount for medical FSAs, although many employers limited contributions to $4,000 or $5,000 per year.
Over the Counter Medications No Longer Eligible without a Prescription
April 21, 2010
Beginning January 1, 2011, participants will no longer be able to use tax-advantaged money from an FSA, a health savings account or a health reimbursement account for over-the-counter drugs that are not prescribed by a doctor.
Debit Cards allowed for use with FSAs and HRAs
July 31, 2006
Rev. Rul 2003-43 addresses the use of cards to reimburse participants in health FSAs and HRAs. The ruling describes three situations in which employers adopt electronic reimbursement systems in connection with health FSAs and HRAs. In each of the three situations, employees who ...
IRS Notice 2005-42
January 01, 2005
IRS allows 2.5 month grace period to spend down unused funds in FSAs.
The FSA Grace Period is an extended period of coverage at the end of every plan year that gives participants extra time to incur expenses to use their remaining Flexible Spending Account balance after the close ...