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Tuesday, 31 January 2023 00:53

HSA Basics

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Investing in a health savings account (HSA) is a rapidly growing trend. An HSA is a tax-exempt savings account used to pay for qualified out-of-pocket medical expenses of an individual, their spouse and dependents.
Tuesday, 31 January 2023 00:41

Telehealth Safe Harbor Extended

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In December, the Consolidated Appropriations Act 2023 was released, passed by Congress and signed into law by President Biden. One section of that omnibus budget law is known as Telehealth Safe Harbor. This new safe harbor is identical to both the prior safe harbors, except that it marries both the plan year approach of the CARES Act with the calendar year approach of the CAA. Both calendar and non-calendar year plans will be able to take advantage of the relief. 
An automatic 30-day extension to furnish the forms to employees. (Deadline will now be March 2, 2023, to furnish Forms 1095-C to individuals)

The deadline to file the Forms 1094-B or C and 1095-B or C with the IRS will remain February 28 for paper filings and March 31 if filed electronically.

Applicable Large Employers are still required to furnish Form 1095-C to their full-time employees. They must also complete Part III if the employee is enrolled in self-insured or level funded coverage.

The Colorado Department of Labor and Employment (CDLE) released finalized private plan rules for PFML in October. Here are the major updates and changes:

The 2023 contribution limit for Healthcare Flexible Spending Accounts (FSAs) is increasing to $3,050, an increase of $200 from 2022. The maximum carryover amount that employers may implement also increases to $610 (20% of the contribution limit).

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