Welfare Benefit Plan ERISA News
August 2015

 
2016 Limits for HSAs and HDHPs
The IRS has released the 2016 limits affecting Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs).
The HSA contribution limit for an individual with self-only HDHP coverage remains at $3,350 for 2016; however the contribution limit for an individual with family coverage will increase to $6,750. These limits do not include the additional annual $1,000 catch-up contribution amount for individuals age 55 and older, which is not subject to cost-of-living adjustments.
The minimum deductible for an HSA compatible HDHP plan remains at $1,300 for self-only coverage and $2,600 for family coverage. The 2016 HDHP out-of-pocket maximums will be $6,550 for single coverage and $13,100 for family coverage, an increase of $100 and $200 respectively. Also new for 2016, is the requirement that all plans limit the maximum out-of-pocket incurred by any one person to the single out-of-pocket limit of the plan, even if the individual is enrolled in family coverage.
This fall, the government will provide other cost-of-living adjustments that affect employers and plans, such as the Health Flexible Spending Account (FSA) limit, Social Security wage base, and qualified plan limits." Prepared by Marsh Consulting Group. Click here for full chart. Also reference this FSA, HSA, and HRA comparison chart from Buck Consultants for additional details.
Same-Sex Marriage: A Practical Guide for Employers
In its June 26 decision in Obergefell v. Hodges, the Supreme Court held that the Fourteenth Amendment requires states to license marriages between two people of the same sex and to recognize marriages between two people of the same sex when their marriage was lawfully licensed and performed out-of-state. ... For employers and benefit providers, that means operating in a new and evolving legal landscape -- in which work may need to be done in order to become fully compliant and to minimize the risk of a discrimination lawsuit. ... Here are a number of things all employers should consider: Employee handbooks ... Taxes ... Health insurance ... Other benefits ... COBRA ... FMLA ... Pensions, qualified retirement accounts, and IRAs." Read the full Article by Goldberg Segalla.
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© 2017 ERISAPros, LLC, All rights reserved. Information on ERISAPros' website, its newsletter, “News & Views,” and its blog, “ERISA Wonk,” is published as a general informational source. Information and articles are general in nature and are not intended to constitute legal or tax advice in any particular matter. Blog posts and comments reflect the personal views of their respective authors - not those of ERISAPros. Transmission of this information does not create an attorney-client relationship. ERISAPros, LLC is not a law firm and is not giving legal or tax advice. It does not warrant and is not responsible for errors or omissions in the content on its website or in its newsletters. ERISA is a complicated and confusing law. Summary Plan Descriptions (SPDs), Wrap Plan Documents, and Form 5500s require review and updating by qualified ERISA compliance professionals.

 

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