Category Archives: Flexible Spending Accounts
New Rules on Paying for Over-the-Counter Medications
The IRS near the end of the year released Notice 2010-59. It sets out the guidelines for implementing the new Section 125, Medical Reimbursement and HRA standards for reimbursing for OTC medications. The Notice specifies that an employer-sponsored health plan may only reimburse a claim for a medicine or drug if it: Requires a prescription, [...]
2011 Health Care Reform Checklist
Thompson Line has published a summary of what you need to do to make sure your plan is ready for 1/1/11. Their report is complete, but here’s a summary of what employers with Massachusetts fully insured plans should do. Finalize health plan design and cost calculations and complete analysis regarding whether any design, carrier and/or [...]
The Insidious FSA Legislation
Sneaky, sneaky, sneaky. That’s the only way to describe the way your “representatives” are planning to shaft your employees. Here are some thoughts about the emerging legislation. The summaries are courtesy of Wolters Kluwer. The interpretations are my thoughts: FSA Limitations & Your Taxation Any “cost” of a health plan that exceeds $705 a month [...]
FSA Limits Included in Health Care "Reform"
Employees will be limited to $2,500 contributions to their Flexible Spending Account plans (FSA Plans) under whichever version of the Health Care “Reform” that is eventually passed (unless we get lucky). The main differences between the House and Senate bills are the limitations on the kinds of items that are allowed to be purchased. So [...]
Tax Treatment of Employee Benefits: an Update
IRS has released 2010 guidelines on tax treatments of employee benefits. You can get a copy here.
What's a Medical Expense? It Matters to Your FSA
If your firm has an FSA (and these same thoughts apply to HRA plans and HSA plans, too) you’d best be aware of whether or not to reimburse certain expenses. In particular, section 213d itemizes the kinds of medical expenses that can be paid for by FSA, HSA and HRA accounts and that are deductible [...]
Will Your FSA Go Away?
Watch out: Flexible Spending Accounts (FSAs) are in the sights of the healthcare “reformers.” “Reformers” are really freedom-robbing individuals desiring to take over and control as much of American society as they can. They hide behind populous little-guy-friendly phraseology, but don’t buy it for a minute… they’re out to take away your assets, your freedom [...]