Is an individual enrolled/entitled to Medicare HSA eligible?

by | Aug 16, 2018 | HSA

An individual who is entitled to Medicare Is not HSA-Eligible. There’s more to it though. An individual can become entitled to Medicare benefits for three reasons: age, disability, or end-stage renal disease (ESRD). Entitlement to Medicare Part A is automatic...

In what ways can account holders contribute in the HSA?

by | May 18, 2018 | HSA

You can make either pre-tax contributions, post-tax contributions, or a combination, as long as the combined total does not exceed IRS annual limits. Pre-tax contributions are made through payroll deduction. Post-tax contributions are made by depositing directly into...

Can I contribute to my HSA while on COBRA?

by | May 18, 2018 | HSA

The answer depends on the type of insurance coverage you have while on COBRA. As long as you are enrolled in a qualified high deductible health plan, you can make contributions. That is one of the stipulations for opening and contributing to an HSA. When it comes to...

Medicare and HSAs

by | May 18, 2018 | HSA

For Medicare and HSAs, there are a few restrictions. To contribute to an HSA, a person must be enrolled in an HDHP. However, when an HSA owner’s Medicare coverage begins, he or she can no longer contribute to the HSA. Keep in mind, though, the HSA balance is available...

How much can an employee spend each year out of their HSA?

by | May 18, 2018 | HSA

The only spending limit is the employee’s HSA account balance. They can only withdraw up to the amount in their account at that point in time. Any unused funds roll over from year to year. Employees do not lose any funds if they have a balance left over at the end of...
2020 HSA Contribution Limits

The Internal Revenue Service (IRS)  has released the 2020 inflation-adjusted amounts for Health Savings Accounts (HSAs). Contribution limits, minimum deductibles, and the maximum for out-of-pocket expenses all go up next calendar year.

2020 HSA Contribution Limits

Starting January 1, 2020, annual maximum contribution levels will rise for both individual and family coverage. Account holders with individual coverage will be able to contribute $3,550, a $50 increase from 2019. Those with family coverage may contribute up to $7,100, a $100 increase from 2019.

Minimum Deductible for HDHPs

The IRS also raised the minimum deductible for qualified high deductible health plans (HDHPs). In 2020, the individual coverage minimum deductible is $1,400, up $50; the family coverage minimum deductible goes up to $2,800, a $100 increase.

Maximum for Out-of-Pocket Expenses 

The maximum limit for out-of-pocket expenses is going up in 2020, as well. Those with individual coverage will have a $6,900 limit, a $150 increase. Account holders with family coverage see a $300 increase to $13,800.

Catch Up Contributions

The 2020 catch up contribution limit remains the same, at $1,000, for those 55 years of age and older.

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NJ Passes Commuter Benefit Law

 

This new ordinance would require employers with more than 20 employees to offer commuter benefits. OCA is offering reduced admin fees through December 31st, 2019. If signed up by December 31st, 2019 clients will receive our special pricing of just $1.50 per enrolled per month! Avoid the headaches and potential penalties! Sign up today. 

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Register today's for OCA's 10th Annual Partner Conference! It will be held on September 12, 2019 at The Conference Center at Mercer. The day will be filled with CE credits, compliance updates, major announcements on consumer, employer, and broker enhancements, great speakers (including Ashley Gillihan), and prizes. Our partner conference is our small way of saying thank you to our clients and partners.

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