How long can employees contribute to an HSA?

by | May 18, 2018 | HSA

As long as they are enrolled in a QHDHP, employees can contribute to an HSA account until they enroll in Medicare. Once enrolled in Medicare, they can use the balance remaining in their HSA but can no longer contribute additional funds to the account. (This applies to...

Can I pay for COBRA premium with my HSA?

by | May 18, 2018 | COBRA, HSA

Generally speaking, most insurance premiums cannot be covered by an HSA; they are not included on the eligible expense list published by the IRS. However, there are a few exceptions. According to IRS publication 969: “Insurance premiums. You can’t treat insurance...

Can I contribute to my HSA while on COBRA?

by | May 18, 2018 | COBRA, 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...
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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