HSA
Industry & Regulatory News
Health Savings Act Reintroduced
Senator Marco Rubio (R-FL), along with several cosponsors have reintroduced the Health Savings Act.
Industry & Regulatory News
IRS Posts 2023 Draft Form 8889 for HSA Reporting
The IRS has posted a draft 2023 tax year Form 8889, Health Savings Accounts (HSAs).
Industry & Regulatory News
DOL, IRS and HHS Release FAQs about ACA and CARES Implementation
The DOL, IRS and HHS (“the Departments”) have released a set of FAQs that explain their position on coverage of preventive services and vaccines in light of a recent court decision.
Industry & Regulatory News
Tri-Agencies Provide FAQ Guidance for Group Health Plans in Anticipation of End of Public Health Emergency and National Emergency
During the COVID-19 Public Health Emergency (PHE) and National Emergency, numerous requirements were introduced for group health plans, which were generally aimed at ensuring individuals did not forgo testing or treatment for COVID-19 because they could not afford to pay for such services.
Industry & Regulatory News
IRS Posts Wellness Expense Reimbursement FAQs
The IRS has posted a series of frequently asked questions addressing whether certain costs related to nutrition, wellness, and general health are medical expenses under Internal Revenue Code Section 213 that may be paid or reimbursed under a health savings account, health flexible spending arrangement, Archer medical savings account, or health reimbursement arrangement.
Industry & Regulatory News
Affordable Insulin Now Act Proposed in House
Representative Angie Craig (D-MN) has reintroduced the Affordable Insulin Now Act in the House.
Industry & Regulatory News
Proposal Would Allow Permanent HDHP Waiver for Telehealth Services
Sen. John Kennedy, (R-La), has introduced the Telehealth HSA Act. The Act would make permanent the ability of high deductible health plans (HDHPs) to waive the deductible for telehealth services without causing plan participants to lose the ability to contribute to a health savings account (HSA).
Industry & Regulatory News
IRS Finalizes Electronic Filing Requirements for Certain Information Returns
The IRS has released final regulations amending rules intended to increase the filing of electronic returns in accordance with the Taxpayer First Act of 2019.
Industry & Regulatory News
Legislation Proposed to Expand HSA Access
Representative Andy Biggs (R-AZ) has introduced H.R. 107, the Freedom for Families Act, which proposes the following.
- Provide that distributions from health savings accounts (HSAs) during periods of qualified caregiving are not includible in gross income
- Remove the requirement that an individual be covered under a high deductible health plan in order to contribute to an HSA
- Increase the annual contributions limits to $9,000 for single coverage and $18,000 for family coverage
Under the proposal, periods of qualified caregiving are defined as any period during which an individual is on leave or not employed because of the following reasons.
- Birth of the employee’s child and the period required to care for such child
- Placement of a child with the employee for adoption or foster care
- Caring for the employee’s spouse, son, daughter, or parent, because of a serious health condition
- A serious health condition that makes the employee unable to perform the functions of her position
- Certain emergencies as a result of covered active duty or notification of order to covered active duty in the Armed Forces by the employee’s spouse, son, daughter, or parent
The bill has been referred to the House Committee on Ways and Means.