Employee Benefit Guidance & Compliance Solutions

Posts Tagged "July 2019"

Monthly Newsletter July 2019

By on Jul 1, 2019 in Newsletters | 0 comments

Dear Valued Clients and Associates, Wishing you a safe and enjoyable time celebrating our Country’s Independence this week. When was the last time you had someone other than your current Group Benefits Broker look at the Medical and Ancillary plans available for your organization? A second set of eyes is always a good business decision when it comes to one or your biggest Company expenses and staying compliant. Contact me now and I’d be happy to see if there are plans you haven’t been shown before, that would be a better fit for your goals. No obligation. Here is your July 2019 Newsletter with a combination of HR and Health related news. I hope you enjoy!     IRS Releases Inflation-adjusted Limits for HSAs and HDHPs for 2020 On May 28, 2019, the IRS released Revenue Procedure 2019-25 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2020. These limits include: The maximum HSA contribution limit The minimum deductible amount for HDHPs The maximum out-of-pocket expense limit for HDHPs These limits vary based on whether an individual has self-only or family coverage under an HDHP. HSA Contribution Limits for 2020 The IRS limits for HSA contributions increase for 2020. Eligible individuals with self-only HDHP coverage will be able to contribute up to $3,550 for 2020, while eligible individuals with family HDHP coverage will be able to contribute up to $7,100 for 2020. The $1,000 catch-up contribution limit that applies to HSA-eligible individuals who are age 55 or older will remain unchanged. HDHP Cost-sharing Limits for 2020 For self-only coverage in 2020, the HDHP minimum deductible will increase to $1,400 and the out-of-pocket maximum will increase to $6,900. For family coverage, these limits will increase to $2,800 and $13,800, respectively. Action Steps Because these limits change for 2020, employers that sponsor these plans may need to make plan design changes for plan years beginning in 2020.     1 In 6 Insured Hospital Patients Get A Surprise Bill For Out-Of-Network Care by Rachel Bluth – Kaiser Health News On average, 16% of inpatient stays and 18% of emergency visits left a patient with at least one out-of-network charge, most of those came...

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