February marks Heart Health Awareness Month, a time dedicated to raising awareness about cardiovascular health and encouraging individuals to take proactive steps toward maintaining a healthy heart. Heart disease remains one of the leading causes of death globally, highlighting the importance of understanding how to care for our hearts. According to the Centers for Disease Control and Prevention (CDC), about 695,000 people died from heart disease in 2021 in the United States which is 1 in every 5 deaths. * This month we will look at some important aspects of heart health, risk factors for heart disease, and tips for maintaining a healthy heart. Read more
The Internal Revenue Service released the annual maximum 2024 contribution limits for HSAs under high deductible health plans (HDHPs). For 2024, we will see the largest jump in recent years for contribution limits – mainly due to continued high inflation. The annual limit on HSA contributions for an individual will be $4,150 (up from $3,850 in 2023) and $8,300 for family coverage (up from $7,750 in 2023). HSA “catch-up” contribution for participants 55 and older, can contribute an extra $1,000 to their HSA, which is the current amount in place for 2023.
Effective January 1, 2024 – Contribution Limits for Health Savings Accounts
Tax Year | Individual Coverage Limit | Family Coverage Limit |
2024 | $4,150 | $8,300 |
2023 | $3,850 | $7,750 |
2022 | $3,650 | $7,300 |
At age 55, members are allowed to contribute an additional $1,000 |
What is a HSA? It is a tax-advantaged account, paired with a high-deductible health insurance plan (HDHP), that allows you to save pre-tax dollars for future qualified medical expenses. You can invest the funds in the HSA account tax-free and grow your savings. You own the account, it travels with you if you change jobs, change your health plan, or retire.
The IRS has released the contribution limits for Health Savings Accounts (HSA) for 2023 and the numbers are significantly higher than in prior years, as you can see from the chart below. Knowing these numbers will help employers prepare for open enrollment and think about their contribution levels as well as help employees understand the benefits of contributing to their HSAs.
Tax Year | Individual Coverage Limit | Family Coverage Limit |
2023 | $3,850 | $7,750 |
2022 | $3,650 | $7,300 |
2021 | $3,600 | $7,200 |
At age 55, members are allowed to contribute and additional $1,000 |
What is a HSA? It is a tax-advantaged account, paired with a high-deductible health insurance plan (HDHP), that allows you to save pre-tax dollars for future qualified medical expenses. You can invest the funds in the HSA account tax-free and grow your savings. You own the account, it travels with you if you change jobs, change your health plan, or retire.
In response to the current conditions surrounding the COVID-19 pandemic, IRS Notice 2020-18 postpones the April 15, 2020 due date for filing federal income tax returns, deferring payments to July 15, 2020. The IRS has added information regarding this notice under “Filing and Payment Deadlines Questions and Answers” which addresses contribution extensions for those in Health Savings Account plans.
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27, 2020 with the purpose of helping employees out with benefit-related items during the COVID-19 crisis. The CARES Act repeals the Affordable Care Act’s exclusion of over-the-counter (OTC) medications from the definition of “qualified medical expenses”. The bill is over 880 pages long, but to review the new rules regarding OTC provisions, see Sec. 3702 of the CARES Act.
The new California Law, SB 1375, was signed by Governor Brown on September 22, 2018 and will affect many small firm’s group health insurance. SB 1375 changes the Health Insurance Code to reclassify certain small employer groups as individuals. The affected firms will have to obtain individual health insurance in 2019, rather than the small employer group plans they currently have. Individual health insurance is typically more expensive with less provider network and benefit plan choices than small group plan offerings.
Fortunately, for CalCPA members and their firms, CalCPA Health received certain exemptions from SB 1375, which generally allows us to treat the affected firms as groups, and not as individuals. Commercial carriers (Blue Shield, UnitedHealthcare, Anthem, etc.,) must comply with the new regulations and reclassify these groups as individuals.
SB 1375 defines groups that consist entirely of owners/partners, and/or W-2 employees that are spouses of owner/partners, as not eligible for group health coverage. Even though these entities may be classified as employer/employees by other regulations, (e.g. Workers’ Comp, payroll tax, etc.,) SB 1375 specifically states they do not qualify for group health coverage and may only purchase individual plans.
Anthem is taking action to help people affected by the wildfires in Lake, Mariposa, Mendocino, Napa, Riverside and Shasta counties by revising medical and pharmacy guidelines that will help ensure members can continue care and access needed prescription medications. The items pertaining to pharmacy apply to Anthem’s relationship with Express Scripts. It’s important that our members know what Anthem is doing for our members in the above mentioned areas during this critical time.
For impacted members, Anthem is:
- Relaxing time limits for prior authorization, pre-certification and referral requirements – there will be no late penalties.
- Suspending early refill limits for prescriptions.
- Allowing replacement of medical equipment or supplies.
- Extending filing deadlines for claims.
These medical and pharmacy guidelines are effective from July 26, 2018 until August 25, 2018, unless further extended.
For additional questions, members should call the phone number on the back of their membership card as associates are standing by to help.
Resources
Plans & Services
News
- CalCPA Health Podcast Episode 3 – Path to Inner Peace (Dianne Pulleyblank)
- CalCPA Health Podcast Episode 2 – Living in Uncertain Times (Rah Kalon)
- Selling Health Savings Accounts to CPAs and Financial Professionals in California: A Guide for Health Insurance Brokers
- CalCPA Health Podcast Episode 1 – Opening Up About Mental Health
- HealthyCPA – May 2024 :: Bone-Building Exercises
Contact Us
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(877) 480-7923
CalCPAHealth@CalCPAHealth.com