Last week, I hosted ABD’s very first Financial Wellness webinar. As a member of ABD’s Financial Wellness Team, I spend my time working with companies to create and deliver meaningful financial wellness programs. It was a valuable experience sharing my insights regarding successful financial wellness initiatives with a wide array of employers. We covered a […]
In line with the now well-established annual holiday tradition, yesterday the IRS issued Notice 2019-63 extending by 30 days the 2020 deadline to provide the 2019 Forms 1095-B and 1095-C to individuals. The Notice mirrors the same 30-day extensions for the past three years of ACA reporting. The 2020 ACA reporting deadlines for the 2019 […]
Question: What happens to an HSA upon the HSA holder’s death? Short Answer: The HSA will preserve its tax-advantaged HSA status if the beneficiary is a spouse, otherwise the account will lose its tax-advantaged HSA status. General Rule: HSA Designed Beneficiary HSAs permit the HSA holder to designate a beneficiary to receive the account’s funds […]
As a former Reps & Warranties underwriter and M&A lawyer, I vividly recall (and still take part in) the rush of last-minute deal flow. Early mornings, late nights, weekends, holidays – the M&A market does not stop. From a Reps and Warranties underwriting perspective, last-minute deal success is paramount. Because Reps and Warranties underwriters are […]
Question: How does Medicare enrollment affect HSA eligibility? Short Answer: Individuals who enroll in any part of Medicare lose HSA eligibility, which means they cannot make or receive HSA contributions. General Rule: HSA Eligibility The general rule is that an individual must meet two requirements to be HSA-eligible (i.e., to be eligible to make or […]
“Talent is overrated; mental strength is critical.” This is the opening quote to an interesting article by James Clear, a noted Author of the New York Times best seller Atomic Habits. Many view top performers in the workplace, in athletics, and in life, as gifted or talented. While talent may have something to do with success, […]
Question: What is the HSA contribution limit for each spouse where both spouses are HSA eligible? Short Answer: Where at least one spouse is enrolled in family HDHP coverage, the combined HSA contributions for both spouses cannot exceed the annual family limit. General Rule: HSA Eligibility The general rule is that an individual must meet […]
Innovation is important to every field but can be a vague and aspirational goal. Yet, it is crucial to foster this behavior for success in the fast-paced world of digital change. For example, consider a bulk marine terminal that must move product across a fixed footprint to remain a viable transportation solution. Virtually, every industry must […]
Question: How does enrollment in another employer-sponsored group health plan or Medicare affect a qualified beneficiary’s COBRA rights? Compliance Team Response: Short Answer: COBRA generally terminates early where the qualified beneficiary first becomes covered under another group health plan or Medicare after COBRA is elected. General Rule: COBRA Maximum Coverage Period Absent an early […]
New California Law Requires FSA Notice of Claim Submission Deadline California has enacted AB 1554 requiring employers to notify an employee who participates in a FSA of any deadline to submit claims before the end of the plan year. The law purports to apply to both dependent care FSAs and health FSAs. However, it is […]
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