by Mark S Sommers, Esq.
Many employers and their contributing employees struggle to afford the yearly (sometimes double digit) increases in health care costs. Contributing to this issue is the unfortunate reality that all too few employers monitor for the accuracy of enrolled dependents. As a consequence, employer plans wind up with ineligible enrolled dependents (and their costs). Studies suggest that up to 8 percent or more of enrolled dependents would not meet traditional eligibility definitions. It is not unusual to find “family” covered dependents to include: grandchildren, ex-spouses, other extended family members, and occasionally, neighbor’s children. Read more...
2012 IRS HSA Limits Announced
The Tax Relief and Health Care Act of 2006 (TRHCA) requires that the IRS release new HSA limits prior to June 1st. Here are the 2012 HSA limits:
|
Health Savings Accounts |
2011 Limit |
2012 Limit |
|
Individual |
||
|
Annual contribution limit |
$3,050 |
$3,100 |
|
Minimum deductible for HDHP |
1,200 |
1,200 |
|
Maximum out-of-pocket for HDHP |
6,050 |
6,050 |
|
Family |
||
|
Annual contribution limit |
6,150 |
6,250 |
|
Minimum deductible for HDHP |
2,400 |
2,400 |
|
Maximum out-of-pocket for HDHP |
12,100 |
12,100 |
|
Age 55 to 65 |
||
|
Annual catch-up contribution limit |
1,000 |
1,000 |
No matter how extensive a provider’s product selection is, it is only a “fit” if it has the services configured to your requirements. INNOVA's focus on personalized service means that we listen to your needs and provide the right combination of services to you and your participants.
INNOVA can help you save money and offer a more competitive benefit package.
- Tax Savings
- Increased Cost Control
- Increased Employee Benefit Choices
- Benefits that Attract and Retain Employees
- Increased Employee Morale
Today’s economy forces employers to cut costs on every level, often by reducing employee benefits. By allowing your employees to pay for many of their benefits and expenses on a pre-tax basis, you are giving them an opportunity to increase their take home pay. In addition, your company’s payroll tax liability is reduced accordingly.
NEED MORE INFORMATION?
Please use the resource tab of this page to find the answer to any questions you may have regarding the Flexible Benefit Plan. We are also available to answer your questions at 1.866.276.2411.