Compliance & Legislative Updates
Regulations surrounding the health care industry are always changing. Choice Strategies collates and evaluates these regulations to provide you with accurate information on how changes will affect you as an employer, member or broker.
2013 HSA Contribution Limits
The IRS recently announced that the maximum contribution amounts for HSAs will rise in the 2013 calendar year. Singles will be able to elect up to $3,250 while Familes will be able to elect up to $6,450. Read More
FSA Use it or Lose it
The IRS stipulates that your Flexible Spending Account (FSA) is a "Use it or Lose it" account. This means that FSA funds cannot roll over from year to year, and any money remaining in your FSA at the end of your plan year will be lost. Read More
2012 HSA Contribution Limits
The IRS recently announced that the maximum contribution amount will rise for HSA participants in 2012. A participant who elects single coverage will be able to contribute up to $3,100 and a participant who elects family coverage will be able to contribute up to $6,250. The current year limits are $3,050 for a single and $6,150 for a family. Read More
Transit & Parking Limits Changed
The IRS has announced changes to the 2012 monthly contributions for Transit & Parking accounts. The new maximum monthly contributions are $125 for Transit and $240 for Parking. Read More
Medicare Reporting Update
The Centers for Medicare & Medicaid Services recently provided relief to some of the Mandatory Medicare Reporting requirements for HRAs. Effective October 3, 2011, HRAs will only need to be reported to Medicare if they are funded with $5,000 or more. Read More
FSA Contribution Limit
Health care reform imposes a limit on contributions to FSAs. Effective January 1, 2013, FSA contributions are limited to a maximum of $2,500. The limit will be effective for calendar years beginning on or after January 1, 2013 and will be increased annually for cost of living adjustments. Read More
Medical Mileage Reimbursement
The IRS recently announced an decrease to the mileage rate for the use of an automobile to obtain medical care. For dates of service July 1st, 2011-December 31st, 2011, mileage can be reimbursed at $0.235/mile. For dates of service January 1st, 2012 and after, mileage can be reimbursed at $0.23/mile.