These new rates will take effect for the calendar year 2022. Please reach out to your Total Benefit Solutions, Inc health insurance specialists at (215)355-2121 if you have any questions or concerns about this notice.
Continue ReadingUpdate on COVID-19 Vaccine and Vaccine Administration Cost
Continue ReadingWe have received a lot of questions regarding the new level funding health benefit programs so we prepared this video to make it a little easier to understand. Ask us today if Level Funding your group’s health insurance might be a good for for your health plan! Contact your Total Benefit Solutions Account manager at (215)355-2121.
Continue ReadingEver wonder exactly which benefit notices your company was required to distribute to employees? Ever notice that some of them are only needed when your business is a specific type of business or organization or size? Wonder no more thanks to our partners at HR360! Download your complimentary copy of the 2-19 employee guide below that includes links and descriptions to all of your required notices for employers between 2-19 employees! Have more specific needs or a cheat sheet for a larger organization? Ask us today how partnering with total benefit solutions and HR360 can deliver this type of powerful information that you need, when you need it. Stay ahead… Read More
Continue ReadingHealth Savings Accounts and You Health Savings Accounts (HSAs) aren’t new. They’ve been around since late 2003. Initially they were created along with the Medicare Prescription Drug, Improvement, and Modernization Act to replace the Medical Saving Account System. Initially these plans were designed to help with Drug Costs under Medicare policies; However, as Insurance Premiums increased, more and more Employer and Individual Policies offered High-Deductible Plans to help curb costs. Due to that, HSAs were thrown into the spotlight as a way to use Pre-Tax Dollars to cover out-of-pocket Medical costs. In 2017, a reported 22million Americans have an HSA. Each year, that number continues to climb. Many people still have a… Read More
Continue ReadingThe House of Representatives passed two pieces of legislation that, among other things, purport to improve and “modernize” health savings accounts (“HSAs”). While the bills call for significant changes to the current rules affecting HSAs, the specific details are very different. Both pieces of legislation have been sent to the Senate for consideration. Whether the Senate will take up these bills, let alone approve them “as is,” remains uncertain. There appears to be some bi-partisan agreement to loosen the current HSA rules, which means it is possible that we may see changes to these arrangements, which could be effective as early as January 1, 2019. When more information is available, we will… Read More
Continue ReadingThe IRS reversed its March 5 decision to decrease the 2018 contribution limit for family coverage only. The new contribution limit is back to $6,900 (previously adjusted to $6,850). To review the official IRS announcement, visit the Internal Revenue Service press release (published April 26, 2018). This means individuals who have already contributed $6,900 are fine and do not need to return any money. And those individuals who have automatic contributions that would have exceeded the earlier $6,850 limit in 2018 are fine. No changes need to be made as long as they do not exceed the $6,900 family contribution maximum. If you have questions, please contact your Total Benefit Solutions, Inc.… Read More
Continue ReadingThe IRS released the inflation adjustments for health savings accounts (HSAs) and their accompanying high deductible health plans (HDHPs) effective for calendar year 2019. Most limits increased from 2018 amounts. 2019 Inflation Adjusted Amounts for HSAs – 051418R As always if you have any questions about this bulletin, please contact your Total Benefit Solutions account mananger at (215)355-2121
Continue ReadingThanks to the Tax Cuts and Jobs Act, the 2018 contribution limit for family coverage in a health savings account will be $6,850—not $6,900, as previously announced by the IRS. The Society for Human Resource Management reports that the IRS has recalculated the limit because the tax law applies the so-called chained consumer price index to increases in HSA contribution limits, as well as to a few other employee benefit contribution limits. Internal Revenue Bulletin No. 2018–10, released March 5, clarifies not just that change but others as well. While the annual tax-deductible HSA contribution limit for tax year 2018 will remain at $3,450 for HSA account holders with self-only coverage through a high-deductible… Read More
Continue ReadingAetna Funding Advantage (AFA) is a self-funded option that provides all of the financial and plan design flexibility of a traditional arrangement with special features designed to help companies with as few as 2 employees achieve even greater savings on their health insurance. Ask us today if self funding could be a good fit for your organization! Call your Total Benefit Solutions Inc. account manager at (215)355-2121 for more information! Learn more here: AFA-Customer-Flyer New! Minute Clinic Benefit! $0 Copay Minute Clinic Visits Flyer More Documents for downloading: Springboard Marketplace Your Online Administration and Enrollment Portal AFA AppleWatch Wellness Flyer AFA Sample Usage Reports Aetna & Teledoc for AFA AETNA… Read More
Continue ReadingThe Internal Revenue Service released the annual inflation adjustments that will apply to certain benefit plan tax provisions in 2018. Revenue Procedure 2017-58, which can be accessed by clicking here, identifies inflation-adjusted items for different provisions of the tax code. From an employee benefits standpoint, the following limits may be of interest to employers: The dollar limit on voluntary employee salary reduction contributions to health flexible spending accounts is increased to $2,650 for plan years beginning in 2018. The monthly exclusion amount for transportation and transit passes is increased to $260. The monthly limit for the qualified parking exclusion is increased to $260. The dollar amount used to determine the penalty… Read More
Continue ReadingEmployer Strategies and Solutions to Substantially Reduce: the high cost of Health Insurance; the cost for Out-of-Pocket Medical Expenses; the cost for Dependent Day Care Expenses; the cost for Parking and Transit Expenses; cost of Self-Employed Healthcare Expenses; Employer Matching Payroll Taxes by 8%; Employee Income Taxes by 30%. The IRS Code has numerous provisions designed to help employers provide essential benefits to their employees tax-free. This saves the employee approximately 30% in income taxes on expenses they’re already paying for, and because the employees have reduced their taxable income, the employer realizes a reduced matching payroll tax liability of approximately 8%. Everybody saves money. To take advantage of… Read More
Continue ReadingIndividual Health Insurance Open Enrollment 2018! Don’t do it yourself! Our dedicated professionals are here to help you take the fits out of the benefit planning process! One mistake and you could be stuck with a bad plan all year! We work with all available plans both on the healthcare.gov marketplace and off! Have your own expert help you! Our experts are trained to help you Choose between on and off exchange options Maximize any subsidy eligibility. Help you understand the cost sharing subsidies Help you choose the plan that is the best fit for you Explain the differences between the plan design and your out of pocket expectations Fill… Read More
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