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Hot Topics Blog

2018 Health Savings Account Limits Released
Wednesday, June 14 2017

The IRS has announced the 2018 inflation-adjusted amounts for Health Savings Accounts (HSAs).

Annual Contribution Limitation 
For calendar year 2018, the annual limitation on HSA deductions for an individual with self-only coverage under a high deductible health plan is $3,450 (up from $3,400 for 2017). The annual limitation on HSA deductions for an individual with family coverage under a high deductible health plan is $6,900(up from $6,750 for 2017).

High Deductible Health Plan Amounts
For calendar year 2018, a "high deductible health plan" is defined as a health plan with an annual deductible that is not less than $1,350 for self-only coverage or $2,700 for family coverage, and annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) that do not exceed $6,650 for self-only coverage or $13,300 for family coverage.

Click here to read the IRS announcement on these amounts.

Contact us today to learn more about Health Savings Accounts.

 

5 HR Compliance To Dos
Wednesday, June 14 2017

There is a lot to keep track of and keeping your compliance up-to-date my seem unnecessary and even tedious.  At a minimum, be sure to do the following each year:

  1. Give your poster wall a thorough check-up. Make sure all your workplace posters are up-to-date and the correct size. Check with us if you are not sure which industry-specific poster requirements apply to your business. PNW Insurance Solutions will provide you with help.  Just ask!
     
  2. Stay on top of notice requirements. From summary plan descriptions (SPDs), to COBRA- and FMLA-related notices, employers are required under various laws to provide employees with certain information about their benefits and responsibilities. Confirm that your employee communications are accurate, consistent, and in compliance with applicable law.  PNW Insurance Solutions will provide you with help.  Just ask!
     
  3. Keep up with recordkeeping. In addition to being a good business practice, employers are required to maintain certain types of employee records in order to comply with applicable law. Verify that your recordkeeping procedures address any requirements related to confidentiality and how long to keep records.
     
  4. Review policies and procedures. Be sure your company policies and procedures comply with applicable labor laws related to employee leave, equal employment opportunity, sexual harassment, worker safety, and other requirements.
  5. Confirm that your workers are classified properly. Misclassifying employees as independent contractors can result in costly legal consequences. Also remember that an employee's exempt or nonexempt status is based on his or her compensation and specific job duties. It's a good idea to review job descriptions on a regular basis (at least annually) as well, as tasks and requirements may change. 
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