Dec 132012
 

By clicking the link below you will be taken to a presentation I gave on December 13, 2012, in conjunction with Tango Health, Inc.  The focus of the presentation is Health Savings Account compliance issues.  Additionally, there is some background information and general rules that apply to Health Savings Accounts.

HSA Webinar

If you have questions about Health Savings Accounts, or would like to schedule a consultation to discuss how I can help your business, please contact me.

Use of this presentation is for informational purposes only, does not create an attorney-client relationship, and is not legal advice.  The presentation may not be reproduced without explicit permission from Leslie Paul or Leslie Paul Law PLLC.

 

 December 13, 2012  Posted by at 3:00 pm No Responses »
Dec 062012
 

Registration is now open for the Health Savings Account webinar.

December 13, 2012 at 1PM ET/12PM CT/10AM PT.

During this informative session, you will:

  • Learn about the genesis of HSAs
  • Gain a deep understanding of the eligibility requirements
  • Learn what you need to do to comply with IRS regulations
  • Takeaway compliance strategies that you can put to use in your company

Click here to register now!

 December 6, 2012  Posted by at 9:54 am No Responses »
Nov 192012
 

Leslie Paul has teamed with Tango Health, Inc. to provide an informative webinar on Health Savings Accounts.

Topics to be covered include:

  • Eligibility concerns
  • Mistaken employer contributions
  • Non-forfeitability
  • Compliance issues

The webinar will be held on Thursday, December 13, 2012, at 1pm ET.

 November 19, 2012  Posted by at 9:51 am No Responses »
Oct 232012
 

The IRS released Revenue Procedure 2012-41 last week, announcing the inflation-adjusted amounts for a wide range of items for calendar year 2013.

Of particular note are the minimum and maximum deductible amounts and maximum out-of-pocket amount for high deductible health plans for individuals who maintain a Medical Savings Plan.  For self-only coverage, the deductible cannot be lower than $2,150 and cannot be higher than $3,200; the maximum out-of-pocket expenses to be paid is $4,300.  For family coverage, which is any coverage other than self-only, the deductible cannot be lower than $4,300 and cannot be higher than $6,450; the maximum out-of-pocket expenses to be paid is $7,850.

The annual gift tax exclusion for 2013 is increasing to $14,000.

The IRS also issued a news release last week announcing 2013 pension plan contribution limits.

  • The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is increased from $17,000 to $17,500.
  • The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan remains unchanged at $5,500.
  • The limit on annual contributions to an IRA rises to $5,500, up from $5,000 in prior years.
  • The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace retirement plan and have adjusted gross incomes between $59,000 and $69,000, up from $58,000 and $68,000 in 2012. For married couples filing jointly, in which the spouse who makes the IRA contribution is covered by a workplace retirement plan, the income phase-out range is $95,000 to $115,000, up from $92,000 to $112,000. For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $178,000 and $188,000, up from $173,000 and $183,000.
  • The adjusted gross income phase-out range for taxpayers making contributions to a Roth IRA is $178,000 to $188,000 for married couples filing jointly, up from $173,000 to $183,000 in 2012. For singles and heads of household, the income phase-out range is $112,000 to $127,000, up from $110,000 to $125,000. For a married individual filing a separate return who is covered by a retirement plan at work, the phase-out range remains $0 to $10,000.

The 2013 inflation adjusted amounts for Health Savings Accounts was previously issued in Revenue Procedure 2012-26.  For 2013, the annual contribution limit for an individual with self-only coverage is $3,250; the limit for an individual with family coverage is $6,450.  The catch-up contribution for individuals age 55 or over remains unchanged at $1,000.  To be an eligible individual for 2013, the high deductible health plan must have a minimum deductible of $1,250 for self-only coverage and $2,500 for family coverage.  Additionally, the annual out-of-pocket expenses cannot exceed $6,250 for self-only coverage and $12,500 for family coverage.

 October 23, 2012  Posted by at 12:50 pm No Responses »