Posts by Joe Hamway

The IRS announced that the maximum FSA contribution limit for 2025 will be $3,300, an increase of $100 from 2024. The limit is based on the employee and not the household.  If an employee and spouse both have access to their own FSA through their respective employers, they are each eligible to contribute up to…

In September 2024, the 2025 New York Paid Family Leave (PFL) employee contribution rates and updated annual cap were announced.  As of January 1, 2025 the following will take effect: The state has set forth the following PFL rules which will also take effect from 1/1/2025: Premiums should be withheld from employees’ gross wages, until…

The IRS released the 2025 Health Savings Account (HSA) contribution limits, the minimum required HDHP deductibles, and the HDHP out-of-pocket maximums.  Each year, the IRS reviews these figures based on a cost-of-living adjustment.  The figures below pertain to HSAs and HSA-qualified High Deductible Health Plans. 2025 Annual HSA Contribution Limits Single:  $4,300 ($4,150 in 2024)…

As of January 1, 2024 the following will take effect regarding the 2024 New York Paid Family Leave (PFL): The state has set forth the following PFL rules which will also take effect from 1/1/2024: Premiums should be withheld from employees’ gross wages, until the annual cap is reached, which may occur prior to the…

The IRS released the 2024 Health Savings Account (HSA) contribution limits, the minimum required HDHP deductibles, and the HDHP out-of-pocket maximums.  Each year, the IRS reviews these figures based on a cost-of-living adjustment.  The figures below pertain to HSAs and HSA-qualified High Deductible Health Plans. 2024 Annual HSA Contribution Limits Single:  $4,150 ($3,850 in 2023)…

Per the 1/31/2023 Statement of Administration Policy by President Biden: The COVID-19 national emergency and public health emergency (PHE) were declared by the Trump Administration in 2020.  They are currently set to expire on March 1 and April 11, 2023, respectively.  At present, the Biden Administration’s plan is to extend the emergency declarations to May…

The IRS announced that the maximum FSA contribution limit for 2023 will be $3,050, an increase of $200 from 2022. The limit is based on the employee and not the household.  If an employee and spouse both have access to their own FSA through their respective employers, they are each eligible to contribute up to…

On 9/1/2022, the 2023 New York Paid Family Leave (PFL) employee contribution rates and updated annual cap were announced. As of January 1, 2023 the following will take effect:• Premium Deduction Rate: 0.455% (down from 0.511% in 2022)• Statewide Average Weekly Wage: $1,688.19 (up from $1,594.57 in 2022)• Annual Contribution Cap: $399.43 (down from $423.71…

The IRS released the 2023 Health Savings Account (HSA) contribution limits, the minimum required HDHP deductibles, and the HDHP out-of-pocket maximums.  Each year, the IRS reviews these figures based on a cost-of-living adjustment.  The figures below pertain to HSAs and HSA-qualified High Deductible Health Plans. 2023 Annual HSA Contribution Limits Single:  $3,850 ($200 increase from…

The IRS announced that the maximum FSA contribution limit for 2022 will be $2,850, an increase of $100 from 2021. The limit is based on the employee and not the household. If an employee and spouse both have access to their own FSA through their respective employers, they are each eligible to contribute up to…

The 2022 New York Paid Family Leave (PFL) employee contribution rates and updated annual cap were announced.  As of January 1, 2022 the following will take effect: Premium Deduction Rate: 0.511% (same as 2021) Statewide Average Weekly Wage: $1,594.57 (up from $1,450.17 in 2021) Annual Contribution Cap: $423.71 (up from $385.34 in 2021) The state…

The IRS released the 2022 Health Savings Account (HSA) contribution limits, the minimum required HDHP deductibles, and the HDHP out-of-pocket maximums.  Each year, the IRS reviews these figures based on a cost-of-living adjustment.  The figures below pertain to HSAs and HSA-qualified High Deductible Health Plans. 2022 Annual HSA Contribution Limits Single:  $3,650 ($50 increase from…

On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA).  As part of the ARPA, several provisions were included that relate to the continuation of insurance benefits, known as COBRA (Consolidated Omnibus Budget Reconciliation Act).  Specifically: There is a 100% Medical, Dental and Vision (not FSA) premium subsidy for those…

On December 27, 2020, President Trump signed the year-end spending bill.  In that bill included language that makes Flexible Spending Accounts (FSAs) temporarily more advantageous.  The temporary rule: Allows plans to permit Health FSAs and Dependent Care FSAs to carryover unused benefits, up to the full annual amount, from 2020 to 2021, and from 2021…

The IRS announced that the maximum FSA contribution limit for 2021 will not change from 2020, and remain at $2,750. The limit is based on the employee and not the household.  If an employee and spouse both have access to their own FSA through their respective employers, they are each eligible to contribute up to…

Below is a summary of the details and guidance regarding New York’s new paid sick leave law.  As of now, there is little formal guidance outside of the statutory language itself.  However, as the effective date approaches, we expect regulatory or other guidance from the New York Department of Labor to be issued in the…