Overview The IRS issued Notice 2014-55 that expanded the election change rules for Section 125 Cafeteria Plans.  The Notice addressed two specific situations when a plan participant could be permitted to revoke an election during the plan year in order … Read More

CMS Announcement – Good News for Employers (Until further Notice) The following announcement was published on the Centers for Medicare and Medicaid Services (CMS) website regarding a delay in enforcement of the HIPAA Health Plan Identifiers (HPID) requirement. Effective October … Read More

On 10/30/2014 the Internal Revenue Service released Revenue Procedure 2014-61 that included an inflation adjustment for healthcare Flexible Spending Arrangements (Health FSAs).  Effective 1/1/2015, the maximum contribution to a Health FSA/Medical Reimbursement FSA has been increased to $2,550.  The increase … Read More

Overview The Affordable Care Act (ACA) requires certain health plans to obtain a HPID.  The good news is that the following account-based plans are not required to obtain one: Health FSAs Limited purpose health FSAs HSAs HRAs that cover deductibles … Read More

An Important Message from The Bancorp There is a pending fee increase which may affect some HSA-enrolled employees/members. Effective July 1, 2014, the fee for mailed paper statements will increase to $2.50 per month (current fee is $1.25/month). Employees/members will … Read More

Background On February 22, 2013 HHS released its final rule on the Patient Protection and Affordable Care Act (ACA) regarding Standards Related to Essential Health Benefits, Actuarial Value, and Accreditation (45 CFR Parts 147, 155, and 156). One of the … Read More

What is the PCOR Fee? As part of the Affordable Care Act (ACA), a new fee was implemented that applies to group health plans.  The fee is called PCOR (Patient Centered Outcome Research Trust Fund) and the purpose of the … Read More