December 2019 Monthly Newsletter
FSA Contribution and Other Benefits Limits Rise for 2020 The IRS announced an increase to flexible spending account (FSA) contribution limits for the 2020 plan year. Individuals can contribute $2,750 in 2020, up $50 from the previous year. Since this announcement came so late in the year, some employers may not use the updated figures in their benefits limits—as doing so would require an addendum. In fact, some employers have been known to use limits from the previous year because they cannot wait until this far into the...
read moreNovember 2019 Monthly Newsletter
DOL Issues New Salary Limits for Overtime Exemptions On Sept. 24, 2019, the U.S. Department of Labor (DOL) announced a new final rule that updates the salary thresholds that some individuals must meet in order to qualify for a minimum wage and overtime exemption under the federal Fair Labor Standards Act (FLSA). The final rule becomes effective on Jan. 1, 2020. 2019 Overtime Final Rule The final rule affects the exemptions for executive, administrative and professional (EAP) employees, highly compensated employees (HCEs),...
read more2020 HRA, HSA, FSA Comparison
Important links: Medical and Dental Expenses: https://www.irs.gov/publications/p502 Health Savings Accounts: https://www.irs.gov/publications/p969 Eligible Expenses: Abortion Acupuncture Alcoholism Ambulance Annual Physical Examination Artificial Limb Artificial Teeth Bandages Birth Control Pills Body Scan Braille Books and Magazines Breast Pumps and Supplies Breast Reconstruction Surgery Capital Expenses Operation and upkeep. Improvements to property rented by a person with a disability. Chiropractor...
read moreOctober 2019 Monthly Newsletter
Deadline Approaching: Medicare Part D Notices Are Due Before Oct. 15 Each year, Medicare Part D requires group health plan sponsors to disclose to individuals who are eligible for Medicare Part D and to the Centers for Medicare and Medicaid Services (CMS) whether the health plan’s prescription drug coverage is creditable. Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15, 2019. What is this notice? This notice is important because Medicare beneficiaries who are not covered by...
read more2019 Marketplace Elite Circle of Champions
Parrott team member, Teresa Penninger, has been recognized for her hard work and expertise in helping consumers enroll in and manage qualified health coverage through the Health Insurance Marketplace. This nationwide recognition from the Centers for Medicare & Medicaid Services (CMS) as a member of the 2019 Marketplace Circle of Champions highlights Teresa’s success in enrolling 20 or more consumers during this Open Enrollment Period. “Consumers turn to agents and brokers for trusted advice and guidance in selecting plans,...
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