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IRS Releases Benefit Limits for 2020November 6, 2019  Today, the Internal Revenue Service announced in Revenue Procedure 2019-44 the annual inflation adjustments for more than 60 tax provisions for 2020, including the tax rate schedules, and other tax changes. This Revenue Procedure provides details about these annual adjustments:   There are several benefit limitations for 2020 included:  * The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending a… Read More
Flex-Ed: Using your FSA card the right way Waiting to get reimbursed from your Flexible Spending Account (FSA) for an FSA-eligible item is tedious—filing paperwork with your FSA administrator, waiting for approval and paying out of pocket in the meantime. Luckily, the FSA debit card streamlines the process. The FSA debit card allows you to electronically access pre-tax contributions you've allocated to your FSA. Instead of going through the process of administrator reimbursement, you'll be a… Read More
On May 28, 2019, the IRS released  Revenue Procedure 2019-25  which provides the 2020 inflation-adjusted amounts for high deductible health plans (HDHPs) Health Savings Accounts.The amounts for HSAs for 2020 as compared to 2019 are as follows:    2019Rev. Proc. 2018-30 2020Rev. Proc. 2019-25 Annual limitation on deductions to an HSA – self-only coverage $3,500 $3,550 Annual limitation on deductions to an HSA – family coverage $7,000 $7,100 HDHP – self-only coverage … Read More

DECEMBER 13TH, 2018

Peak1 Earns HITRUST Certification

Peak1 Administration LLC Achieves HITRUST CSF® Certification to Manage Risk, Improve Security Posture and Meet Compliance Requirements. Coeur d’Alene ID December 12, 2018 – Peak1 Administration LLC, a leading provider of single source solution for FSA, HRA, VEBA, Section 115, HSA, Transportation, Retiree Billing and COBRA administration products and services, today announced Peak1 Administration has earned Certified status for information security by HITRUST.  HITRUST CSF Certified status demo… Read More

MAY 5TH, 2017

2018 HSA Limits Released

The IRS released the 2018 figures for HSAs in Revenue Procedure 2017-37 yesterday, May 4, 2017. The table below illustrates the new limits. Health Savings Account (HSA)       2014 2015 2016 2017 2018 Minimum deductible amounts for the qualifying high-deductible health plan (HDHP) Individual coverage $1,250 $1,300 $1,300 $1,300 $1,350 Family coverage $2,500 $2,600 $2,600 $2,600 $2… Read More
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