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What's Happening at Peak1

JUNE 25TH, 2015

Enrollment in HDHPs (high-deductible plans) continues to rise

A recent study by the National Center for Health Statistics showed that HDHPs including HSAs continue to grow in popularity. The following are some of the key statistics that the study found. "In 2014, 36.9% of those under age 65 with private health insurance coverage were enrolled in a high-deductible plan, defined as plans with deductibles of at least $1,250 for single coverage and $2,500 for family coverage, according to the report. Private health insurance coverage includes both employment-.... Read More

MAY 4TH, 2015

2016 Inflation-Adjusted Amounts for Health Savings Accounts (HSAs)

The IRS released the 2016 inflation-adjusted amounts for Health Savings Accounts  For calendar year 2016, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,350 and for an individual with family coverage is $6,750, with a “high deductible health plan” annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the annual out-of-pocket expenses do not exceed $6,550 for self-only.... Read More

APRIL 6TH, 2015

HSA Investment Portal Update

Peak1 and HealthcareBank are excited to announce the release of user interface (UI) enhancements to the HSA Investment Portal which will provide even better alignment with the Consumer Portal. These UI enhancements to the HSA Investment Portal were rolled out on Friday, April 3, 2015. User-interface enhancements to the HSA Investment Portal will include: Adjustments to the overall color scheme Navigation moving from the left-hand side to a top horizontal two-tier menu bar The functional.... Read More

MARCH 24TH, 2015

Peak1 HSA Interest Rates Effective May 1, 2015

Below are the interest rates Peak1 HSA participants will receive from HealthcareBank on Cash Account balances effective May 1, 2015.  Cash Account Balance Interest Rate Annual Percentage Yield (APY) $0.01 - $1,999.99 0.05% 0.00% - 0.05% $2,000 - $4,999.99 0.10% 0.05% - 0.08% $5,000 - $9,999.99 0.25% 0.08% - 0.17% $10,000 - $24,999.00 0.50% 0.17% - 0.37% $25,000 and up 1.00% 0.37% -.... Read More

MARCH 17TH, 2015

Premera Cyberattack Announcement

The following is an announcement from Premera Blue Cross on a cyberattack to their system.  Today, we are announcing that Premera Blue Cross has been the target of a sophisticated cyberattack. The security of our members’ personal information, as well as the information of those with whom we do business, is a top priority for Premera and we regret any concern this incident may cause. What information may have been accessed?The attackers gained access to our Information Technology (IT) syste.... Read More

JANUARY 22ND, 2015

VSP® Vision Care Now Includes Costco® Optical and Shopko® Eyecare Center

VSP has always had the largest network of independent eye care doctors, but with the addition of these two popular retail chains, there are even more options available. VSP puts employees first by investing in the things they value most – high quality vision care at the best value.  3 Reasons Why VSP Offers Convenience and More Choice Freedom to Choose - With the the VSP® provider network, participants have the freedom to choose local VSP doctors and retail chains, or an out-of-networ.... Read More

DECEMBER 16TH, 2014

Peak1 Administration Wins 2014 HTI HealthDifference™ Award

Peak1 Administration was recently recognized by the Healthcare Trends Institute (HTI) inaugural HealthDifference™ Awards for contribution to the betterment of the healthcare benefits industry.    Peak1 was the recipient of the 2014 Gold Award for the category of Best Health Reimbursement Arrangement (HRAs). The HTI HealthDifference awards recognize excellence in 12 healthcare benefits categories including best employee for a defined contribution plan, health savings account, flexible spe.... Read More

OCTOBER 30TH, 2014

IRS Releases Adjustments for 2015

The IRS released today annual adjustments for 2015, including the following: The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA) is increased to by $50 to $2,550. The amount for the adoption credit or the amount excluded for adoption assistance allowed for an adoption of a child with special needs is $13,400. The monthly limitation for qualified transportation fringe benefit regarding the aggregate fringe benefit exclusion.... Read More

AUGUST 18TH, 2014

Individual Medical Policy Arrangements May Result in Significant Excise Tax Liability

The Employers Council on Flexible Compensation (ECFC) is an industry association made up of leading cafeteria and related benefit plan service providers and plan sponsors. In the aftermath of agency guidance (outlined below), ECFC has received numerous inquiries from employer plan sponsors and member companies as to whether employers can make available individual major medical coverage to employees on a tax-free basis as part of an employer-sponsored arrangement. This practice may have significa.... Read More

JUNE 4TH 2014

IRS Releases Revised Form 720

The IRS has issued a revised Form 720 and instructions for filing the PCOR fees by July 31, 2014. Filers will enter covered-lives counts and applicable rates ($1 for plan years ending before Oct. 1, 2013; $2 for plan years ending on or after Oct. 1, 2013) in Part II of Form 720 (line 133) to calculate the amount owed. Instructions include a table for use by filers with plans or policies subject to both the $1 and $2 applicable rates. Though Form 720 is generally used for quarterly excise taxes,.... Read More