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  • May 2020

Blogs May 2020

  1. 2021 Health Savings Account (HSA) Limits Announced

    System Administrator – Wed, 27 May 2020 21:58:04 GMT – 0

    The Internal Revenue Service has announced the 2021 dollar limitations for Health Savings Accounts as well as underlying qualifying High Deductible Health Plans. The maximum HSA contribution and out of pocket maximum limits saw increases at both the family and individual levels.

    High Deductible Health Plan Policy Limits

      2020 2021
    Minimum Deductible Individual   $1,400 $1,400
      Family $2,800 $2,800
           
    Maximum Out of Pocket Limit Individual  $6,900 $7,000
      Family $13,800 $14,000

     

    Health Savings Account Limits

        2020 2021
    Maximum HSA Contribution Individual   $3,550   $3,600
      Family $7,100 $7,200
           
    Over Age 55 Catch-Up Contribution   $1,000  $1,000

     

    High Deductible Health Plan Policy Limits

    Any amount can be contributed to an HSA up to the maximum annual contribution, regardless of the actual deductible of the underlying HDHP plan. The HSA contribution rules assume that you will be enrolled on a high deductible health plan for 12 consecutive months.


    Embedded Deductibles on an HSA-Qualified HDHP

    Many qualified high deductible health plans have an aggregate family deductible so that if an employee covers any dependents on the plan, the family deductible applies and the individual deductible is not taken into consideration. However, there are some plans that have an embedded individual deductible such that if one member of the family meets the embedded individual deductible, then the plan coinsurance would start to pay once that individual deductible is met.  In order for such a plan to be a qualified HDHP the embedded individual deductible must be at least the minimum family deductible outlined above. As an example, these types of plans would need to have an embedded individual deductible of $2,800 to remain HSA qualified in 2021.

    2021 Retirement Plan Limits
    2021 Pre-Tax Contribution Limits

    • Pre-Tax
  2. Leveraging Organizational Culture During COVID-19 [Podcast]

    System Administrator – Fri, 01 May 2020 20:53:03 GMT – 0

    A candid and agile culture is essential for organizations to effectively lead and engage their people during the COVID-19 pandemic. It’s more critical than ever to adapt to the changing environment of new compliance concerns, managing updated leave and remote work policies, considerations for working parents, general mental health and wellbeing, and much more.

    Listen to this podcast featuring Jyoti Khadgawat (Head of HR @ Smule), Charles Reader (Chief Talent Officer @ California Health Care Foundation), Erik Hansen (President @ Vita), and moderator E.J. Nham (Sr. Global Benefits Manager @ Rubrik) on how they are tackling these issues, strategies they've implemented, and what they've learned in the process.

    Referenced apps and programs:

    • Slack - #watercooler channel
    • Donut - virtual coffee with leaders; randomized groups 
    • Smule - virtual sing together's
    • Zoom - break-out rooms
    • Headspace, Calm, Happify, Woebot - wellness programs
    • Task Human - free wellness sessions

    • COVID-19
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