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HSA (Health Savings Account) Limits - 2020 - 2022
Health Savings Accounts are a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. Click Here to find a list of qualified expenses. Below is a helpful table of the limits of what you can contribute to such accounts. To learn more, call us or go to HealthCare.Gov for more information
IRS Responds to RMD confusion caused by SECURE Act
The following are key highlights from ThinkAdvisor.com regarding the SECURE Act and its effect on RMDs. Please see below for the link for the article in its entirety. Here are some highlights:
Advisors, “should reassure any client who turns 70½ in 2020 that they do NOT have an RMD this year, even though they received a statement from their IRA custodian saying they do. That statement is incorrect — so advisors can tell clients not to worry.”
On the other hand, Slott said, “advisors should also alert clients who turned age 70½ last year (in 2019) to let them know that they do NOT qualify for the age 72 RMD rule, because that new increased RMD age provision only applies to those who turn 70½ in 2020 or later. These clients still do have RMDs, the same as under the old rules. There is lots of confusion here for advisors to deal with.”
“In order to reduce misunderstanding among IRA owners, the IRS encourages all financial institutions, in communicating these RMD changes, to remind IRA owners who attained age 70½ in 2019, and have not yet taken their 2019 RMDs, that they are still required to take those distributions by April 1, 2020.”
The full article is available here: https://www.thinkadvisor.com/2020/01/27/irs-addresses-secure-act-rmd-confusion/
Retirement Account Contribution Limits - 2021
The following table summarizes the contribution limits for 2021. For more information on this, or for previous years, please visit the IRS Website here.
The American Rescue Plan Act (ARPA) of 2021 & Individual Medical Plan Premiums (AccessHealthCT)
This federal law which was passed in March 2021 has changed the way financial help for customers will be calculated for 2021 and 2022. Many more customers will now qualify for financial help to make plans more affordable. Whether you’re a first-time shopper, or an existing customer, there could be big changes ahead for your household. Please go here to learn more about how you can take advantage of the new financial help available.
The American Rescue Plan Act (ARPA) of 2021 & COBRA (Employers & Employees)
The American Rescue Plan Act (ARPA), signed into law March 11, 2021, provides certain individuals a 100% subsidy of premiums for employer-sponsored group health insurance continued under the Consolidated Omnibus Budget Reconciliation Act of 1986 (COBRA) and similar state continuation of coverage program (sometimes referred to as mini-COBRA). This law has certain compliance requirements for employers that vary based on company size and type of medical plan offered (fully insured vs. self funded). Please go here for more information and compliance requirements.
COVID-19 - Health & Prevention
COVID-19 is caused by a coronavirus called SARS-CoV-2. It is spread mainly from person to person, particularly through respiratory droplets produced when an infected person coughs or sneezes. Symptoms can range from mild (or no symptoms) to severe illness. Everyone is at risk of getting COVID-19. Older adults and people of any age who have serious underlying medical conditions may be at higher risk for more severe illness.
Go here to learn more about the symptoms, how it spreads and what preventive measures you can take.