Status of Health Flexible Spending Accounts, Health Reimbursement Accounts and Health Savings Accounts under the Affordable Care Act — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Status of Health Flexible Spending Accounts, Health Reimbursement Accounts and Health Savings Accounts under the Affordable Care Act

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Integrated Health Care Flexible Spending Accounts (FSAs)—Tax Code Sections 105, 106 and 125

Definition of qualifying health insurance: Any major medical group health plan made available for the year to employees by the employer, but only if the ­maximum benefit payable to any participant does not exceed two times the participant’s ­salary reduction election for the year (or, if greater, does not exceed $500 plus the amount of the participant’s ­salary reduction election)

Cost-of-living adjustments for insurance deductibles, copayments, and other monetary provisions: Not applicable (not associated with a particular insurance ­policy)

Source of contributions: By employee (through pretax deductions), by employer (through nonelective payments to employees), or both

Annual contribution limits: Each individual has a limit of $2,500 per account for plan years beginning in 2014. If each spouse is eligible to enroll in an FSA, then e...(register to read more)

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