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The Internal Revenue Service issued a private letter ruling on April 20, 2007 concluding that captive professional corporations were beneficially owned by the hospital, but that the activities of the professional corporations were conducted on a larger scale then was reasonably necessary for the performance of the hospital’s exempt functions and that the professional corporations&rsquo…

The Internal Revenue Service has issued guidance regarding rollovers from Flexible Spending Arrangements (FSAs) and Health Reimbursement Arrangements (RHAs) to Health Savings Accounts (HSAs). The guidance is necessary because Health Savings Accounts are typically not available to individuals who are covered by standard FSAs and HRAs. The Tax Relief and Health Care Act of 2006…

The Tax Relief and  Health Care Act of 2006 contains provisions to improve health savings accounts (HSAs):

1.         HSA Funding Contributions: The Act allows rollover contributions from flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) into HSAs as long as the contributions are no more than the balance of those accounts as of…

The release of the August 2006 inflation figures has allowed calculation of the 2007 financial limits for health savings accounts (HSAs), according to a press release from HSA Clearing Corporation.

§      The maximum HSA contribution (excluding catch-up contributions) will be $2,850 for individual coverage and $5,650 for family coverage.

§      The minimum deductible…

Health Savings Accounts (HSAs) offer a unique and perhaps unintended opportunity to create tax-favored savings vehicles similar to IRAs.  HSAs were established by the Medicare Modernization Act of 2003 with the intention of encouraging consumer-directed healthcare and providing an alternative source for health insurance coverage. The concept pairs HSAs with High Deductible Health Plans (HDHPs). Individuals and families who are covered by HDHPs and are not covered by other health insurance plans are permitted to fund HSAs as a means of financing the deductible portion of the HDHP. Continue Reading HSAs: A Real Alternative to Traditional Health Insurance

The Pennsylvania Legislature enacted the Health Savings Account Act (the "HSA Act") 72 P.S. §§3402b.1-3402b.6, on July 14, 2005, to be effective sixty days thereafter. As enacted, Section 4 of the HSA Act did not provide an exclusion from Pennsylvania tax for contributions by employers and employees to health savings account plans. Accordingly, there were not deductions…

Under Medicare Part D Regulations, employers who sponsor health plans must: (1) determine whether the plan’s prescription drug coverage is equivalent to Medicare Part D (“Creditable”); (2) send notice of the status at least to Medicare-eligible participants and dependents’ and; (3) must report the status to CMS. These reporting requirements help Medicare-eligible individuals decide whether to enroll in or to delay enrollment in Medicare Part D.
Continue Reading Better Late than Never- Health Plan Sponsors’ Obligations under Medicare Part D Regulations

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