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Stories and news to know
June 2022
Millennium Trust Company completes acquisition of PayFlex
OAK BROOK, Ill.--(BUSINESS WIRE)--Millennium Trust Company, LLC, a leading provider of retirement, workplace, and custody services for employers, institutions, advisors, and individuals, today completed the previously announced acquisition of PayFlex Holdings, Inc., a provider of Health Savings Accounts (HSAs) and other consumer-directed benefits solutions, from CVS Health.
May 2022
IRS announces HSA limits for 2023
The Internal Revenue Service (IRS) announced the new limits for 2023 within Revenue Procedure 2021-25. This update impacts both health savings accounts (HSAs) and high-deductible health plans (HDHPs). Due to the cost-of-living adjustment rules, the HSA contribution limits, minimum annual deductibles and maximum out-of-pocket amounts will increase. The HSA catch-up contribution amount will remain the same as last year.
December 2021
Updated IRS guidance for employee benefits impacted by COVID-19
An additional notice was released by the IRS on October 6, 2021, Notice 2021-58. This notice provides clarification of COBRA deadlines for premium payments.
November 2021
2022 limits for FSAs, adoption assistance and transit and parking benefits
The Internal Revenue Service (IRS) recently announced annual inflation adjustments for 2022. This includes contribution limits for health care flexible spending accounts (FSAs), limited purpose FSAs, adoption assistance and transit/vanpool and parking benefits. The following limits are effective January 1, 2022.
- The 2022 pretax contribution limit for health care FSAs and limited purpose FSAs is $2,850.
- The 2022 combined pretax contribution limit for transit/vanpool expenses is $280 per month. The pretax parking limit is $280 per month.
- Employees can be offered up to $14,890 tax-free, to offset qualified adoption expenses they incur in connection with adopting an eligible child.
July 2021
Health disparities among racial and ethnic groups
One of the more startling realities brought to light during the COVID-19 pandemic was the gap in health among racial and ethnic groups. By offering HSAs, WRAs, CVS retail discounts and other products and programs that help members save and pay for health care, employers can empower their employees to improve their health outcomes and remove some of the perceived barriers reported by people of color.
June 2021
Women continue to be the epicenter of COVID-19 fallout
The pandemic has been impacting women with children, especially hard. This has been clear since June 2020 when women were disproportionately out of work and taken on increasing childcare burdens. The problem has continued to grow as COVID-19 carries on. However, there are things you can do to help alleviate the burden on working women that can increase productivity.
May 2021
IRS announces HSA limits for 2022
The Internal Revenue Service (IRS) just announced the new limits for 2022 within Revenue Procedure 2021-25. This update impacts both health savings accounts (HSAs) and high-deductible health plans (HDHPs). Due to the cost-of-living adjustment rules, the HSA contribution limits and maximum out-of-pocket amounts will increase. The minimum annual deductibles and HSA catch-up contribution amount will remain the same as last year.
April 2021
Planning for health during a pandemic
The COVID-19 pandemic has created widespread hardships for many people and families. The increasing availability of vaccines and advances in treatment, and more knowledge on how to prevent the spread of COVID allows for more optimism for the coming year. Now is the right time to plan for 2021 in terms of building health security for you and your family.
March 2021
U.S. Department of Labor announces guidance for employee benefit plans impacted by COVID
The Department of Labor (DOL) recently posted guidance on the Continuation of Relief for Employee Benefit Plans and Plan Participants and Beneficiaries Due to the COVID-19 Outbreak — Disaster Relief Notice 2021-01. The guidance clarifies that the “Outbreak Period” extension, which commenced March 1, 2020, is limited by law to a period of 1 year, or until the end of the Outbreak Period, whichever period is shorter.
As of this date, the Outbreak Period (which runs from March 1, 2020 through 60 days after a yet to be announced end of the COVID-19 National Emergency period) is still in effect. This may impact employers with Consolidated Omnibus Budget Reconciliation Act (COBRA) benefits, health reimbursement arrangements (HRAs), health care flexible spending accounts (FSAs) and/or limited purpose FSAs.
March 2021
Disaster Relief, the Outbreak Period and COBRA
Starting last March when the COVID-19 pandemic began, there were updates made to COBRA to better support people who became unemployed during the pandemic. These extensions officially went into effect on March 1, 2020 and will last until the end of the “Outbreak Period,” which is the length of the pandemic plus 60 days after the COVID-19 National emergency ends.
In February of 2021, the Department of Labor released additional guidance on the Continuation of Relief for Employee Benefit Plans and Plan Participants and Beneficiaries due to the COVID-19 Outbreak -- Disaster Relief Notice 2021-01. The guidance states the “Outbreak Period” extension, which commenced March 1, 2020, is limited by law to a period of 1 year from the date of the individual action, or until the end of the Outbreak Period, whichever period is shorter. So what does this mean for COBRA benefits?
March 2021
Unemployment and finding the right health insurance coverage
Unemployment rates reached a record high in April of 2020 and despite falling since, they have remained stubbornly above pre-pandemic averages.footnote1 With health coverage being tied to employment in the US, this has left many people trying to figure out next steps to keep medical coverage during the pandemic. There are some options to consider.
January 2021
The gift of good health: How to stay safe and healthy
The week leading up to Thanksgiving, the CDC found that over 400,000 people had tested positive for COVID-19 as infection rates continue to climb.footnote1 It is for this reason that the CDC as well as many state governments are recommending people limit their travel this winter. If you are unable to limit travel and contact with people outside your home, there are ways to help you stay safe.
November 2020
2021 limits for FSAs, adoption assistance and transit and parking benefits
The Internal Revenue Service (IRS) recently announced annual inflation adjustments for 2021. This includes contribution limits for health care flexible spending accounts (FSAs), limited purpose FSAs, adoption assistance and transit/vanpool and parking benefits.
November 2020
COVID-19 forces us to rethink childcare — women are disproportionately facing the consequences
There are 13 million families in the US who have at least one working adult and children under the age of six. There are an additional 17 million families with at least one working adult and children between the ages of 6 and 17. This means 30 million American families who have to navigate childcare and education in the midst of the COVID-19 pandemic.footnote1
According to the New York Times, women surpassed 50% of the workforce despite being responsible for 70% of childcare in February 2020, just a month before the pandemic hit the US.footnote3 Given this, it is no surprise that more women are dealing with the impact of working from home and reduced access to childcare.
Employers have options to lessen the impact of childcare on their employees, especially their female employees.
November 2020
Health Savings Accounts & the COVID-19 pandemic
Over 22 million Americans filed for unemployment between March 21, 2020 and April 16, 2020, according to the Washington Postfootnote1. The current unemployment levels rival only those seen during the Great Depression.
In the United States (U.S.), our health insurance is usually tied to our place of employment. This means that unemployment doesn’t only come with loss of income, but also with loss of insurance coverage. In a time of a national and global medical emergency – this can be even more stressful. A recent Kaiser Family Foundation survey found that 29% of adults surveyed had reported that they have fallen behind on paying bills or have had problems affording household expenses like food or health insurance coverage since February due to the coronavirus outbreak.
November 2020
The CARES Act & Feminine Hygiene: Why does it matter?
One of the provisions in the CARES Act, passed on March 27, 2020, is the expansion of flexible spending accounts (FSAs) and health savings accounts (HSAs) to cover feminine hygiene products. This includes items like pads, liners, and tampons; as well as, alternative and sustainable options like menstrual cups, sponges, and period underwear. As women know, feminine hygiene products are expensive. An FSA or HSA can help.
May 2020
IRS announces HSA limits for 2021
The Internal Revenue Service (IRS) just announced the new limits for 2021 within Revenue Procedure 2020-32. This update impacts both health savings accounts (HSAs) and high-deductible health plans (HDHPs). Due to the cost-of-living adjustment rules, the HSA contribution limits and maximum out-of-pocket amounts will increase. The minimum annual deductibles and HSA catch-up contribution amount will remain the same as last year.
December 2019
PayFlex named one of the 30 Smartest Companies to watch
PayFlex is promoted in CIO Bulletin as one of the 30 Smartest Companies to watch. In this online article, we share our core purpose: making it simple to plan, save, and pay for personal well-being. We’re bringing that purpose to life through innovation, technology and our obsession with the consumer experience.
December 2019
Transit benefit ordinances across the country
Various cities and states across the country are passing transit benefit ordinances. These require employers to offer pretax transportation benefits (also known as a commuter benefit plan) to their employees.
November 2019
2020 limits for FSAs, adoption assistance and transit and parking benefits
The Internal Revenue Service (IRS) recently announced annual inflation adjustments for 2020. This includes contribution limits for health care flexible spending accounts (FSAs), limited purpose FSAs, adoption assistance and transit/vanpool and parking benefits.
November 2019
Helping participants make the most of their paycheck
In conjunction with the Plan Sponsor Council of America (PSCA) HSA Committee, Cherie Moser, PayFlex Director of Consumer Solutions, shares her insights on how technology can help address one of the biggest problems with optimizing HSA adoption and use — employee education.
June 2019
PayFlex recognized as one of the top 20 most promising payment and card solution providers
In the June 2019 edition of CIOReview magazine, PayFlex is featured as an innovator in the card and payment space. PayFlex CEO and President Mike DiSimone talks about how his “no holding back” approach to leadership supports the company’s belief in experimenting and trying out new things without the fear of failure — all in support of helping members on their health care journey.
May 2019
IRS announces HSA limits for 2020
The Internal Revenue Service (IRS) recently released Revenue Procedure 2019-25. It provides the 2020 calendar year limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs). Due to the cost-of-living adjustment rules of Internal Revenue Code (IRC) Section 223, HSA contribution limits, minimum annual deductibles and maximum out-of-pocket amounts will increase.
Events
Join us. We’d love to connect with you in person at these events.
May 23 to 25, 2022
Austin, TX