Holiday Hours

BPC offices will be closed for the Holidays according to the following Schedule:

Thursday November 16, 2017 for a client event
Thursday November 23, 2017 for Thanksgiving
Friday November 24, 2017 for Thanksgiving
Monday December 25, 2017 for Christmas
Tuesday December 26, 2017 for Christmas
Friday December 29, 2017 for New Year's Eve (closed after 12 Noon)
Monday January 1, 2018 for New Year's Day

We wish you a happy and Safe Holiday season

Posted on November 8, 2017 .

2018 Limits

While inflation remained low through 2017, certain key benefit plan limits have increased slightly for 2018. This week the IRS officially announced those limit adjustments for various health, retirement and fringe benefit plans. General IRS information about these notices is available here for Health & Welfare plans and here for Retirement plans.

The Health Flexible Spending Account (FSA) employee contribution limit will increase to $2,650. This limit also applies to any Limited-Purpose Health FSA plans. Dependent Care contribution limits are not indexed to inflation, and thus remain unchanged at $5,000 per year per household (or $2,500 if married and filing a separate tax return).

Although announced earlier this year, we will also remind you that Health Savings Account (HSA) contribution limits will increase slightly to $3,450 for self-only coverage and remain unchanged at $6,900 for family coverage.

A relatively new benefit plan type – Qualified Small Employer Health Reimbursement Arrangements (QSEHRA) has inflation-adjusted maximum reimbursement thresholds.  The plans can be established by small employers as standalone HRAs to reimburse individual medical premiums and other medical expenses.  The reimbursement limits for 2018 will increase to $5,050 for single coverage and $10,250 for family coverage. 

Qualified Transportation and Parking Benefits will each have monthly reimbursement limits rise to $260.  

Certain Retirement Plan limitations were also modified slightly. Most notably, the 401k plan elective deferrals limit has increased to $18,500. See the chart below for other key retirement plan limits for 2018. 

2018 limits-2.jpg
Posted on September 19, 2017 .

HSA Limit Changes for 2018

The IRS released 2018 limits for Health Savings Accounts (HSAs) and qualified High Deductible Health Plans (HDHPs).

The newly adjusted limits for 2018 must be adhered to in order for a health plan to maintain its qualified status as an HDHP and to remain compatible with an HSA.

Posted on May 22, 2017 and filed under HSA, HRA.

New Small Employer HRA May Cover Individual Health Insurance Premiums

BPC is pleased to alert our clients and partners about the passage of 21st Century Cures Act which President Obama signed into law on December 13, 2016.  Of particular interest to employer benefits is a provision which will allow small employers to establish a Health Reimbursement Arrangement (HRA) in order to reimburse medical expenses, including for individual health insurance premiums, for employees and their families.

Posted on December 13, 2016 and filed under HRA, QSEHRA, COBRA.