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The latest insurance articles, insight, and news from Ollis/Akers/Arney Insurance & Business Advisors.

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HSA / HDHP Limits Increase for 2022

HSA/HDHP Limits Increase for 2022

June 17, 2021
On May 10, 2021, the IRS released Revenue Procedure 2021-25 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2022. The IRS is required to publish these limits by June 1 of each year. Eligible individuals with self-only HDHP coverage will be able to contribute $3,650 to…
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IRS Issues Guidance on Taxability of DCAP Benefits

IRS Issues Guidance on Taxability of DCAP Benefits

June 8, 2021
On May 10, 2021, the IRS released guidance on the taxability of dependent care assistance programs (DCAPs) for 2021 and 2022, clarifying that amounts attributable to previously issued carryover and extended grace period relief generally are not taxable. Carryovers of unused DCAP amounts typically are not permitted, although a 2½ month grace period is allowed.…
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PTO Scheduling & Strategy

PTO Scheduling & Strategy

May 18, 2021
Summer is right around the corner and with it are thoughts of using some of our PTO for getaways and family vacations. As much as we look forward to taking some much-needed time off, it can also add stress that takes away some of that enjoyment. To help manage those additional tasks we have created…
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President Biden Announces Tax Credit for Small Businesses Offering Paid Leave for Vaccination

President Biden Announces Tax Credit for Small Businesses Offering Paid Leave for Vaccination

April 25, 2021
Recently, President Joe Biden issued a call for employers to take additional steps to help get their employees and communities vaccinated against COVID-19. As part of that effort, president Biden announced a paid leave tax credit for small- and medium-sized businesses. This credit will allow eligible employers to fully offset the cost of paid leave…
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The Benefits of Providing Accident Insurance

The Benefits of Providing Accident Insurance

April 20, 2021
For a growing number of employers, voluntary accident insurance plans may play a part in rounding out employee benefits packages to help employees pay for unexpected costs. Accidents can happen to anyone—and the reality is that accidents do happen. In fact, more than 80 million people in the United States seek medical treatment for injuries…
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IRS Publishes Guidance for 2021 Employee Retention Credit (Q1Q2)

IRS Publishes Guidance for 2021 Employee Retention Credit (Q1/Q2)

April 11, 2021
On April 2, 2021, the Internal Revenue Service (IRS) published Notice 2021-23 to provide guidance for employers claiming the employee retention credit (ERC) for the first two quarters of 2021. The ERC was originally created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and has since been modified and extended by other…
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Wellness Incentive Proposed Regulations Withdrawn

Wellness Incentive Proposed Regulations Withdrawn

April 6, 2021
On Feb. 12, 2021, the Equal Employment Opportunity Commission (EEOC) withdrew two proposed rules it previously issued in January 2021 on wellness programs under the Americans with Disabilities Act (ADA) and the Genetic Information Non-Discrimination Act (GINA). Overview of the Proposed Rules The proposed rules were issued in response to a federal court decision vacating…
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Temporary COVID-19 Relief for Section 125 Plans

Temporary COVID-19 Relief for Section 125 Plans

March 16, 2021
On Feb. 18, 2021, the IRS released Notice 2021-15 to clarify special rules for Section 125 plans, health flexible spending arrangements (FSAs) and dependent care assistance programs (DCAPs). Special Rules for Health FSAs and DCAPs The Notice is intended to clarify the application of special rules for health FSAs and DCAPs under the Consolidated Appropriations…
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Scope of Employee Benefits Changing to Meet Demand of Competitive Employers

Scope of Employee Benefits Changing to Meet Demand of Competitive Employers

November 17, 2020
The employee benefit landscape is constantly evolving, and business owners must keep pace. No longer is the traditional offering of basic medical and ancillary products providing employers with the competitive edge. In the battle to attract, retain and engage employees, data driven long-term strategic plans provide win/win opportunities for both employers and employees alike. A…
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Summary of the 2020 Employer Health Benefits Annual Survey

Summary of the 2020 Employer Health Benefits Annual Survey

October 27, 2020
Each year, the Kaiser Family Foundation conducts a survey to examine employer-sponsored health benefits trends. This document summarizes the main points of the 2020 survey and suggests how they could affect employers. Health Insurance Premiums In 2020, the average premium rose by 4% for both single coverage and family coverage. The average premiums were $7,470…
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