Smart Benefits: Flexible Spending Accounts Get More Flexible
Monday, November 04, 2013
IRS Reverses Use it or Lose It
The IRS announced last Thursday that it will now allow consumers to carry forward any unused balance up to $500 from the current plan year and apply it in the following plan year.
The change is effective immediately for current plan years in force now. And the timing couldn't be better as many consumers are bracing for the increased costs of healthcare reform, including higher out-of-pocket limits being set for most health plans.
FSA Contribution Limits Unchanged
Employees can still save up to $2,500 per plan year through their FSA; the $500 carryover amount is allowed in addition to the maximum annual contribution limit.
Leveling the CDHP Playing Field
The IRS’ announcement will put FSAs more on par with similar vehicles known as Health Savings Accounts (HSAs), which allow much more money to be saved and carried over from year to year.
Don’t forget: employers who want to offer this enhanced feature must amend their cafeteria plan documents to meet the new conditions of this law before doing so.
Check Out The Grades: Rhode Island Hospitals Report Card
A recent survey released by The Leapfrog Group assigns a Hospital Safety Score, using the report card system of A to F to each of the hospitals in Rhode Island. These grades are based on expert analysis of injuries, infections and errors that cause harm or death during a hospital stay.
Let's see how each of Rhode Island's hospitals were graded from highest to lowest:
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