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Employee Benefits Plan Limits for 2021 |
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Many employee benefits are subject to annual dollar limits that are periodically updated for inflation by the IRS.
The IRS typically announces the dollar limits that will apply for the next calendar year well in advance of the beginning of that year. This gives employers time to update their plan designs and make sure their plan administration will be consistent with the new limits. Although some of the limits will increase for 2021, most of the limits remain the same.
Increased Limits
For plan years beginning on or after Jan. 1, 2021, the following limits have increased:
- Health savings account contributions:
- Single coverage—$3,600 (up $50)
- Family coverage—$7,200 (up $100)
- High deductible health plan (HDHP) out-of-pocket maximum limit:
- Single coverage—$7,000 (up $100)
- Family coverage—$14,000 (up $200)
- Tax exclusion for adoption assistance benefits—$14,440 (up $140)
Unchanged Limits
Certain limits will not change for 2021, including the flexible spending account salary reduction contribution limit, HDHP minimum deductible, 401(k) contribution limit and transportation fringe benefits monthly limits.
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Final Rule on Health Care Transparency Issued
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The Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued a final rule that imposes new transparency requirements on group health plans and health insurers in the individual and group markets.
Specifically, the final rule requires plans and issuers to disclose:
- Price and cost-sharing information to participants, beneficiaries and enrollees upon request:
- A list of 500 shoppable services must be available via the internet for plan years beginning or after Jan. 1, 2023.
- The remainder of all items and services is required to be available for plan years beginning on or after Jan. 1, 2024.
- In-network provider-negotiated rates and historical out-of-network allowed amounts on their website:
- Detailed pricing information must be made public for plan years beginning on or after Jan. 1, 2022.
The final rule also allows issuers that share savings with consumers—resulting from consumers shopping for lower-cost, higher-value services—to take credit for those “shared savings” payments in their medical loss ratio calculations.
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| If you work with us, you can expect us to:
- Challenge assumptions and the status quo
- Push your Human Resources Function to move beyond where you are today
- Identify the challenges of your Human Resources Function and look for new solutions that will drive opportunities
- Educate as we go, leaving your team more capable and more independent
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Virtual Workplace Holiday Parties
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At the end of the calendar year, workplace holiday celebrations are experiences that many employees look forward to. However, in response to the COVID-19 pandemic, many organizations are evaluating how to engage employees safely this holiday season. Leaders find themselves tasked with deciding whether they should cancel or postpone celebrations, or offer an amended version that prioritizes safety—with many choosing to offer a virtual holiday party.
Considerations for Employers
Holiday celebrations can positively impact employee engagement, but benefits should be weighed against other factors such as financial costs and concerns over safety. For employers choosing to offer a celebration, an event can be comprised of a variety of activities—with many options that can take place virtually. These include a:
- Secret Santa gift exchange
- Virtual mixer
- Gingerbread house contest
- Ugly sweater contest
- Holiday karaoke
- Online escape room
- Trivia contest
When hosting a holiday event, employers should make sure to follow best practices, such as:
- Keeping attendance optional
- Keeping events general rather than religious celebrations
- Ensuring employees are aware of policies and expected behaviors
There are a variety of ways that leaders can recognize employees this holiday season, and employers should consider which initiatives are appropriate for their workplace.
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Preventing Sexual Harassment in the Workplace
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Despite decades of attention in the media and courts, sexual harassment remains a significant and costly problem in today's business environment. Call us today to learn how to prevent sexual harassment in your workplace.
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HR Fuzion, LLC - All rights reserved | 110 N. Main | Liberty, MO 64068 | 816.654.6800
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Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a 'covered opinion' or other written tax advice and should not be relied upon for any purpose other than its intended purpose.
The information provided herein is intended solely for the use of our clients and members. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included herein, without the express permission of the Publisher. Kindly read our Terms of Use and respect our Copyright.
© 2020 HR Fuzion, LLC. - All rights reserved
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