One of the key components of the Affordable Care Act (ACA) is that everyone is required to obtain “minimum essential” health coverage in 2014 or pay a penalty. Minimum essential health coverage can be obtained through your employer, through the Health Insurance Marketplace (Exchange), through a health plan outside of the Marketplace or through a
In 2014, the Affordable Care Act (ACA) began the Individual Mandate in which all individuals are required to obtain minimum essential health insurance coverage for themselves and their family members or pay a penalty. The penalty amount is calculated and paid when an individual files his or her federal income tax return for the year.
The IRS announced in Revenue Procedure 2014-61 issued October 30, 2014, the inflation-adjusted contribution limit for health flexible spending accounts (FSAs) will go up by $50 for the 2015 tax year. The maximum contribution employees will be able to make to their health flexible spending accounts will increase $50 to $2,550 in 2015. That $50
The IRS announced in Revenue Procedure 2014-30 issued April 24, 2014, the inflation-adjusted HSA contribution and HDHP minimum deductible and out-of-pocket limits, effective for calendar year 2015. The higher rates reflect a cost-of-living adjustment and rounding rules under Internal Revenue Code Section 223. Health Savings Accounts (HSA) Contribution Limit for employer and employee contributions is
The IRS highlighted the following adjustments taking effect on January 1, 2015: For 401(k), 403(b) and most 457 plans, the COLA increases for dollar limits on benefits and contributions are as follows: Defined Contribution Plan Limits 2015 2014 Maximum employee elective deferral $18,000 $17,500 Employee catch-up contribution (ages 50 and older) $6,000