Health Care

Small Employer Health Reimbursement Arrangements 2022

Small Employer Health Reimbursement Arrangements

Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses – including the cost of buying health insurance. Here’s what small business owners need to know about QSEHRAs.

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HSA Limits Increase Significantly for 2023

Contributions to a Health Savings Account (HSA) are used to pay the account owner’s current or future medical expenses, their spouse, and any qualified dependent and are adjusted annually for inflation. For 2023, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $3,850 for individuals with self-only coverage (up $200 from 2022) and $7,750 for family coverage (up $450 from 2022).

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Health Savings Account — HSA Limits Increase for 2022

Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. For 2022, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $$3,650 for individuals with self-only coverage (up $50 from 2021) and $7,300 for family coverage (up $100 from 2021).

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Self-Employed During the Pandemic? Washington Did Not Forget You

You report your business income as self-employed on Schedule C of your Form 1040 if you

  • receive 1099 income,
  • operate your business as a single-member LLC and did not elect corporate status,
  • operate a retail establishment or professional practice as a sole proprietor, or
  • report your W-2 income on a Schedule C because you are a statutory employee.

In the past, when times were bad, your government made no special effort to help you as a self-employed individual. For example, you had no “safety net” such as existed for employees who lost their jobs. You were just supposed to suck it up until things got better.

But this time, with COVID-19, it’s different.

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Important Tax Changes for Individuals and Businesses

Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead.

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Health Coverage Terms Employers Should Know

Under the Affordable Care Act, certain employers – known as applicable large employers – are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2021 health coverage for your employees.

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High-deductible Plans Cover Costs for Coronavirus

You can use high-deductible health plans (HDHPs) to pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status and you may continue to contribute to a health savings account (HSA).

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