UPDATE…..The IRS has announced the applicable dollar limits for group plans and high deductible health plans (HDHPs) / health savings accounts (HSA) for the 2019 calendar year.

2019 Annual Contribution Limitation

For calendar year 2019, the annual limitation on HSA deductions for an individual with self-only coverage under a HDHP is $3,500. The annual limitation on HSA deductions for an individual with family coverage under an HDHP is $7,000. 

**Catch-up contributions of $1,000 can be made during the year by HSA-eligible participants who will turn 55 by year-end.

What is an High Deductible Health Plan (HDHP)?

For calendar year 2019, a “high deductible health plan” is defined as a health plan with an annual deductible that is not less than $1,350 for self-only coverage or $2,700 for family coverage.

The maximum annual out-of-pocket expenses for 2019 plans (deductibles, co-payments, and co-insurance, but not premiums) do not exceed $6,750 for self-only coverage or $13,500 for family coverage.

With the Advanced Benefit Strategies Mobile App you can easily and securely access your accounts, submit claims and upload receipts at any time.  You have quick access to common tasks1 with an easy-to-use design that helps make sense of your health and financial information.

• Get reimbursed quickly by using the “FILE A CLAIM” link.
• Easily manage your HSA contribution or withdrawal with the “HSA TRANSACTION” link.
• Track Expenses by logging a record of an expense for future use with the “DASHBOARD” link.
• For a summary overview of paid claims, elections, and YTD contributions you can use the “QUICK VIEW” link.

To get started, from the App Store or Google Play simply search “Advanced Benefit Strategies” and download the mobile app free of charge for your chosen device.  Or click the links below.  Then log in with the password you use to access the Advanced Benefit Strategies Consumer Portal.

iPhone and iPad Touch App:

https://itunes.apple.com/us/app/advanced-benefit-strategies/id1292820125?mt=8

Android App:

https://play.google.com/store/apps/details?id=com.lighthouse1.mobilebenefits.ad1

If you have any questions or need assistance in getting started with our Mobile App, do not hesitate to call 1-877-732-8125.

1Some functionality listed may require specific plan types or additional products/services.

The 2018 IRS Annual Flexible Spending Account (FSA) benefit for Health Care (HCR) is up to a maximum of $2,650 and for Dependent Care (DCR), it is $5,000.

Be sure to check your company’s Summary Plan Description (SPD) for the amount your plan allows.

The IRS sets the Defined Contribution Plan Limits for 2018.  Reference IRS Notice 2017-64.

The 2017 IRS monthly maximum benefit for Qualified Transit expenses is $255; and for Qualified Parking expenses, it is also $255.

Do you pay the same amount each month for eligible parking and/or transit costs?

Did you know you can complete and submit to ABS an Automatic Transit and Parking Affidavit for your recurring expenses? This will save you time and the funds will automatically be reimbursed each month without the need to submit a claim form and receipts each month.

Just remember, this affidavit must be completed and submitted with receipts each year to continue automatic reimbursement of your eligible transit and parking expenses.

In our Participant section, under Forms, you can download the Automatic Transit and Parking Affidavit.

Stop waiting for the check to arrive in the mail!

Sign up for Direct Deposit and your funds are automatically deposited into your bank account.

In our Participant section, under Forms, you can download the Direct Deposit form and submit it with a voided check.

*It can take up to two weeks for direct deposit to be setup and established before your reimbursement checks will be deposited into your bank account. You will continue to receive a reimbursement check in the mail during this time.

The new website for Advanced Benefit Strategies is now live! We hope you find it easier to navigate and find your account information.

To check you account balances, from the home screen simply click on the Employee & Participants section where it says enter.

In the Employee web portal, you will see a navigation button to log into your account.  Click on the the “Personal Account” button and get full account details to any accounts you have with ABS, including HCR, DCR, TRN, PRK, and Health Reimbursement Arrangement, and lastly to activate your Benny Card click on the “Activate Benny Card”.

If your employer uses an Employee ID number instead of a Social Security number, please substitute that instead. Add “0”s in front of your Employee ID number to create 9 digits.

Advanced Benefit Strategies is excited to announce our partnership with FSAStore.

FSAStore is the one-stop destination for Flexible Spending Accounts.

With three main channels in their website, they help make purchasing FSA eligible items, finding local and eligible physicians, and finally answering the many questions that come along with having a Flexible Spending Account both simple and rewarding.

Click Here to go to the FSAStore now!

Browsing for FSA-eligible products and services has never been easier. The thousands of products listed at FSAStore are all FSA eligible and are clearly noted when any prescriptions will be required. See the FSA Eligible Product List for more information.

The services channel within the FSAStore portal will allow you to research the specialties that are FSA eligible as well as browse through a database of over 300,000 medical practictioners where you can use your FSA account.

Advanced Benefit Strategies and the FSAStore are here to make sure that participants have multiple channels of support. The FSAStore has made it possible to reach them via phone, online chat, and email for any questions regarding the FSAStore or product eligibility.

The informative site is available to make sure you are aware of the many positive FSA benefits available to you. Our goal is to simply help you make the most of your Flexible Spending Account and with our online partner at FSA store we are confident that we can do so.

IRS Releases Form to Help Small Businesses
Claim New Health Care Tax Credit
IRS Also Announces How Tax-Exempt Organizations Will Claim Credit

WASHINGTON –– The Internal Revenue Service today released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also announced how eligible tax-exempt organizations –– which do not generally file income tax returns –– will claim the credit during the 2011 filing season.

The IRS has posted a draft of Form 8941 on IRS.gov. Both small businesses and tax-exempt organizations will use the form to calculate the credit. A small business will then include the amount of the credit as part of the general business credit on its income tax return.

Tax-exempt organizations will instead claim the small business health care tax credit on a revised Form 990-T. The Form 990-T is currently used by tax-exempt organizations to report and pay the tax on unrelated business income. Form 990-T will be revised for the 2011 filing season to enable eligible tax-exempt organizations –– even those that owe no tax on unrelated business income –– also to claim the small business health care tax credit.

The final version of Form 8941 and its instructions will be available later this year.

The small business health care tax credit was included in the Affordable Care Act signed by the President in March and is effective this year. The credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have.

In 2010, the credit is generally available to small employers that contribute an amount equivalent to at least half the cost of single coverage towards buying health insurance for their employees. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate- and lower-income workers.

For tax years 2010 to 2013, the maximum credit is 35 percent of premiums paid by eligible small business employers and 25 percent of premiums paid by eligible employers that are tax-exempt organizations. Beginning in 2014, the maximum tax credit will go up to 50 percent of premiums paid by eligible small business employers and 35 percent of premiums paid by eligible, tax-exempt organizations for two years. The maximum credit goes to smaller employers — those with 10 or fewer full-time equivalent (FTE) employees –– paying annual average wages of $25,000 or less.

The credit is completely phased out for employers that have 25 FTEs or more or that pay average wages of $50,000 per year or more. Because the eligibility rules are based in part on the number of FTEs, and not simply the number of employees, businesses that use part-time help may qualify even if they employ more than 25 individuals.

smallgrouptaxcreditrequestform

After you Access your Personal Account you can view two plan years by clicking on the link “Switch Plan Years”.