Are you a small business optical employer? If so you might be interested to know about the: Small Employer Deductible Limit Repeal
The Patient Protection and Affordable Care Act (ACA) initially limited deductibles to $2,000 for self-only coverage and $4,000 for family coverage for health plans offered in the small group market (50 or fewer employees). These limits were repealed as part of the Protecting Access to Medicare Act of 2014, which President Obama signed on April 1, 2014. It is important to note that these limits never applied to the large group insurance market or self-funded employer plans, so the repeal doesn’t impact those employers. However, if you are a small employer, the repeal of this regulatory requirement may allow you to:
- Continue offering your existing HSA-qualified plan with no change due to limitations on deductibles.
- Continue maximizing the full cost saving potential of HSA-qualified plans, with the option of increasing deductibles as needed over time (assuming that doing so is otherwise legally permissible).
- Individual coverage: $3,350
- Family coverage: $6,650
- Individual coverage: $1,300
- Family coverage: $2,600
Annual out-of-pocket expense
- Individual coverage: $6,450
- Family coverage: $12,900
Contact your tax adviser or the IRS directly with questions.