IRS Announces $500 Carry‐Over Provision for Health FSA Plans!
The Internal Revenue Service (IRS) and the Department of Labor (DOL) recently issued guidance for a few outstanding issues related to the Affordable Care Act (ACA) and its impact on certain employer sponsored benefit plans. Notice 2013-54 (IRS version, DOL version) outlined three key changes employers need to be aware of as 2014 quickly approaches that impact FSAs, HRAs, and individual insurance premium reimbursement accounts.
Using the Lessons from LASIK, (that I discussed in Part 1) the existing medical system must be redesigned so that it fosters competition, enables consumerism, empowers capitalism, and engenders compassion.
At a time when medical expenses have been rising at twice the rate of inflation, one major medical procedure today costs ten percent of what it cost 10 years ago. Also, today this
procedure is far better, far safer, life changing, and millions have received this marvelous treatment.