Treasury Modifies “Use-It-Or-Lose-It” Rule For FSA’s.

The U.S. Department of the Treasury and the IRS today issued a notice modifying the longstanding “use-or-lose” rule for health flexible spending arrangements (FSAs). For the first time, at the plan sponsor’s option, employees participating in health FSAs will be allowed to carry over – instead of forfeiting – up to $500 of unused amounts remaining at year-end.

Health Insurance Exchanges

The new health insurance exchanges established by the ACA are scheduled for launch on October 1, 2013.  On that date, individual consumers and Members of Congress can begin to enroll in the health exchanges, with coverage starting on January 1, 2014.

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Employer Penalty

During last week’s Fourth of July holiday break, the Obama Administration announced a one-year delay in penalties and reporting requirements that larger employers would have faced beginning next year under the Affordable Care Act (ACA) if they did not offer health coverage to their workers.