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| November 2005 Volume IV, Issue 11 | Editor: Melissa Vinson, CFCI |
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DataPath Holiday ScheduleDataPath will be closed the following days for the holiday season: Thanksgiving: Nov. 24-25 Upcoming SeminarsDPI 125 Basic Software Training: DPI 125 Advanced / CMS Software:
Global Claims Processing / CMS: DPI-105 HRA Software DPI COBRA Education/Training: myHSAToday™ Training: Click here to view Event Calendar. All seminars will be in Little Rock, AR. DataPath Websitesdpath.com DataPath Web
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DataPath 125 Update ReleasedDataPath's 125 Update V4.2.010 is now available for download. This update provides the 2-1/2 Month Grace Period functionality and associated FSA plan documents needed for Grace Period administration. In addition to the update, a "What's New" document explaining how to set up employers for plans with the Grace Period functionality and two video tutorials can be downloaded. The tutorials will show how to set up a Grace Period and Run-Out Plan Design, how to enter claims, and how to apply the grace and run-out options. Click here for further details and instructions on how to download the update. IRS Offers Settlement for §125 and §132 "Double-Dipping" SchemesIRS Commissioner Mark W. Everson announced on October 27, a new “quick, quiet, and cost-effective” way for taxpayers to settle transactions the Service has named as “abusive.” This settlement initiative covers the illegal "double dipping" plans that have been offered over the past five years in the cafeteria plan and parking benefit arena. To take advantage of this opportunity, taxpayers will need to voluntarily come forward and submit their settlement papers to IRS before January 23, 2006. Click here for more details and pertinent IRS links. IRS Releases 2006 LimitsIRS has released Rev. Proc. 2005-70 (10/28/05) listing the tax provisions revised to keep pace with inflation effective January 1, 2006. Included are the limits for Health Savings Accounts, Medical Savings Accounts, Adoption Credit, Child Tax Credit, Transportation Monthly Benefits, and Qualified Long Term-Care Insurance. Click here for to see a list of the adjusted amounts. H.R.2830 Includes FSA $500 RolloverOn November 9, 2005, the Ways and Means Committee approved H.R. 2830, the Pension Protection Act of 2005. This bill, which has already been approved by the Committee on Education and the Workforce, will now move to the full House of Representatives for a vote. Included in this bill is a modification of the use-it-or-lose-it rule to allow a $500 annual carryover. This balance may be carried forward in the FSA or transferred to a Health Savings Account. Click
here to see Press Release dated November 9, 2005. Hurricane Katrina Deadlines ExtendedNotice 2005-82 (Nov. 7, 2005) postpones the deadlines for certain acts performed by the IRS with respect to certain taxpayers affected by Hurricane Rita. This notice will appear in Internal Revenue Bulletin 2005-47, dated November 21, 2005. For Your Information!Majority of HSAs Likely to be Card-Based by 2010. Plastic cards are seen as a convenient way to eliminate paper from the healthcare industry. A report by TowerGroup predicts that by 2010, plastic cards will support 95 per cent of health savings accounts (HSAs) in the US, and 71 per cent of healthcare account products. Click here to read article. Supplement use could save $5 billion in health care costs. The use of dietary supplements containing omega-3 essential fatty acids (EFAs), lutein and zeaxanthin by U.S. adults over 65 could save the U.S. health care system up to $5.6 billion over the next five years, according to a new report by The Lewin Group. Click here to read article. Private Health Insurance: Number and Market Share of Carriers in the Small Group Health Insurance Market in 2004. In a follow-up to a 2002 report on the small group health insurance market, the Government Accountability Office (GAO) provided updated information on the number of health plan carriers licensed in each state and the carriers' market share. Click here to read the report. |
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LEGAL DISCLAIMER:
Material contained in this newsletter is not legal advice, and should
not be construed as legal advice. If you need legal advice upon which
you can rely, you must seek a legal opinion from your attorney. |