When you’re buying health insurance you’ll likely need to sign up your family, too. Known in tax lingo as a dependent, here’s who qualifies and how they can help you save. Anyone you claim on your income tax return for a given tax year is considered a dependent. Generally dependents are your spouse or domestic partner and/or any kids under 26 years old. A child can be biological, legally adopted, or a stepchild. Other relatives for whom you are financially responsible may also count as dependents, such as your parents or siblings. Roommates, divorced or legally separated spouses, and unborn children are not considered dependents. For more information, see the full definition of dependents fr

Many times you'll hear people say that the average funeral costs around $6,000. However, that estimate is based on a price survey taken several years ago. Funeral prices, like everything else, have increased with inflation. Today, the average North American traditional funeral costs between $7,000 and $10,000. This price range includes the services at the funeral home, burial in a cemetery, and the installation of a headstone. While cremation is gaining in popularity, the traditional funeral is still the most popular manner for disposing of the deceased. Here is a reasonable "ballpark" estimate of the main funeral costs. It's important to notes that funeral prices vary considerably betwe

Many consumers are eager to learn more about health savings accounts (HSAs), which continue to generate buzz as a growing trend in health care coverage. The general assumption is that a financial tool with this much potential must be complex and difficult to understand. However, HSAs are simple to outline, and can be broken down into a list of ten basic points for consumers to easily digest. 1. HSAs fund health care needs The HSA is first and foremost designed to fund health care expenses in conjunction with a high deductible health plan (HDHP). An HDHP is a requirement to set up an HSA. The HSA is a savings account that secures pre-tax dollars in a fund for future medical needs, and helps m

On Oct. 23, 2018, the Departments of Labor, Health and Human Services, and the Treasury (Departments) issued a proposed rule that would expand the usability of health reimbursement arrangements (HRAs). Effective in 2020, the proposed rule would: Allow HRAs to be used to reimburse the cost of individual market premiums on a tax preferred basis, subject to certain conditions; and Allow employers that offer traditional group coverage to provide an HRA of up to $1,800 per year (as adjusted) to reimburse certain qualified medical expenses. This proposed rule was issued in response to a 2017 executive order directing federal agencies to expand access to HRAs. What does this mean for employers? Acc

The IRS recently issued a Revenue Procedure to index the contribution percentages used to determine the affordability of an employer’s plan under the Affordable Care Act (ACA). These updated affordability percentages are effective for taxable years and plan years beginning Jan. 1, 2019. They represent a significant increase from the affordability contribution percentages for 2018. As a result, some employers may have additional flexibility with respect to their employee contributions for 2019 to meet the adjusted percentage. Affordable Coverage Test For plan years beginning in 2019, employer-sponsored coverage will be considered affordable if the employee’s required contribution for self-onl