News & Events
News & Events - What's Happening at Peak1
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February 10, 2014

White House Delays Health Insurance Mandate for Medium-Sized Employers until 2016 

According to the Washington Post, "The Obama administration announced Monday it would give medium-sized employers an extra year, until 2016, before they must offer health insurance to their full-time workers."

Firms with at least 100 employees will have to start offering this coverage in 2015.

By offering an unexpected grace period to businesses with between 50 and 99 employees, administration officials are hoping to defuse another potential controversy involving the 2010 health-care law, which has become central to Republicans' campaign to make political gains in this year's midterm election. 

To continue reading click here.


November 19th, 2013

Enhanced HSA Investment Offerings

After careful research and analysis, Peak1’s HSA investment team made the decision to add several options to our list of available investments. 

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November 12th, 2013

2014 Qualified Transportation Fringe Benefits Update

On Monday, November 4, 2013, the Internal Revenue Service announced new monthly limits on the value of qualified transportation fringe benefits that an employer can provide its employees without being included in taxable income. For 2014, the monthly limit on the amount that may be excluded from an employee’s income for qualified parking benefits is $250 (a $5 increase from the 2013 limit of $245). The combined monthly limit for transit passes and vanpooling expenses for 2014 is $130 (a $115 decrease from the 2013 limit).

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November 4th, 2013

IRS Announces Other Benefit Limitations for 2014 

Last week, the Internal Revenue Service announced  in Revenue Procedure 2013-35  the annual inflation adjustments for more than 40 tax provisions for 2014, including the tax rate schedules, and other tax changes. This Revenue Procedure provides details about these annual adjustments. 

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October 31st, 2013

Exciting News!  Earlier today the U.S. Department of the Treasury and the IRS issued a notice modifying the longstanding "use it or lose it" rule for health flexible spending accounts (FSAs). 

Effective today, employers are able to amend their plan documents and provide an option for either a grace period or allow employees to roll over up to $500 of unused FSA funds at the end of the 2013 plan year and for plan years going forward.

We will be releasing more details soon.

Click to read more



October 31st, 2013


Recent Guidance on the Impact of Health Reform on Cafeteria Plans

On September 13, 2013, the Internal Revenue Service (IRS) issued Notice 2013-54 and the Department of Labor (DOL) issued Technical Release 2013-03. The two pieces of guidance are substantially identical and address many previously unanswered questions regarding how market reform and other provisions of the Affordable Care Act (Act) apply to health reimbursement arrangements (HRAs), including HRAs integrated with group health plans; health flexible spending arrangements (health FSAs); and employee assistance programs (EAPs). 

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September 24th, 2013

Peak1 Mobile App: Important Announcement and Update to Version 4.0

Simplifying the business of healthcare, that’s exactly what you are doing when you use the Peak1 Mobile App. The app has been updated and version 4.0 is available for download beginning the week of September 30.

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September 16th, 2013

HRAs, Health FSAs and Other Healthcare Arrangement Options under the Affordable Care Act

On Friday, September 13, the Departments of Labor, Treasury and Health and Human Services provided guidance on the application of certain provisions of the Affordable Care Act (Act) on health reimbursement arrangements (HRAs), certain health flexible spending arrangements (Health FSAs) and employee assistance programs (EAPs).  

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August 19th, 2013

IRS launches Affordable Care Act (ACA) information website

The Internal Revenue Service has launched a new website where employers and employees can obtain information about the responsibilities they will face under the Affordable Care Act. The new website includes a variety of resources designed to help answer some of the many questions about the new health care law. Included are topics for individuals and families, employers, organizations and more. 

To view the website, click here.


July 3rd, 2013

U.S. to delay healthcare employer mandate to 2015

The U.S. administration said late Tuesday it will not require employers to provide health insurance for their workers until 2015, in a move that delays a key provision of President Barack Obama's healthcare reform law by a year. 

According to a Bloomberg report, "The delay, will give the Administration additional time to revise and simplify employer reporting requirements associated with the mandate and will provide businesses more time to adapt their health care coverage. The delay of the employer mandate does not affect implementation of the individual mandate. That most large employers already offer coverage and those with fewer than 50 employees were exempt likely factored into the Administration’s decision."

To read the entire article, click here.


June 6th, 2013

Form 720 is available

The IRS recently imposed a new tax on HRAs that will affect the fees of all HRA participants. The updated Form 720 that is required to pay the new tax has now been modified to reflect the changes.  As a recap, please read the following and see how it may affect you.

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June 3rd, 2013

Participant Portal Demonstration Now Online

In an effort to help our participants navigate the consumer portal, we have included a series of helpful demonstrations to our video tutorial section. This demo will allow participants to view a tutorial on all of the most popular and useful options within the portal. Take a look for yourself by clicking here.



May 16th, 2013

Is this the end of "Use it or Lose it"?

The "Use it or Lose it" rule that forfeits unused money from FSA accounts has been discussed for years. The rule was one of the major reasons that some people decided against using Flexible Spending Accounts as a way to help fight the rising costs of healthcare. This rule has been in the news lately and it appears that this may be the end of the rule. 

The following is from our partners with the ECFC: 

"Late yesterday, Senator Ben Cardin (D-MD) along with Senator Mike Enzi (R-WY) introduced S. 966, the Medical FSA Improvement Act, to eliminate the use-or-lose rule by allowing individuals to cash-out unused flexible spending arrangement (FSA) balances with the amounts treated as taxable income."

We will keep you updated as we learn more about these possible changes.


May 14th, 2013

Is a Consumer-Driven Health Plan right for you?

CDHPs offer many benefits to consumers, the biggest being a way to save money in a time of rising healthcare costs. Take a look at the video and see if CDHPs can help you save money. Click here to learn more.


May 2nd, 2013

Peak1 Administration is proud to announce that we have joined ECFC. The Employers Council on Flexible Compensation is a group "dedicated to the advocacy, education, advancement, and innovation of tax-advantaged benefit programs that facilitate choice for employers and their employees."

We feel that the partnership will allow us to do our part to help shape government policies and regulations that support tax-advantaged benefits like the solutions we offer at Peak1.



February 11th, 2013

FAQs about Affordable Care Act Implementation: HRA

On January 24th, 2013 new FAQs were released to help better understand some of the changes with health care reform.  Health and Human Services (HHS), Department of Labor (DOL) and the Treasury department were part of creating this document. 

One major question was the wording that said “integrated” HRA.  The FAQs defined an “integrated” HRA as an “HRA that is available only to employees who are covered by primary group health plan coverage provided by the employer and meeting the requirements of Public Health Service (PHS) Act section 2711.” This section of the PHS Act generally prohibits plans and issuers from imposing lifetime or annual limits on the dollar value of essential health benefits.

Click to read more


February 5th, 2013

Peak1 Mobile App Continues to Grow in Popularity

 

Over the past few months we have noticed a substantial growth in the use and downloads of our Peak1 mobile app.  We have received great feedback about this app and users are starting to see how it can make things easier for them.

The app is available for both iPhone and Android and has proven to be a convenient way for users to check balances of their account based plans (HRA, HSA and FSA).  Participants can also check their claim history and even take a picture of their receipts for faster claim processing!  Here are more details about the app:

IT’S EASY AND CONVENIENT

Designed to work just as other apps, making it easy to learn and use

IT CONNECTS YOU WITH THE DETAILS

  • Check available balances 24/7
  • View account activity for your accounts
  • Drill into claim transactions for your HRA and FSA accounts

 TAKE PICTURES OF CLAIM RECEIPTS

  • View claims requiring receipts
  • Take a picture of a receipt and submit for a claim

IT’S SECURE

No sensitive account information is ever stored on your mobile device and secure encryption is used to protect all transmissions

ADDITIONAL FEATURES

  • Mobile File A Claim— Enables you to submit a new FSA or HRA claim from your Mobile app at any time, and to add a receipt at the same time a claim is being filed. 
  • HSA Transaction Details—Enables you to drill into details of your HSA transactions. The specific HSA information displayed includes details of cash account activity, and participant and employer contributions. 
  • Enhanced Login (Passcode) —Allows you to login to your Lighthouse1 Mobile App with a convenient 4-digit passcode.   For added security, no login information is ever stored on your mobile device. 

To download, please visit the following sites:

iPhone: Apple Store

Android: Google Play


January 31st, 2013

IRS Imposes New Tax on HRAs

With the implementation of the Patient Protection and Affordable Care Act (PPACA), a new fee has been announced for sponsors and issuers of individual and group policies, called the Patient-Centered Outcomes Research Institute (PCORI) fee.  This fee was developed to support research on clinical effectiveness.  IRS Bulletin 2012-19 explains that this fee is to be paid by the issuer of fully insured group health plans (the insurer) and sponsors of applicable self-insured group health plans (the employer), including HRAs.

Click to read more


January 14th, 2013

Transit and Parking Benefits Get a Cost of Living Increase for 2013

On Friday, January 11, 2013, the Internal Revenue Service announced inflation adjustments for the 2013 tax year, which included items from the recently passed American Taxpayer Relief Act of 2012, which was signed into law last week. The provision to re-instate the parity of transit and parking benefits was included in the inflation adjustment. For 2013, the amount of pre-tax dollars that can be used to pay for Transit and/or Parking Benefits has increased to $245 per month.

Peak1 is making changes to the monthly maximums set in the debit card and Lighthouse1 administration platforms to accommodate the changes. The IRS monthly maximum reimbursement for parking and mass transit plans will be increased to $245 with an effective date of 01/01/2013. The monthly maximums for 2012 will not be changed. Any claims submitted for reimbursement with dates of service in 2012 will be subject to a $240 monthly maximum reimbursement. These changes will be in place on Monday, January 14, 2013.

Any claims entered after this change has been made in your database will be subject to the new monthly maximum. Please contact Peak1 if you have any additional questions.