IRS Increases Standard Mileage Rates for Last Half of 2022 For Blue Cross Blue Shield Employees

Company Name For plan years beginning in Year Month First Segment Second Segment Third Segment Plan Type
Blue Cross Blue Shield All 2025 January 4.74% 5.55% 5.92%
Blue Cross Blue Shield All 2024 January 4.89% 5.14% 5.29%

Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, and moving expense purposes for the second half of 2022. The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and remains unchanged.

For July 1, 2022, to December 31, 2022, the standard mileage rates are as follows:

  • Business use of auto : Our Blue Cross Blue Shield clients may find this particularly beneficial. 62.5 cents per mile (up from 58.5 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used for business purposes. As a Blue Cross Blue Shield employee, your employer from Blue Cross Blue Shield may reimburse you for your business travel expenses using the standard mileage rate. However, if Blue Cross Blue Shield does not reimburse you for your business travel expenses, you cannot currently deduct your unreimbursed travel expenses as miscellaneous itemized deductions.

  • Charitable use of auto : 14 cents per mile (the same as for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to provide services to a charitable organization if you itemize deductions on your income tax return. We'd like our clients from Blue Cross Blue Shield to note that your charitable deduction may be limited to certain percentages of your adjusted gross income, depending on the type of charity.

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  • Medical use of auto : 22 cents per mile (up from 18 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used to obtain medical care (or for other deductible medical reasons) if you itemize deductions on your income tax return. It's also important that our Blue Cross Blue Shield clients note that you can deduct only the part of your medical and dental expenses that exceed 7.5% of the amount of your adjusted gross income.

  • Moving expense : 22 cents per mile (up from 18 cents for January 1, 2022, to June 30, 2022) may be deducted if an auto is used by a member of the Armed Forces on active duty to move, pursuant to a military order, to a permanent change of station (unless such expenses are reimbursed). The deduction for moving expenses is not currently available for other taxpayers.

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    The IRS normally updates the standard mileage rates once a year in the fall for the next calendar year. Mid-year increases in the standard mileage rates are rare — the last time the IRS made such an increase was in 2011.

    What type of retirement savings plan does Blue Cross Blue Shield offer to its employees?

    Blue Cross Blue Shield offers a 401(k) retirement savings plan to help employees save for their future.

    How can employees of Blue Cross Blue Shield enroll in the 401(k) plan?

    Employees can enroll in the Blue Cross Blue Shield 401(k) plan by completing the enrollment process through the company’s HR portal.

    Does Blue Cross Blue Shield provide any matching contributions to the 401(k) plan?

    Yes, Blue Cross Blue Shield offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

    What is the eligibility requirement for employees to participate in Blue Cross Blue Shield's 401(k) plan?

    Employees are typically eligible to participate in Blue Cross Blue Shield's 401(k) plan after completing a specified period of service, as outlined in the plan documents.

    Can employees of Blue Cross Blue Shield change their contribution percentage to the 401(k) plan?

    Yes, employees can change their contribution percentage to the Blue Cross Blue Shield 401(k) plan at any time, subject to the plan's guidelines.

    What investment options are available in Blue Cross Blue Shield's 401(k) plan?

    Blue Cross Blue Shield offers a variety of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.

    Is there a vesting schedule for the employer match in Blue Cross Blue Shield's 401(k) plan?

    Yes, Blue Cross Blue Shield has a vesting schedule for employer matching contributions, which determines when employees gain full ownership of those funds.

    How can employees access their 401(k) account information at Blue Cross Blue Shield?

    Employees can access their 401(k) account information through the online portal provided by Blue Cross Blue Shield’s retirement plan administrator.

    Are there any fees associated with Blue Cross Blue Shield's 401(k) plan?

    Yes, there may be administrative fees associated with the Blue Cross Blue Shield 401(k) plan, which are disclosed in the plan documents.

    What happens to an employee's 401(k) balance if they leave Blue Cross Blue Shield?

    If an employee leaves Blue Cross Blue Shield, they have several options for their 401(k) balance, including rolling it over to another retirement account or leaving it in the Blue Cross Blue Shield plan if permitted.

    With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
    Blue Cross Blue Shield offers both a traditional defined benefit pension plan and a defined contribution 401(k) plan. The defined benefit plan provides retirement income based on years of service and final average pay. The 401(k) plan features company matching contributions and various investment options, including target-date funds and mutual funds. Blue Cross Blue Shield provides financial planning resources and tools to help employees manage their retirement savings.
    Blue Cross Blue Shield companies have announced several rounds of layoffs in 2023-2024. Blue Cross Blue Shield of Michigan laid off 80 employees and offered voluntary separation packages to reduce workforce costs. Blue Cross Blue Shield of Minnesota also laid off 80 employees as part of its ongoing restructuring efforts to better align with strategic goals. These layoffs come amid financial challenges, including increased medical and pharmacy claims costs. Despite these issues, Blue Cross Blue Shield companies continue to focus on stabilizing their financial performance and enhancing operational efficiency.
    Blue Cross Blue Shield provides RSUs to employees, which vest over time and convert into shares. Stock options are also available, allowing employees to purchase shares at a set price.
    Blue Cross Blue Shield (BCBS) has consistently updated its healthcare benefits to ensure comprehensive coverage and support for its members. In 2023, BCBS introduced several key updates, including enhanced preventive care services and wellness incentives. Members can earn a $150 MyBlue Wellness Card for completing their annual physical, which can be used for qualified medical expenses. Additionally, BCBS increased the number of free. For 2024, BCBS has further enhanced its offerings with new wellness incentives and expanded coverage options. Members can earn up to $150 in Healthy Rewards by completing activities such as health assessments and lifestyle programs. The plans also include comprehensive coverage for preventive care, maternity services, and chronic condition management. With $0 copays for many telehealth services and competitive rates, BCBS remains committed to supporting the health and financial security of its members, which is particularly crucial given the current economic and political landscape.