Earlier this week (January 10, 2022) the White House announced a requirement that most private health insurance payers must cover the cost of home COVID-19 test kits, starting January 15, 2022. The new benefit waives any plan related cost sharing (e.g., copay/deductible/coinsurance) for the purchase of a limited supply of physician prescribed home test kits.
As we approach the end of the year, and for some, the deadline to “use or lose” some or all of their Flexible Spending Account (FSA) balances, we’d like to make stakeholders aware of the expanded IRS list of qualified expenses.
As COVID-19 vaccines become more available, employers may want to consider their options with respect to incentivizing employees to get the shot(s). And as is usually the case in the world of employee benefits…employers need to proceed with caution and care as they ruminate on this matter. Here are some important considerations relative to encouraging employees to get vaccinated against COVID-19 –
The COVID-19 pandemic related CARES Act granted tax preferred status to loan repayment employee benefits. Referred to as loan repayment assistance programs – LRAPs or EAPs (educational assistance programs), this new tax preferred benefit is available through 2025 (unless extended), thanks to the Consolidated Appropriations Act (CAA) which was signed by the President toward the end of December, 2020. LRAPs/EAPs provide employers with yet another employee recruitment and retention tool, but there are important considerations.
The federal government has now provided employers with additional relaxations affecting tax preferred, Flexible Spending Accounts (FSAs), in light of the Coronavirus pandemic. These relaxations come about as a result of the passage into law of the Consolidated Appropriations Act, 2021. It’s important to note that these FSA changes are not mandatory either in total or individually. Employers may opt to amend their FSA plans to allow any or all of these provisions, but are not compelled to do so.
The U.S. Department of Health and Human Services (HHS) announced on October 2, 2020 that it has extended the period of the national public health emergency related to Covid-19 for a third time. So, health insurance plans* may now extend the end date of any Covid-19 specific plan related cost sharing waivers and benefits to dates of service up to January 20, 2021.
In light of the COVID-19 pandemic, the Departments of Health/Human Services, Labor and Treasury (DHS, DOL & DOT), along with the IRS have issued (April 29, 2019) guidance that extends many of the deadline dates associated with various employee benefits related time frames.
In light of the Coronavirus pandemic, Congress, the Office of Personnel Management (OPM), and the IRS have made key changes affecting the use of tax-free funds that reside in tax preferred spending accounts:
The COVID-19 pandemic has disrupted and changed the health insurance landscape for many people. Here’s a review of the various options available to people, depending on their specific situation and eligibility:
Leaders of the major health insurance companies in the U.S. agreed to expand insurance benefits related to Corornavirus/COVID-19, in a historical meeting held at the White House yesterday (March 10, 2020). Present at the meeting were executives from: Aetna
Blue Cross Blue Shield (BCBS) Association (representing the 36 BCBS plans throughout the nation, including Anthem)
Cigna
Humana
UnitedHealth Group (aka United Healthcare)
