HSA/HDHP Limits Increase for 2021: I highlighted this my newsletter last month so this is just a friendly reminder to review the IRS’s recently released limits.
COVID-19 Guidance for Section 125 Mid-year Changes: The IRS released notice 2020-29, which provides temporary flexibility for mid-year election changes under a Section 125 cafeteria plan during the calendar year 2020. The changes are designed to allow employers to respond to changes in employee needs as a result of the COVID-19 pandemic. The guidance relates to mid-year elections for:
-
- Self-insured and fully insured employer-sponsored health coverage
- Health flexible spending arrangements (health FSAs)
- Dependent care assistance programs (DCAPs)
- Self-insured and fully insured employer-sponsored health coverage
Employees may be permitted to prospectively make election changes described regardless of whether they satisfy existing mid-year election change rules.
ACA PCORI Fee Deadline is Fast Approaching: The Patient-Centered Outcomes Research Institute (PCORI) fees were set to expire for plans ending before October 1, 2019, but when the Trump administration signed the Further Consolidated Appropriations Act of 2020 into law, PCORI and the associated fees were extended through September 30, 2029.
What do all these acronyms and political jargon mean? Employers should determine which of their plans are subject to the PCORI fee, assess plan funding to determine whether the issuer or the employer is responsible for the fees, and for self-insured plans, select an approach for calculating average covered lives. PCORI Fees Due July 31, 2020.
Michigan Auto Reform: A huge shout-out to our Personal Insurance Team as they have been extremely busy helping guide their clients through Michigan’s Auto Reform.
If any of your employees are asking you for information on their current benefit plan or documentation from their current health insurance carrier, employees must request this information directly from their insurance company. The medical insurance carrier will confirm if the plan is a qualified plan and if it is, the carrier will prepare a customed letter for the employee (employee name, covered dependent(s) names, etc.). The employee should then submit this letter to their auto insurance carrier.
Nulty ‘Summer Six Pack’ Webinar Series: We are super stoked for our 4th webinar in the summer series, “The State of the Benefits Union”. Our guest speaker, Gary Kushner, an internationally recognized speaker on HR strategy and employee benefits and President and CEO of Kushner & Company, will share trends that are currently impacting the benefits industry and how they influence healthcare decision-making within our own organizations.
Live Well, Work Well: The topic of this month is boosting our mental health during uncertain times. This a great read and one that I encourage you to distribute to your staff!
