Benefits Buzz
As you may be aware, the Biden administration previously created an extenuating circumstances special enrollment period (SEP) on HealthCare.gov in response to the COVID-19 pandemic. The SEP allows individuals to sign up for coverage (or change plans) without a typical qualifying event.
Individual Coverage Health Reimbursement Arrangements (ICHRAs) are premium reimbursement arrangements that allow employers to reimburse employees for personal health insurance coverage they obtain on their own. Plans such as those offered on the Health Insurance Marketplace or Medicare plans are eligible for reimbursement.
On March 11, 2021, President Joseph Biden signed into law the American Rescue Plan Act (ARPA). ARPA is the third stimulus package signed into law in response to the COVID-19 pandemic. Under ARPA, two significant provisions were included that will help more Americans obtain and pay for health insurance coverage.
Is your benefits administrator not living up to your standards? Are customer service let-downs and reimbursement problems giving you headaches? Are you worried about sticking it out until your next renewal? Well, worry no more! You don’t need to wait until your next renewal to find a better benefits administrator.
UPDATE: We have since received additional guidance from the Department of Labor, which clarifies that the COBRA extension end date is specific to each individual.
The Internal Revenue Service (IRS) recently released Notice 2021-15 which supplements legislation that was included in the Consolidated Appropriations Act, 2021 pertaining to new, temporary options employers can implement to their Health and Dependent Care Flexible Spending Accounts (Health FSAs and Dependent Care FSAs).
