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SBA Payment Protection Program Considerations

… assurance is being provided, exercise appropriate professional skepticism when reviewing the information provided by the application as the risk of fraud is high with a government relief program like this. Here to Serve You During These Challenging Times We have remained open for business since the onset of the COVID-19 pandemic in the United States as we transitioned quickly to a 100% remote worker arrangement in early March. Please contact Jay Moroney and Owen Bailitz for assistance with risk management concerns or your account team with policy and coverage questions. For more of EPIC’s coronavirus coverage, visit …

https://www.epicbrokers.com/insights/sba-payment-protection-program-considerations/

IRS Provides Guidance on FFCRA Tax Credits

… health plan expenses are determined separately for each plan. Then, for each plan, the employer should allocate expenses to the employees who participate in that plan. In the case of an employee who participates in more than one plan (e.g., a group health plan and a health flexible spending arrangement (HFSA), the allocated expenses of each plan in which the employee participates are aggregated for that employee. Fully insured plans. An eligible employer who sponsors a fully insured group health plan may use any reasonable method to determine and allocate the plan expenses, including: the COBRA applicable premium for …

https://www.epicbrokers.com/insights/irs-provides-guidance-on-ffcra-tax-credits/

Self-Funded Medical for Middle-Market Customers

Traditionally, middle-market employers have used fully-insured funding arrangements to finance their medical insurance costs while self-insurance or “Administrative Services Only” contracts were relegated to the large employer market. Due to rising costs and a lack of transparency of insured arrangements, smaller employers have begun to evaluate self-insurance as an option for controlling costs. This funding mechanism has become much more accepted as the purchase decision now includes the top financial executive level, and vehicles such as lifestyle-based contribution models have become mainstream, allowing the full impact of these strategies to fall directly to the organization …

https://www.epicbrokers.com/insights/self-funded-medical-for-middle-market-customers/

CARES Act Addresses COVID-19 Economic Crisis

… 2021. Expanded Reimbursable Expenses under HSA Starting with expenses incurred on or after January 1, 2020, the CARES Act provides that costs for over-the-counter drugs and menstrual care products will be reimbursable under an HSA. Additionally, Archer Medical Savings Accounts, Health Care Flexible Spending Accounts, and Health Reimbursement Arrangements will be able to reimburse these expenses. Unemployment Insurance The CARES Act creates the Pandemic Unemployment Assistance program to be in effect through December 31, 2020. Individuals will be able to get an amount equal to the applicable amount available under state unemployment insurance laws, plus up to $600 …

https://www.epicbrokers.com/insights/cares-act-addresses-covid-19-economic-crisis/

Financial Impact of COVID-19

… in the U.S. While COVID-19 has not run its course, we believe it should be pointed out that mortality is not unlike prior pandemics to date, though is expected to be higher than that of a given flu season. Many of our clients, particularly those in self-funded arrangements (in some cases with little or no aggregate stop-loss protection), have inquired as to whether this pandemic will destroy their healthcare programs with costs exploding higher in response to broad sickness. Our strong belief at this time is that COVID-19 will not have a dramatic impact on …

https://www.epicbrokers.com/insights/financial-impact-of-covid-19/

Covering Coronavirus: Risk Considerations Volume 1, Issue 4

… track the event and note dates, describe actions, and summarize expenses and lost revenue to help organize data and memorialize the event. The tabs that follow provide tools to capture actual numbers to track all cancelled events, reservations, orders, services, products, etc., as well as tracking invoices for the repair and replacement of covered property and extra expenses. Employee Benefits Update Self-Funded Health Plans: Gauging the Impact of Coronavirus Many employers, particularly those in self-funded arrangements (in some cases with little or no aggregate stop-loss protection), are wondering how coronavirus pandemic will impact their healthcare programs …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-4/

EPIC Adds Matthew Marmorek as National Practice Leader, Global (Non-US) Employee Benefits

EPIC Insurance Brokers and Consultants, a retail property, casualty insurance brokerage and employee benefits consultant, announced today that Matthew Marmorek has joined the firm as National Practice Leader, Global (Non-U.S.) Employee Benefits. Marmorek has worked in the international employee benefits industry for almost two decades. He specializes in developing innovative solutions to help multinational organizations meet their global employee benefit needs. He has extensive experience guiding clients through the implementation of financing vehicles such as multinational pooling, global underwriting, and captive arrangements, both on and off-shore, including medical, non-medical, and pension coverage. Marmorek brings deep carrier …

https://www.epicbrokers.com/insights/epic-adds-matthew-marmorek-as-national-practice-leader-global-non-us-employee-benefits/

Can ICHRAs Be Used to Make Healthcare a Defined Contribution Benefit?

The Affordable Care Act (ACA) limited employers’ ability to use Health Reimbursement Arrangements (HRAs) to fund individual premiums, except for Qualified Small Employer HRAs which had limited applicability due to legislative restrictions. Legislators were fearful that employers would use these programs to dump bad risk on the individual marketplace, which under ACA now has a pre-existing condition ban. Makes sense – large claims make up a disproportionate share of an organization’s total claims, and an employer would get a windfall if it could remove those individuals from its plan. In 2017, the Trump administration directed the U.S. Treasury …

https://www.epicbrokers.com/insights/can-ichras-be-used-to-make-healthcare-a-defined-contribution-benefit/