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Reminders About Upcoming Changes to Healthcare Spending Related to the COVID-19 Pandemic

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted on March 27, 2020. The law permitted flexibility to healthcare spending related to high-deductible health plans (HDHPs). The CARES Act also modified the rules that apply to various tax-advantaged spending accounts so that additional items are considered qualified medical expenses which spending accountholders and plan participants may reimburse from those accounts. The spending flexibility permitted under the CARES Act expires on December 31, 2021. On March 11, 2020, the Internal Revenue Service (IRS) issued a notice allowing HDHPs to cover testing for, and treatment of, COVID-19 …

https://www.epicbrokers.com/insights/reminders-upcoming-changes-healthcare-spending-covid-19-pandemic/

DOL & Insurers Reach Settlement Over Mental Health Parity Act Violations

… Parity and Addiction Equity Act (MHPAEA). The DOL and New York Attorney General (NYAG) settled with United Behavioral Health and United Healthcare Insurance Co. (United) following litigation and investigation into MHPAEA violations. According to the settlement, United must pay affected participants and beneficiaries, pay penalties and take corrective actions. The Employee Benefits Security Administration (EBSA) investigates alleged violations of the MHPAEA, including those alleged in Walsh v. United Behavioral Health and UnitedHealthcare Insurance. The MHPAEA requires group health plans (GHPs), whether fully insured or self-funded, to provide the same level of benefits to participants for mental health and substance …

https://www.epicbrokers.com/insights/dol-insurers-settlement-mental-health-parity-violations/

The IRS Issues Informational Letters on Health Flexible Spending Accounts

… by debit card transactions to the plan. When a debit card transaction gives the required information, substantiation occurs automatically or as a real-time substantiation. The rules also permit an FSA plan sponsor to coordinate with the participant’s health plan to use the information provided in an explanation of benefits (EOB) to substantiate a debit card charge without requiring more information. Further, the debit card rules allow automatic substantiation when a plan approves a recurring QME payment incurred at certain providers that match the amount, medical care provider and time period of previously approved QMEs. These rules permit an

https://www.epicbrokers.com/insights/irs-issues-informational-letters-health-flexible-spending-accounts/

Why Now Is the Time to Leverage Your Benefits Strategy to Recruit & Retain Talent

“The purpose of employee benefits is to recruit and retain valuable employees.” This lesson is taught the first day at any benefits school – and it was the only reason for an organization to spend money on benefits before the Affordable Care Act (ACA). Viewpoints from Matt Sears These words ring true as most industries are experiencing a frantic “post-pandemic” employment situation. Is the traditional approach to offering benefits enough to sway potential hires to join your workforce? Taco Bell is now offering their managers $100,000 salaries, but is giving people taxable cash income the best approach? And …

https://www.epicbrokers.com/insights/leverage-benefits-strategy-recruit-retain-talent/

President Biden Announces COVID-19 Vaccine Mandate Impacting 100 Million Americans

Viewpoints from Craig Hasday Frustrated by increasing infection and hospitalization rates, President Biden announced on Thursday evening new COVID-19 mandate requirements that will impact around 100 million Americans, including federal workers, contractors and healthcare providers that accept Medicare and Medicaid – and employees in the private sector. Additionally, the Department of Labor’s Occupational Safety and Health Administration (OSHA) will shortly be issuing a directive for all employers with at least 100 employees. These employers must ensure their workforce is fully vaccinated or require unvaccinated workers to produce a negative COVID-19 test at least once a week. The President …

https://www.epicbrokers.com/insights/biden-covid-19-vaccine-mandate-impacting-100-million-americans/

The IRS Releases 2022 Benefits Affordability Requirements

On Monday, August 30, 2021, the Internal Revenue Service (IRS) issued Rev. Proc. 2021-36. The revenue procedure provides the required contribution percentage and applicable percentage table for the 2022 calendar year. An employer-sponsored benefits plan uses the required contribution percentage to determine whether the plan is affordable according to the Affordable Care Act (ACA) Section 4980H(b) requirements. The applicable percentage table is used to calculate an individual’s premium tax credit (PTC). These 2022 indexed adjustments for affordability and PTC determinations are discussed in more detail below. The employer shared responsibility (ESR) provisions under Section 4980H of …

https://www.epicbrokers.com/insights/irs-2022-benefits-affordability-requirements/

Webinar Recording Now Available: What Do Tax Changes Mean for Your Nonqualified Deferred Compensation Plan?

Webinar Recording Now Available!  EPIC Employee Benefits Consultants Joanne Tran and Suzannah Gill Moderate Discussion with Nathaniel S. Siegel Congress recently released an initial draft of a proposed $3.5 trillion spending package. To pay for this spending, tax policy changes are included in the draft. Has your firm engaged in proactive planning to optimize your approach in the face of this uncertainty? Our Executive Benefits Team hosted a discussion to cover what these tax changes could mean for your firm’s nonqualified deferred compensation plan. Topics covered include: Best practices to enhance an existing deferred compensation plan How to …

https://www.epicbrokers.com/insights/what-do-tax-changes-mean-for-your-nonqualified-deferred-compensation-plan/

Updates on Provisions of the Transparency in Coverage Rules & Consolidated Appropriations Act

The Departments of Labor, Health and Human Services (HHS) and the Treasury (collectively, the Departments) released the Transparency in Coverage (TiC) Final Rules on November 12, 2020. The TiC Final Rules set forth requirements for group health plans (GHPs) and health insurance issuers in the individual and group markets to disclose cost-sharing information upon request to a participant, beneficiary, or enrollee. The Consolidated Appropriations Act, 2021 (CAA) became law on December 27, 2020. The year-end appropriations bill included ongoing relief and funds relating to the COVID-19 pandemic, permissible changes to Flexible Spending Accounts (FSAs) and Dependent Care …

https://www.epicbrokers.com/insights/updates-on-transparency-in-coverage-rules-caa/