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IRS Releases Guidance on COBRA Subsidies and Tax Credits

On May 18, 2021, the Internal Revenue Service (IRS) issued Notice 2021-31 providing information about the Consolidated Omnibus Budget Reconciliation Act (COBRA) continuation coverage subsidies created by the American Rescue Plan Act (ARPA). Notice 2021-31 addresses a range of issues pertinent to assisting employers, plan administrators and insurers with understanding the COBRA subsidies and associated tax credits. The IRS notice consists of a background explanation of the ARPA COBRA subsidies and a series of 86 questions and answers (Q&As) with some examples. The notice explains and provides guidance on topics such as the calculation of the credit …

https://www.epicbrokers.com/insights/irs-releases-guidance-on-cobra-subsidies-and-tax-credits/

Market Pulse Survey: FFCRA Sick Pay Extension Requirement

… on December 31, 2020. However, several states enacted laws similar to the federal legislation to provide COVID-19-paid sick leave to employers with 500 or more employees. Take our survey to see how other companies handle extending the two-week sick pay requirement. THIS SURVEY HAS NOW CLOSED 2021 Employee Benefits Compliance Webinar Series The employee benefits compliance landscape is in a state of constant change. EPIC believes that timely, accurate communication regarding impactful changes – and the resulting requirements, exposures and opportunities – is a chief responsibility for employee benefits brokers, consultants and professional advisors. Upcoming Webinar Thursday, July 8 …

https://www.epicbrokers.com/insights/ffcra-sick-pay-extension-requirement-pulse-survey/

IRS Provides Clarification on DCAPs in 2021 and 2022

… or the expected $5,000 limit in 2022. The general rule for DCAPs is that employees may be reimbursed up to $5,000 per calendar year (or up to $2,500 for individuals who are married but filing separately) without having to include it in their taxable income. If the employee has money left over at the end of the plan year and takes advantage of a 2½ month grace period, any amount reimbursed above $5,000 during the calendar year must be included in taxable income. With this general rule in place, employers were unsure how to handle the …

https://www.epicbrokers.com/insights/irs-provides-clarification-on-dcaps-in-2021-and-2022/

IRS Releases Additional COBRA Subsidy Guidance

Quick Facts The IRS issued Notice 2021-31, which includes significant guidance on the American Rescue Plan Act of 2021 (ARPA) Consolidated Omnibus Budget Reconciliation Act (COBRA) subsidy. The guidance is clear that reductions in force, terminations for cause, layoffs, and other related terminations are to be treated as an involuntary termination. The guidance clarifies that the subsidy is available for all types of COBRA coverage except for health flexible spending accounts (FSAs). The Notice provides detailed guidance on how employers will recover premium assistance payments against their payroll tax liability. The process is similar to the credit taken for …

https://www.epicbrokers.com/insights/irs-releases-additional-cobra-subsidy-guidance/

It’s Not the Insurance That’s Expensive – It’s the Cost of Healthcare

Healthcare is about to get more expensive. Cell and gene therapy is today’s hot topic as drugs such as Zolgensma, at $2.4 million per dose, strike fear in the eyes of stop-loss insurers and plan sponsors. But the conditions for which those drugs are prescribed are, so far, pretty rare. And the insurance industry is able to spread the risk over the larger population. Viewpoints from Craig Hasday But now there is a new scourge about to hit the market – genomics’ “killer app,” the liquid biopsy. This “killer app” of the genomics world, called MCED (Multi-Cancer …

https://www.epicbrokers.com/insights/its-not-insurance-thats-expensive-its-the-cost-of-healthcare/

2022 Notice of Benefit and Payment Parameters Part Two Has Been Released

The Department of Health and Human Services (HHS) released part two of the 2022 Notice of Benefit and Payment Parameters (NBPP) on April 30, 2021. The NBPP is the annual rule that governs the Affordable Care Act (ACA) marketplaces and insurance reforms. The update most pertinent to group health plans (GHPs) in the part two update of the NBPP is the revised maximum out-of-pocket costs to plan participants. HHS and Centers for Medicaid and Medicare Services (CMS) plan to issue additional rulemaking to finalize the remaining proposed provisions of the 2022 NBPP later this year. HHS Sets the …

https://www.epicbrokers.com/insights/2022-notice-of-benefit-and-payment-parameters-part-two-has-been-released/

Bite-Sized Insights Into a World of Risk Volume 2, Issue 9

Bite-Sized Insights Into a World of Risk  Volume 2, Issue 9 In this issue, we take a focused look at: Feature Focus Cyber Crime in the Crosshairs: How Companies Can Respond Supply Chain and Business Risks FMCSA Emergency Declaration Insurance Products and Coverage Information Presumptive Compensability News of Note Human Resources and Employee Benefits AIHA Seeks Mask Guidance for Employers Insights from Across the Firm The coronavirus crisis created the need to provide commentary on areas of concern. With the evolution of the pandemic, going forward, each issue will include a focus feature on a timely topic impacting the …

https://www.epicbrokers.com/insights/bite-sized-insights-into-a-world-of-risk-volume-2-issue-9/

HHS Issues Announcement on Section 1557 Protecting Civil Rights in Healthcare

On May 10, 2021, the Department of Health and Human Services (HHS) announced that it was revising its interpretation of Section 1557 of the Affordable Care Act (ACA) and Title IX of the Education Amendments of 1972 (Title IX). According to the HHS release, the Health and Human Services Office for Civil Rights (OCR) will interpret and enforce the Section 1557 and Title XI prohibitions on sex discrimination to include discrimination on the basis of (1) sexual orientation, and (2) gender identity. HHS stated that it made the updates of its interpretation in light of the Supreme Court of the …

https://www.epicbrokers.com/insights/hhs-section-1557-protecting-civil-rights-in-healthcare/