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Insurance Companies Don’t Give It Away for Free

… plan does not bear the burden of over-age-65 adults (the ones who are the most likely to suffer hospitalization due to COVID-19). The Federal Government, through Medicare, will bear the brunt of those costs – not the commercial carrier insuring your company. As such, the “giveaway” of no-employee-cost COVID-19 coverage is a small handout for the money your carrier will make during this crisis as services are delayed. Likewise, the dental carriers are profiting even more. Dental offices around the country are simply closed, except for emergency procedures. For every month a dental office is …

https://www.epicbrokers.com/insights/insurance-companies-dont-give-it-away-for-free/

DOL Releases Additional FFCRA FAQ

The Families First Coronavirus Response Act (FFCRA), which generally became effective April 1, 2020, provides for Emergency Paid Sick Leave and Emergency Expanded FMLA Leave to help lessen the financial severity of the COVID-19 outbreak in certain critical areas relating to employment and health coverage. The U.S. Department of Labor has released additional FAQs that provide more details around the many questions employers have raised as they work to comply with the law’s new compliance requirements. The current FAQs are now up to 79 questions, but we present here the newly released FAQs that pertain to the …

https://www.epicbrokers.com/insights/dol-releases-additional-ffcra-faq/

Benefit Plans Are Changing to Help Consumers

Last week, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2 trillion relief package providing emergency assistance and healthcare response for individuals, families and businesses affected by the 2020 coronavirus (COVID-19) pandemic. For more of our coronavirus coverage, visit epicbrokers.com/coronavirus  Health plan sponsors should look more closely at a few of the CARES Act details. Through December 31, 2021, CARES allows HSAs to be used for first-dollar telehealth benefits for any condition without disqualifying the high deductible health plan. Telehealth services are already considered an eligible expense for use with a …

https://www.epicbrokers.com/insights/benefit-plans-are-changing-to-help-consumers/

IRS Provides Guidance on CARES Act Employee Retention Tax Credits

… to specified limits, but the same wages cannot be counted for both credits. What is the Employee Retention Credit? The Employee Retention Credit is a fully refundable tax credit for employers equal to 50% of qualified wages (including allocable qualified health plan expenses) that eligible employers pay their employees. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an eligible employer for qualified wages …

https://www.epicbrokers.com/insights/irs-provides-guidance-on-cares-act-employee-retention-tax-credits/

IRS Provides Guidance on FFCRA Tax Credits

… including tax-exempt organizations) may claim the refundable tax credits if they have fewer than 500 employees, and are required under the FFCRA to pay “qualified sick leave wages” and/or “qualified family leave wages.” A business is considered to have fewer than 500 employees if, at the time an employee’s leave is to be taken, the business employs fewer than 500 full-time and part-time employees within the United States, which includes any State of the United States, the District of Columbia, or any Territory or possession of the United States. The IRS does not specify when …

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

Department of Labor Releases Updated Model CHIP Notice

Quick Facts The U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) recently released an updated model notice that may be used by employers to provide information on eligibility for premium assistance under Medicaid or the Children’s Health Insurance Program (CHIP). The updated model notice, current through January 31, 2020, is available here. Employers who maintain group health plans in states that provide premium assistance under Medicaid or CHIP are required, on an annual basis, to notify all employees of potential premium assistance opportunities for the state in which an employee resides. EBSA’s updated model …

https://www.epicbrokers.com/insights/department-of-labor-releases-updated-model-chip-notice/

San Francisco Health Care Security Ordinance 2019 Annual Report Form Cancelled

Quick Facts The San Francisco Health Care Security Ordinance (HCSO) requires covered employers to pay a certain amount – an Expenditure – toward their covered employees’ health care costs. Covered employers must report HSCO-related data to the City of San Francisco by filing an Annual Reporting Form (ARF) by April 30 for the prior calendar year. The 2019 ARF requirement is cancelled due to a Citywide emergency proclamation related to the COVID-19 (aka novel coronavirus) pandemic. All other HCSO requirements (including required Expenditures) remain in full effect. The deadline for Q1 2020 Expenditures is April 30, 2020. BACKGROUND The San …

https://www.epicbrokers.com/insights/san-francisco-health-care-security-ordinance-2019-annual-report-form-cancelled/

COVID-19 Special Enrollment Period Raises Compliance Questions

… the coverage available outside of the cafeteria plan – on an after-tax basis – to avoid conflict with the Section 125 election change rules. If and when the IRS issues guidance that election changes during COVID-19 SEPs is a permitted event, withholdings could be adjusted to reverse payroll taxes on employee contributions. SPECIAL COVID-19 ENROLLMENT PERIODS Due to the COVID-19 (aka novel coronavirus) health emergency, many health insurers and third party administrators (TPA) are extending to policyholders and employers the ability to offer to certain employees a special enrollment period (SEP) – that is, a new chance to enroll …

https://www.epicbrokers.com/insights/covid-19-special-enrollment-period-raises-compliance-questions/