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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/

Self-Funded Medical for Middle-Market Customers

… 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’s bottom line. Self-insuring is a method to fund employee benefits where the employer pays the insurer an administration fee to process claims and use their provider network to access discounts. However, self-insurance does not mean unlimited liability. To protect against catastrophic loss, the employer purchases stop-loss insurance to shelter the employer from large claims on any …

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

Covering Coronavirus: Risk Considerations Volume 1, Issue 6

… Chain and Business Risks The Unsung Heroes of the Coronavirus Crisis Keeping Truckers Rolling U.S. DOL Announces Temporary FFCRA Non-Enforcement Insurance Products and Coverage Information P&C Webinar Answers Questions on Property Policies and Claims Filing Will Pressure From Lawmakers Change Outcomes of Insurance Claims? Human Resources and Employee Benefits Highlights of the CARES Act Recent FFCRA Legislation – New Webinar Promote Balance and Avoid Burnout While Working from Home Coronavirus & Workplace Well-being: Dispelling Panic and Misinformation Employee Benefits Insights The information presented here is intended to provide a high level overview of critical areas of concern for …

https://www.epicbrokers.com/insights/covering-coronavirus-risk-considerations-volume-1-issue-6/