Everything about COVID-19 has changed the way we live, work, and play. As we adapt and adjust to our “new norm,” we now have an opportunity. Since March, many state laws and federal laws have changed; as things continue to be confusing, there are few topics and ways that many employers, HR leaders, brokers, and administrators can agree on.
The IRS announced the new limits for Health Savings Accounts (HSAs) are going up $50 for individual coverage and $100 for family coverage, bringing them to $3,650 and $7,300, respectively. The catch-up contribution limit for those over age 55 will remain $1,000. Each of these updates are set forth below: IRS also announced the Expected Benefit HRAs […]
Personal Protective Equipment Eligible Medical Expense The IRS has announced that Personal Protective Equipment (PPE) such as masks, hand sanitizer and sanitizing wipes, used for the primary purpose of preventing the spread of the Coronavirus Disease 2019 (COVID-19 PPE) are considered as a medical care expense under section 213(d) of the Internal Revenue Code. This change is […]
On March 11, 2021, the American Rescue Plan Act of 2021 (ARPA) was signed by President Biden. ARPA is a $1.9 trillion economic stimulus package proposed by Biden to speed up the United States’ recovery from the economic and health effects of the COVID-19 pandemic. ARPA includes provisions for COBRA and Dependent Care Flexible Spending […]
Sunday December 27th, 2020 President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law. The CAA includes $900 billion of COVID relief measures. Highlighted below are sections of the bill that affect health and welfare plans – as well as next steps needing to be taken. If you choose to put any of these […]
With all the changes going on in workplaces across the country since COVID-19, your insurance and benefits needs might have changed, too. by: Vishal Jain September 15, 2020 Getty Images Like many Americans, you’ve probably seen your finances impacted by the COVID-19 pandemic. Maybe you were one of the 40 million-plus people who found themselves or […]