In addition to IRS Notice 2020-29 affecting cafeteria plan elections, the IRS also released Notice 2020-33 which allows for an increase to the health FSA carryover limit from $500 to $550. This notice also provided some relief for individual coverage health reimbursement arrangements (ICHRA).
About Adrienne Engel
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Entries by Adrienne Engel
In response to the continued administrative and practical burdens faced by health and welfare plans and their plan participants due to the COVID-19 epidemic, the IRS released Notice 2020-29 to relax some of the rules under §125 to increase flexibility for pre-tax elections under an employer’s cafeteria plan. Generally, election changes under Notice 2020-29 can be made regardless of whether or not the reason for the change meets the consistency requirements outlined in §125.
One of the most intensely studied and scrutinized coverage questions to arise out of the COVID-19 crisis is whether typical property insurance policies provide coverage for the economic losses suffered by insureds in the wake of the novel coronavirus pandemic. In insurance parlance, these are known as “business interruption” losses.
Many buildings do not have formal water management plans. A sudden and extended discontinued use of the water systems may increase the risk of stagnant water remaining in the plumbing for several weeks or months. Stagnant water from plumbing lines can be easily aerosolized and create a mist when discharged through showerheads, faucets and garden fixtures. The fine mist can be inhaled, permitting the bacteria that causes Legionella to enter the lungs and cause infection.
Last week, the DOL and the IRS released a joint final rule and the joint notice Disaster Relief Notice 2020-01. The rule and notice together significantly impact certain timeframes under COBRA, HIPAA special enrollments, and claims administration for plan sponsors and plan participants.
The emotions and feelings resulting from COVID-19 has the potential to greatly impact employees’ physical and mental health. Everyone is experiencing changes, and we are all together in navigating these uncertain times.
In the 7th installation of the our COVID-19 (“Coronavirus”) live stream series, experts from our parent company, Brown & Brown, along with guest speaker Chris Nagel, provide insights into “Evolving Medical Response, Return to Workplace Planning, and Small Business Loan Programs.”
As a result of the unprecedented COVID-19 (coronavirus) pandemic, your organization may need to modify its existing disaster recovery plan or create a new plan to re-staff and re-open business locations and workplaces.
In this third installation of our special Virtual Whiteboard Event series, Dave Ross continues to expand upon the financial implications of COVID-19 and the impact on employer-sponsored health plans.