Individuals
The Internal Revenue Service (IRS) recently published Announcement 2021-7 which indicates Personal Protective Equipment (PPE), such as masks, hand sanitizer, and sanitizing wipes, may be reimbursed under a Flexible Spending Account (FSA), Health Reimbursement Arrangement (HRA), or a Health Savings Account (HSA). These expenses are eligible for reimbursement if the primary reason for the purchase is to prevent the spread of COVID-19.
As you may be aware, the Biden administration previously created an extenuating circumstances special enrollment period (SEP) on HealthCare.gov in response to the COVID-19 pandemic. The SEP allows individuals to sign up for coverage (or change plans) without a typical qualifying event.
On March 11, 2021, President Joseph Biden signed into law the American Rescue Plan Act (ARPA). ARPA is the third stimulus package signed into law in response to the COVID-19 pandemic. Under ARPA, two significant provisions were included that will help more Americans obtain and pay for health insurance coverage.
President Joseph Biden signed an executive order on Thursday which instructs the Department of Health and Human Services (HHS) to authorize a new special enrollment period in the individual health insurance market. The special enrollment period will be available because of the exceptional circumstances that have been created by the COVID-19 pandemic.
Joseph Biden was sworn in as the 46th President of the United States less than one week ago, and he has already introduced his ideas for a third economic stimulus package.
President Donald Trump signed a new stimulus bill into law on December 27, 2020 which will provide direct payments to eligible individuals and loans to small businesses, among other things. Among those other things are temporary and optional changes that employers can implement to Health and Dependent Care Flexible Spending Accounts (Health FSAs and Dependent Care FSAs).
When talking about Health Flexible Spending Accounts (FSAs), you may hear the terms carryover, grace period and run-out period, but what do they mean and how do they differ? Here are some simple explanations of each term.
On November 6, 2020, the Centers for Medicare & Medicaid Services (CMS) released the 2021 premiums, deductibles and coinsurance amounts for the Medicare Part A and B programs. Below is a summary of some of the key cost components:
The Supreme Court of the United States (SCOTUS) is scheduled to hear oral arguments about the constitutionality of the Affordable Care Act (ACA) today. The underlying issue to be heard is whether the elimination of the Individual Mandate penalty now invalidates some, all, or none of the law. One of the following outcomes is likely to occur:
The Internal Revenue Service (IRS) released Rev. Proc. 2020-45 on October 26th with 2021 inflation adjustments for various provisions of the Internal Revenue Code (the “Code”). Included in the announcement are maximum contribution limits for Flexible Spending Accounts (FSAs) and other employee benefit programs. A summary of some of the 2021 contribution limits has been provided below.
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