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  • COVID-19 Updates
    Further white paper detailing COVID-related spending account changes available for download - 6/14/2021
    Passed in March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was the first piece of federal legislation addressing the impact of the COVID-19 pandemic. This act included important provisions for health spending accounts, including expanding the list of eligible expenses that qualify for reimbursement to include over-the-counter medications.

    Since then, Congress, the IRS and the DOL have made several regulatory changes and announcements to address the continued impact of the COVID-19 virus. Read our white paper to learn more.
    American Rescue Plan Act of 2021 (ARPA) Increases DCAP Maximum - 3/24/2021
    On March 11, 2021, the American Rescue Plan Act of 2021 (ARPA) was signed into law. This law increases the maximum amount that may be excluded from an employee’s gross income in 2021 under a dependent care assistance program (DCAP).

    The DCAP maximum amounts increased from $5,000 to $10,500 for married parents filing taxes jointly or for single parents, and from $2,500 to $5,250 for married parents filing separately per calendar year. Please note that these limits apply to the 2021 tax year, and that non-calendar year plan participants should take this into consideration when making annual elections.
    DOL Releases Guidance on Financial Account Runout Extensions - 3/23/2021
    On February 26, 2021, the Department of Labor (DOL) released guidance on the duration of the spending account changes provided in earlier disaster relief efforts. In summary, the guidance indicates the end of the runout period will be extended by one year. This impacts employees with FSA, HRA and HIA accounts.
    DOL Releases Guidance on Extended COBRA Deadlines - 2/27/2021
    On February 26, 2021, the Department of Labor (DOL) released guidance that extended COBRA deadlines due to disaster relief efforts. The guidance indicates “reasonable accommodations” should be allowed for individuals with an election window/payment extension deadline that may have expired. It did not define reasonable accommodation.

    The American Rescue Plan Act (ARPA) includes a 100% subsidy of COBRA coverage for “assistance eligible individuals” (AEIs). The subsidy is available to AEIs from April 1, 2021, through September 30, 2021.
    DOL Releases Guidance on Extended COBRA Deadlines - 2/27/2021
    On February 26, 2021, the Department of Labor (DOL) released guidance that extended COBRA deadlines due to disaster relief efforts. The guidance indicates “reasonable accommodations” should be allowed for individuals with an election window/payment extension deadline that may have expired. It did not define reasonable accommodation.

    The American Rescue Plan Act (ARPA)includes a 100% subsidy of COBRA coverage for “assistance eligible individuals” (AEIs). The subsidy is available to AEIs from April 1, 2021, through September 30, 2021.
    COVID-19 Relief Bill, Consolidated Appropriations Act (CAA), Impacts FSA Plans - 12/29/2020
    The COVID relief bill, the Consolidated Appropriations Act (CAA), 2021, was signed into law on Sunday, December 27, 2020. The legislation includes several items that impact medical flexible spending accounts (FSAs) and dependent care assistant plan (DCAP) accounts.

    The changes include a carryover extension and grace period adjustment. It also allows medical FSA participants who terminated during the 2020 or 2021 plan year to spend down their unused balances for expenses incurred through the end of the plan year in which the termination occurred. For FSA and DCAP, the bill allows the option for plans to allow a prospective change in election amounts for plan years ending in 2021 without a corresponding change in status event. Finally, the bill increased the maximum age of eligible DCAP dependents by one year, which allows employees to use their DCAP to pay for dependent care up to the age of 14.

    Employers will need to determine whether to amend their plan document due to the COVID relief legislation and are able to do so until December 31, 2022 for 2021 plan yar changes.

    Our webinar featuring Further’s Chief Compliance Officer Ryan McArton, covers the bill and what employers should consider before choosing to amend their plan.
    CARES Act Expands Eligible Expenses to Include OTC and Feminine Hygiene Products - 3/27/2020
    The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on Friday, March 27th. One component of the law was an expansion of products eligible for reimbursement from health savings accounts (HSAs) and medical flexible spending accounts (FSAs).

    Changes include the addition of over-the-counter (OTC) drugs and medicines, which previously were only eligible for reimbursement with a prescription. Additionally, feminine hygiene products such as tampons, pads, liners, cups, and sponges are now eligible as well. Members may use an HSA or FSA to purchase those items, or file reimbursement claims. These are permanent changes.

    The CARES Act also addressed telehealth accessibility. We encourage those interested in telehealth to check with your health plan provider to see what your coverage is.

    For more information on the COVID-19 pandemic and the effect on spending accounts, visit our COVID-19 FAQ guide.
    IRS Extends HSA Contribution Deadline to July 15, 2020 - 3/20/2020
    On March 20, in response to the COVID-19 pandemic, IRS Notice 2020-17 extended the federal tax filing deadline by three months to July 15, 2020. Included with that, health savings account (HSA) holders now have until July 15 to make contributions to their HSA and count toward their 2019 contribution totals.

    The 2019 maximum HSA contributions are $3,500 for those with individual plans and $7,000 for those with family plans. If the member is 55 years old or older, the member can contribute an additional $1,000 toward their HSA for either an individual or family plan.

    For more information on the COVID-19 pandemic and the effect on spending accounts, visit our COVID-19 FAQ guide.
    IRS Allows HDHP Compatibility With No Cost for COVID-19 Plan Coverage - 3/12/2020
    On Wednesday, March 11, the IRS released Notice 2020-15 that states high deductible health plan (HDHP) participants will not lose eligibility if their health plan provides testing and treatment of the coronavirus (COVID-19) at no cost or with a deductible below the minimum HDHP deductible.

    The Notice is in response to nationwide preparation of COVID-19, including many health plans announcing coverage for testing and treatment.

    More information about this Notice can be found on the IRS website.