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IRS Releases 2021 HSA Contribution Limits and HDHP Deductible and Out-of-Pocket Limits

In Rev. Proc. 2020-32, the IRS released the inflation adjusted amounts for 2020 relevant to HSAs and high deductible health plans (HDHPs).  The table below summarizes those adjustments and other applicable limits.   2021 2020 Change Annual HSA Contribution Limit (employer and employee) Self-only: $3,600 Family: $7,200 Self-only: $3,550 Family: $7,100 Self-only: +$50 Family: +$100 …

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Carrier Premium Credits and ERISA Fiduciary Obligations

Due to COVID-19 and state and local stay-at-home orders, utilization of group medical and dental insurance benefits is down.  As a result, some carriers recently notified employers that they will be issued premium credits. When asking how these premium credits should be treated by the employer, we often compare then to the ACA’s medical loss …

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IRS Relaxes Election Change, Other Rules for Cafeteria Plans and FSAs

As the country continues to feel the impact of the COVID-19 National Emergency declared by President Trump on March 13, 2020, the IRS has provided some much-needed guidance and relief for employees.  On May 12, 2020, the IRS issued Notices 2020-29 and 2020-33, which, among other things, extend the claims period for health flexible spending arrangements …

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Employer Insurance Premium Payment Grace Periods & Premiums Returned to Employers Inadvertent ERISA Issues

During this pandemic, many employers are having to curtail operations and are going through the difficult process of finding cost-saving measures because of the sudden reduction in revenue caused by the various COVID-19 related state and local government orders. Many carriers are allowing, and some states are requiring insurance policies to remain in force even …

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Agencies Extend Deadline to Pay COBRA Premiums and Certain Other ERISA and Internal Revenue Codes Due to COVID-19

The impacts of the COVID-19 National Emergency, as declared by President Trump on March 13, 2020, have been vast.  As a result, many employers and employees are struggling to meet their various filing, notice, election, or other deadlines.  In order to ease this burden on employers, plans and participants, on April 28, 2020, the Department …

Read moreAgencies Extend Deadline to Pay COBRA Premiums and Certain Other ERISA and Internal Revenue Codes Due to COVID-19

NYS Notice: Small Group Blanket Comprehensive Health Insurance Policies

Notice for Individual, Small Group and Student Blanket Comprehensive Health Insurance Policies Dear Policyholder, A recent Executive Order issued by Governor Cuomo, together with recent amendments to the insurance and banking regulations (the “regulations”) issued by the New York State Department of Financial Services (“Department”), extend grace periods and give you other rights under certain …

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Tax Credits Under FFCRA: Qualified Leave Wages & Health Plan Expenses

This content was last reviewed on April 14, 2020. Employers who are uncertain about how to calculate their qualified health plan expenses and qualified leave wages should consult with their legal counsel or financial adviser. The Families First Coronavirus Response Act (“FFCRA”) created two new refundable tax credits intended to reimburse employers for costs associated …

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Notice for Certain NY Property & Casualty Policies

Dear Policyholder, A recent Executive Order issued by Governor Cuomo, together with recent amendments to the insurance and banking regulations (the “regulations”) issued by the New York State Department of Financial Services (“Department”), extend grace periods and give you other rights under certain property/casualty insurance policies if you are an individual or small business and …

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Notice for NY Life Policies, Annuity Contracts, and Fraternal Benefit Society Certificates

Dear Policyholder, A recent Executive Order issued by Governor Cuomo, together with recent amendments to the insurance and banking regulations (the “regulations”) issued by the New York State Department of Financial Services (“Department”), extend grace periods and give you other rights under your life insurance policy or annuity contract if you can demonstrate financial hardship …

Read moreNotice for NY Life Policies, Annuity Contracts, and Fraternal Benefit Society Certificates