“The Internal Revenue Service released Notice 2020-29 and Notice 2020-33 dealing with cafeteria plan elections, grace periods for health flexible spending arrangements (FSAs) and increasing the $500 carryover amount for health FSAs.”
It’s kind of amazing the ripple effect CV-19 is having on different areas of the insurance business. From Business Interruption on the P&C side, to premium relief on the health side. And of course all the changes already happening on the financial side.
For example, plans (employers) may:
• Prospectively enroll employee or family member in employer sponsored health coverage without an event
• Prospectively change to another health plan option of the same employer without an event
But wait, there’s more! They may also:
• Prospectively enroll, increase, decrease, or revoke FSA elections for any reason. Employers may limit decrease/revoke to the reimbursement already provided
Again, these are voluntary; an employer doesn’t have to adopt any or them.
Oh, this is pretty nifty:
Temporary Relief from Use-Or-Lose Rule
Claim Grace Periods under Health FSAs and Dependent Care FSAs
Employers may amend their health FSAs and/or Dependent Care FSAs to provide (or extend) a claims grace period during 2020.
There are some provisos attached, but still, a nice option.
For complete details click here.
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