{"id":2915,"date":"2020-04-08T09:52:33","date_gmt":"2020-04-08T14:52:33","guid":{"rendered":"https:\/\/www.employco.com\/blog\/?p=2915"},"modified":"2020-04-08T09:52:33","modified_gmt":"2020-04-08T14:52:33","slug":"temporary-benefit-plan-changes-covid-19","status":"publish","type":"post","link":"https:\/\/www.employco.com\/blog\/2020\/04\/08\/temporary-benefit-plan-changes-covid-19\/","title":{"rendered":"Temporary Benefit Plan Changes (COVID-19)"},"content":{"rendered":"

\"Employco<\/p>\n

BULLETIN<\/a>
\nApril 08, 2020 (UPDATE)<\/strong><\/p>\n

\"COVID-19\"<\/p>\n

Through provisions of the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief and Economic Security Act (CARES Act), company benefit plans are experiencing temporary changes geared towards a more employee-friendly offering.<\/p>\n

Medical Plan Coverage<\/strong>: UnitedHealthcare – the nation\u2019s largest insurance company – and other large insurers are waiving cost sharing and copays for coronavirus disease 2019 (COVID-19) treatments. While each company differs in how long the waivers will be in place and what other costs will be waived, these announcements are part of a cross-country effort to help individuals access affordable care during the COVID-19 pandemic.<\/p>\n

HDHPs and HSAs<\/strong>: Allows telehealth and other remote care services to be covered under a high deductible health plan (HDHP) before the deductible is met, without affecting the HDHP\u2019s compatibility with health savings accounts (HSAs).<\/p>\n

OTC Eligibility<\/strong>: Over-the-counter (OTC) medications, along with menstrual care products, will be qualified as medical expenses that may be paid for using HSAs or other tax-advantaged arrangements, such as health flexible spending accounts (FSAs) or health reimbursement arrangements (HRAs).<\/p>\n

<\/p>\n

Student Loans<\/strong>: Employers are allowed to reimburse employees up to $5,250 for most student loan payments with the amount excluded from taxable income. This is through an expansion of tax code Section 127, which already allowed employers to contribute, tax-free, for tuition assistance. Through the end of 2020, it becomes the combined limit for loan repayment assistance or other education-assistance payments employees receive.<\/p>\n

401(k) Plans<\/strong>: Provisions that are optional and may be adopted by the plan at the discretion of the plan sponsor\/fiduciary include:<\/p>\n