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Biden’s COBRA Subsidy Proposal and What It Means for You
Senators Introduce COBRA Relief Bill
On Feb. 7, 2021, a group of Democratic senators introduced the Worker Health Coverage Protection Act, which would protect unemployed or furloughed workers from losing their health insurance during the COVID-19 pandemic. The bill would allow laid off workers to remain on their employer health plans, through the COBRA program, at no cost.
The legislation would also provide a 100 percent subsidy of COBRA health insurance premiums owed by unemployed workers to ensure that they do not lose coverage due to the COVID-19 pandemic. Furloughed workers whose health benefits continue while pay is suspended would also have their employee contributions 100 percent subsidized. These subsidies would not impact workers' eligibility for unemployment benefits or other types of state or federal assistance.
In addition, the bill would extend the period during which workers could elect COBRA coverage, and enable workers to access coverage even if they declined it before the subsidy was made available, thereby ensuring continuity of care amid the health and economic challenges of the COVID-19 pandemic.
Read more … Biden’s COBRA Subsidy Proposal and What It Means for You
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IRS Announces Additional ICHRA Codes for 2020 Form 1095-C
Additional Codes are Available for Reporting an Offer of an Individual Coverage Health Reimbursement Arrangement (HRA) (Feb. 3, 2021)
Read more … IRS Announces Additional ICHRA Codes for 2020 Form 1095-C
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American Benefits Group (ABG) Upping the Benefits Administration Game
American Benefits Group (ABG) Upping the Benefits Administration Game
In recent years, the US’ employee benefits landscape has rapidly evolved owing to factors such as escalating healthcare costs, changes in employment and benefits laws, and new initiatives and options in healthcare benefits. As employers continue to explore various ways to manage the costs and strategic design of their health benefits programs, integrated consumer-driven accounts such as Healthcare FSA, Health Savings Accounts (HSAs), and Health Reimbursement Arrangements (HRAs) play an instrumental role to empower participants with the tools they need to manage their health care spending and out of pocket costs. Delivering comprehensive tools and guidance to manage these accounts in one place with access real time healthcare cost and quality assessment tools and data is a responsibility that Massachusetts-based American Benefits Group (ABG) take very seriously.
Read more … American Benefits Group (ABG) Upping the Benefits Administration Game