Tag: coverage
-
COBRA Provisions Play Critical Role in COVID-19 Relief Law
During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced hours. If your business has had to take such steps, and it’s required to offer continuing health care coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the recently passed American Rescue Plan Act (ARPA)…
-
Latest on COVID-19-Related Deadline Extensions for Health Care Benefits
The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-19-related deadline extensions that apply to health care benefits plans. Extensions to continue The DOL and IRS issued guidance last year specifying that the COVID-19 outbreak period — defined as…
-
IRS Releases 2021 Amounts for Health Savings Accounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a…
-
Adjust Your Expectations of Business Interruption Coverage
A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when necessary. But, when it comes to business interruption coverage, you may have to adjust your expectations if you intend to file a claim because…
-
Taking a Long-Term Approach to Certain Insurance Documentation
After insurance policies expire, many businesses just throw away the paper copies and delete the digital files. But you may need to produce evidence of certain kinds of insurance even after the coverage period has expired. For this reason, it’s best to take a long-term approach to certain types of policies. Occurrence-based insurance Generally, the…