DOL Announces New Electronic Disclosure Rule for Retirement Plans

Vectra DigitalBlog, Retirement

On May 21, 2020, the Department of Labor (DOL) announced its final rule on electronic disclosures for retirement plans. The final rule is an alternative method of furnishing electronic disclosures and does not replace the 2002 Safe Harbor Rules, nor does it apply to health plan disclosures. Under the new rule, plan sponsors may send electronic disclosures to plan participants, … Read More

Patient-Centered Outcomes Research Institute (PCORI) Fees Due July 31, 2020

Vectra DigitalBlog, Health & Welfare, Private Self-Funded Health Plan

On June 8, 2020, the Internal Revenue Service (IRS) issued Notice 2020-44 announcing the PCORI fee for plan years ending on or after October 1, 2019 and before October 1, 2020 will be $2.54 per covered life and is due July 31, 2020. The Further Consolidated Appropriations Act of 2020 included a 10 year extension of the PCORI fees originally … Read More

IRS Issues COVID-19 Guidance for Cafeteria Plans

Vectra DigitalBlog, Health & Welfare, Private Self-Funded Health Plan

Due to the COVID-19 crisis, the IRS has issued Notice 2020-29 to announce the opportunity for employers to allow mid-year changes to employer-sponsored health coverage and dependent care assistance program elections (listed below). The notice also allows employers the option to extend health and dependent care FSA grace periods that would have ended earlier in 2020, in order to make … Read More

2021 HSA Limits and ACA Out-Of-Pocket Maximums

Vectra DigitalBlog, Health & Welfare, Private Self-Funded Health Plan

The IRS has issued Revenue Procedure 2020-32 to announce the 2021 contribution limits and high deductible health plan (HDHP) design requirements. The new Health Savings Account (HSA) contribution limits will become effective January 1, 2021, and the new HDHP design requirements will go into effect on the first day of plan years beginning on or after January 1, 2021.   … Read More

Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

Vectra DigitalBlog

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted March 27, 2020 is an economic stimulus measure for individuals, businesses, and hospitals in response to the economic distress caused by the coronavirus (COVID-19) pandemic.  It also contained the following provisions that could affect your health plans: COVID-19 testing coverage must include out-of-network services.  The allowable expense can be … Read More

COVID-19 Legislation and Resources

Vectra DigitalBlog

While federal, state, and local governments are frantically drafting, debating, and enacting a plethora of coronavirus-related legislation, employers and plan sponsors are becoming overwhelmed with the influx of information. In an effort to provide resources that can be accessed as needed, we provide links below for the topics our clients are asking about the most. Remember to also point your … Read More

COVID-19 and High Deductible Health Plans

Vectra DigitalBlog

In response to the present health crisis, the IRS issued Notice 2020-15, which permits Health Savings Account (HSA)-compatible high deductible health plans (HDHPs) to cover the testing and treatment of COVID-19 without deductible or other cost sharing. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) further relaxed the HDHP rules to allow the coverage of all telehealth and … Read More

Update to Our Clients on COVID-19

Vectra DigitalBlog

As a country, we are rapidly adapting to the global pandemic of COVID-19. Foster & Foster is monitoring the situation to understand how the virus will impact our clients’ benefit plans. We would like to share this update, which contains our policies and recommendations as of Friday, March 13, 2020. We will follow developments and update you as things change. … Read More

State Individual Mandates Add to Employer Reporting Responsibilities

Vectra DigitalBlog

In response to the federal government’s repeal of the financial penalties of the Affordable Care Act’s (ACA’s) Individual Mandate, several states have enacted their own individual mandates. Without the federal penalty in place, many states feared that there would be a exodus of healthy individuals from the plans offered in their respective healthcare marketplaces. In order to avoid market destabilization, … Read More