The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on Friday. This CARES Act contains an important provision that will affect HSAs, HRAs, and FSAs. Effective Immediately: FSAs, HRAs, and HSAs can now reimburse or pay for over-the-counter drugs and medicines without a note of medical necessity or prescription from a physician. Menstrual […]
Families First Coronavirus Response Act (FFCRA) Since the enactment of the Families First Coronavirus Response Act on March 18, new information and guidance has been released every few days, though still much slower than employers would like. We have summarized what we believe to be the most relevant new information below. We will continue to […]
COBRA Insurance (COBRA Continuation Coverage) As the coronavirus (COVID-19) outbreak continues to develop, many are feeling its effects in the workplace in the form of reduced hours (furlough) or layoffs. Some employees have already lost or will lose their group health coverage in the coming weeks. This is a major concern, since about 49% of […]
On Tuesday, March 24, the Department of Labor (DOL) announced that the effective date of the leaves available through the Families First Coronavirus Response Act (FFCRA) will be April 1, 2020. Based on the language in the bill, the effective date was widely believed to be April 2. The DOL announced the effective date in […]
You can view the recording for this webinar here. You can view our entire webinar library here. DATE: Tue, Apr 7th & 9th, 2020 TIME: 2:00 pm ET to 3:30 pm ET On March 18, President Trump signed into law the Families First Coronavirus Response Act (H.R. 6201). The law is set to take effect […]
On March 18, 2020, the Senate voted to approve, and President Trump signed, the Families First Coronavirus Response Act (the Act). The Act is substantively the same as the version approved by the House of Representatives on March 16, 2020, is effective no later than 15 days after the date of the enactment, and sunsets […]
At the BASIC family of companies, the health, safety, and wellbeing of our employees, partners, clients, and communities are our top priorities. We understand the concern and uncertainty surrounding the Coronavirus (COVID-19) and we are committed to providing our clients and their employees with the very best service possible during this difficult period. This communication […]
On March 11, 2020, the Internal Revenue Service (IRS) announced that a High-Deductible Health Plan (HDHP ) can cover the cost of testing and treatment related to the coronavirus (COVID-19) pandemic, regardless of whether or not a participant has satisfied their deductible. This includes coverage of any potential vaccine developed to treat the coronavirus, as […]
The answer: it depends. As the coronavirus (COVID-19) outbreak continues, many may be wondering which items are reimbursable by their Flexible Spending Account (FSA), and it is not always obvious which expenses their Flex plan classifies as eligible. In order to maximize the tax-advantaged savings of your FSA, let’s explore which healthcare related coronavirus expenses […]
On March 16, 2020, the House of Representatives introduced revisions to Families First Coronavirus Response Act (H.R. 6201) aimed at dealing with the coronavirus (COVID-19) pandemic, which adjusts FMLA leave and paid sick leave regulations to help employees during times of emergency. While this legislation is just the House of Representatives’ proposed solution and may be […]
