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week ending June 26th, 2020
Health care experience this year has been an anomaly. On the one hand, employers may be seeing increased claims—some even catastrophic—related to the COVID-19 pandemic. On the other hand, there has been a drop in claims for routine and elective care because of fears of going to the doctor and hospitals cutting back on elective procedures. This has called into question how employees will spend flexible spending account (FSA) dollars. Though there is still uncertainty, some expect claims to increase as employees go back to seeking routine and elective care. This could affect rates are negotiated for fully insured employers, and is something self-funded employers should consider. Employers should also consider offering voluntary benefits related to health care. Events caused by the COVID-19 pandemic have had an effect on employees’ mental health as well, so some employers are beefing up wellness programs to include mental health-related offerings. This edition of PLANSPONSOR Weekend offers information for employers as they consider their health and wellness offerings for next year. Have a great weekend!
Editor's Choice
Benefits
Employer Health Benefit Costs May Jump This Year and Next
Actions to mitigate increasing health benefit costs for this year or next will need to be as unique as the time in which we are living.
Benefits
There Are Ways for FSA Holders to Make Use of Their Accounts
The CARES Act has expanded the number of medical devices and medicines the funds can be used to buy, and telehealth is also an option.
Compliance
IRS Expands Election and Reimbursement Periods for Health Benefits, FSAs
The agency has also announced an increase in the FSA carryover amount.
Benefits
Voluntary Benefits Provide Much-Needed Help During COVID-19 Crisis
Plan sponsors should consider an off-cycle voluntary benefits enrollment and prepare for a workforce that will pay more attention to voluntary benefits in the future.
Benefits
Unprecedented Times Increasing Focus on Holistic Well-Being Programs
Despite employers’ own financial strain, most are committed to expanding wellness programs to address increased employee needs during the pandemic.
Popular Reads
Compliance
New Financial Audit Rule Increases Requirements for Plan Sponsors
Plan sponsors will be required to provide much more data, as well as certifications about plan administration and governance, and limited-scope audits will no longer be so limited.
Research
2021 Recordkeeping Survey
Data and Research
Participants Missing the Full Match Remains a Big Problem
A new survey shows there are several reasons employees decide not to contribute to their retirement plans.
Compliance
Parties in Church Plan Lawsuit Finally Get Preliminary Approval of Settlement
A judge found the interests of a subclass of terminated, vested participants were adequately protected in a newly proposed settlement.
Compliance
2021 ERISA Plan Compliance Calendar
A schedule to help plan sponsors track important due dates for their plan
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