Whether you're looking to choose the best benefits to save money or build wealth on the side, with the end of the year it's important to review deadlines and considerations for employee benefit plans.
Following the legislation related to COVID-19, it is important to know everything you need for the 2021 employee benefit plan year-end checklist.
We present the following outline so that you can learn about the different types of plans and their specific requirements that you should review this year-end, according to JDSupra.
COVID-19-Related Plan Amendments: There are several major December 31, 2021 amendment deadlines related to Federal COVID-19-relief legislation, including provisions impacting group medical plans, cafeteria plans, health flexible spending accounts (FSAs) and dependent care assistance programs (DCAPs).
The COVID-19 relief legislation allowed cafeteria plans to loosen financial impediments and allow for administrative delays with respect to COVID-19 testing and treatment.
The CARES Act amended the definition of "qualified medical expenses" to include certain over-the-counter medication and menstrual products. The CARES Act required group health plans to cover COIVD-19 testing and related preventive services.
IRS guidance expanding on the CARES Act relaxed certain high deductible health plan (HDHP) rules by allowing free or reduced-cost access to telehealth services prior to satisfying the HDHP deductible.
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