What You Need to Know About IRS Notices 2020-29 & 2020-33: The Impact to Your Business
Published on May 22nd, 2020
On May 14, the IRS released Notices 2020-29 and 2020-33, which have major implications for cafeteria plans, health benefit accounts, high-deductible health plans (HDHPs) and more. Briefly, the changes include:
- Employer plan amendment opportunities > unprecedented mid-year changes
- Grace period extensions > additional spending timeframes
- COVID-specific changes > HDHPs, testing and treatment, and telehealth services
- ICHRA premium clarity > start dates and reimbursement
These developments, designed to assist with the nation’s response to the COVID-19 outbreak, have account-based plan administrators asking timely, relevant questions:
- What are these changes?
- How, and to what magnitude, will these changes impact enrollment, elections or spending?
- What do these developments mean to consumers, plan sponsors and my business?
- If adopted, how can I operationalize these changes?
Join Alegeus, in partnership with Foulston Siefkin’s Jason Lacey, as we explore the likely impact of these developments. You’ll have the opportunity to ask questions and learn more.