The Outbreak Period is disregarded when determining certain standard deadlines. The relief applies during an “Outbreak Period” defined as Mauntil 60 days after (a) a yet-to-be announced end of the COVID-19 national emergency, or (b) an end date announced by the agencies, which is not to extend beyond March 1, 2021. Update 7/30/20: As a result of the disruption caused by the COVID-19 virus, the regulatory agencies have provided relief for certain FSA, HRA, and COBRA deadlines discussed below. For more details, see our FAQ on the topic. This means that PPE, including masks, hand sanitizer, sanitizing wipes, disposable gloves, and any other equipment for the primary purpose of preventing the spread of COVID, can now be reimbursed through a Health FSA, HSA, and 213(d) HRA. Update 3/29/21: The IRS has issued guidance in Announcement 2021-7 that personal protective equipment (PPE) that prevents the spread of COVID-19 is treated as an expense incurred for medical care under 213(d). Our blog post provides a breakdown of the provisions by status with an overview of each item. Thus, by the time 2022 began, most (but not all) of the relief provisions had expired. Update 4/7/22: Which COVID-19 relief provisions are still on the table? While there are some permanent changes, most of the legislative changes were designed to provide only temporary relief to benefit plan participants. Employees with significant Health Care FSA balances will want to take care to use their FSA dollars so as not to forfeit unused balances in excess of $570 under the carryover rules. The maximum Health Care FSA carryover from the plan year beginning in 2022 to the plan year beginning in 2023 is $570. As a reminder, the IRS FSA maximum carryover limits are back in place for the plan year ending in 2022 (and going forward). If adopted by an employer, the relief allowed unlimited Health Care FSA carryovers (1) from the FSA plan year ending in 2020 to the plan year ending in 2021 and/or (2) from the FSA plan year ending in 2021 to the plan year ending in 2022. Many employers opted to allow unlimited carryover for Health Care FSAs under the COVID-19 relief contained in the CAA. and other countries.Update 10/25/22 – An important note about application of 2022 Health Care FSA carryover limits: App Store is a service mark of Apple Inc., registered in the U.S. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. Google Play and the Google Play logo are trademarks of Google LLC. Please contact your plan administrator with questions about enrollment or plan restrictions. Please contact a legal or tax professional for advice on eligibility, tax treatment, and restrictions. Federal and state laws and regulations are subject to change. This communication is not intended as legal or tax advice. Employer-Sponsored Plans are not individually owned and amounts available under the Employer-Sponsored Plan are not FDIC insured. or ConnectYourCare, LLC (collectively, "Optum Financial") and are subject to eligibility and restrictions. Fees may reduce earnings on account.įlexible spending accounts (FSAs), dependent care assistance programs (DCAPs), health reimbursement arrangements (HRAs), Commuter and Parking Benefits, Tuition Assistance Plans, Adoption Assistance Plans, Surrogacy Assistance Plans, Wellness Benefits, and Lifestyle Accounts (collectively, “Employer-Sponsored Plans”) are administered on behalf of your plan sponsor by Optum Financial, Inc. HSAs are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. nor ConnectYourCare, LLC is a bank or an FDIC insured institution. Health savings accounts (HSAs) are individual accounts offered through Optum Bank®, Member FDIC, or ConnectYourCare, LLC, an IRS-Designated Non-Bank Custodian of HSAs, each a subsidiary of Optum Financial, Inc. Optum Financial and its subsidiaries are not broker-dealer or registered investment advisors and do not provide investment advice or research concerning securities, make recommendations concerning securities, or otherwise solicit securities transactions. Orders are accepted to effect transactions in securities only as an accommodation to HSA owners. Brokerage services are offered to certain accountholders through TD Ameritrade, Inc., Member FDIC/SIPC and a subsidiary of The Charles Schwab Corporation. The Schwab Health Savings Brokerage Account is offered to certain account holders through Charles Schwab & Co., Inc., Member FINRA/SIPC. Discretionary advisory services are provided by Betterment LLC, an SEC-registered investment adviser, with associated brokerage transactions provided by Betterment Securities, Member FINRA/SIPC. Self-directed mutual fund investment options are made available through the services of an independent investment advisor, or your plan sponsor. *You must meet the minimum deductible for a qualifying high-deductible health plan.
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