Cost of Care Offsets
IRS Notice 2020-15 permits employers to cover expenses for testing and treatment of Covid-19 prior to satisfaction of the minimum deductible without disqualifying the HDHP. New, unforeseen medical expenses will create financial burdens for consumers. Employers must encourage employees to seek care.
Limited Purpose HSA-Compatible COVID-19 HRA
A new HRA expressly to help preserve consumer HSA dollars. Should be stacked prior to the HSA; can be offered as a new benefit under an existing employer. Includes Mobile and portal claim submission.
HSA Funding Acceleration
HSA Advance allows employees access to future contributions and provides a fully automated mechanism to re-pay employers as contributions are received.
Employers can establish flat dollar amounts for all employees. Easy mid-year implementation.
Employers can also consider acceleration of their future contributions to the HSA.
For Employers Requiring Staff in the Workplace
With children home from school, employees will face increased child-care costs, especially in industries such as healthcare, grocers and pharmacies, where on-premises employees are vital to public well-being.
Temporary Dependent Care Benefit
A new option to cover dependent care expenses with an expanded set of expense coverage, including babysitters.
Leverage new emergency assistance plan templates and customize expense list, as needed.
Ability to spend up to employer-contributed amounts. Employee attestation of legitimate use of dollars.
Section 139 may allow tax-free contributions to employees and employer tax deduction.
Mass Transit Shutdown or Discouraged to Use
Employers to contribute to an existing parking plan.
Establishment of a post-tax parking program.
Employees are to be reminded to suspend or divert their transit contributions to a parking plan.
Refunds for transit & parking may be made back onto a debit card. Merchant policies may apply as refund amounts & timing.
Cost Offsets and Solutions for Employees Unable to Work
Certain employees may not be able to work or may have reduced hours due to business closures.
Emergency Funds Account
A new limited mechant category code card for spending on necessities (such as groceries, utilities, more) but that excludes certain merchant types (such as liquor stores).
Ability to create customized rules as needed.
The negative economic impact of the pandemic and the likely increase in unemployment results in an increase of employees eligible for COBRA. HRPro is standing by to simply, efficiently and cost effectively manage your COBRA administration.
Employees Now Working From Home
Employers are enacting business continuity plans that require staff to work from home.
Employees may incur costs to outfit their home office, such as computer and phone accessories, ergonomic items, etc. Employees have varying financial resources and may not have access to corporate credit cards.
Work From Home Benefit Account
A new card-based program to provide ready access to funds when needed, with limited merchant category codes to control where funds are used. Section 139 may allow tax-free contributions to employees and employer tax deduction.