For plans and TPAs, being well-informed on regulatory developments is always of the upmost importance, even if the focus right now for employers is on keeping their businesses afloat. (Photo: Shutterstock)
While the focus for employers since March of this year has been on COVID-19 related issues, it is important for plan sponsors of group health plans to do a mid-year review of their plans for other regulatory issues and to prepare for 2021. The following are some of the regulatory updates that may affect benefit plan design next year.
|COVID-19
On April 28, 2020, the Department of Labor (DOL) and the Internal Revenue Service (IRS) issued 2019 novel coronavirus (COVID-19)-related regulations that extend certain timeframes under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC) for group health plans, disability and other welfare plans, and pension plans. In addition, on May 14, 2020, the Centers for Medicare & Medicaid Services (CMS) issued a bulletin that extends this relief to non-federal governmental group health plans.
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