With new legislation during the COVID-19 pandemic comes an enormous amount of change for benefit and COBRA administrators, HR teams, and participants. And the changes have been coming fast.
Our goal at WEX is to simplify benefits for everyone. You can take a break, because we’ve analyzed ARPA and other recent legislation and answered the most frequently asked compliance questions.
Still confusing all of the recent notices?
Here’s a breakdown.
EBSA Disaster Relief Notice 2021-01
- COBRA: A COBRA participant’s timeline to elect coverage, provide required notices and make payments is extended.
- FSA, HRA: The end of the run-out period is impacted by the extension.
Consolidated Appropriations Act (CAA) 2021
- FSA, DCA: Employers may allow changes to carryovers, grace periods, mid year election changes, spend down (health FSA) and dependent care FSA (DCA) age maximum.
American Rescue Plan Act (ARPA) 2021
- COBRA: A 100% subsidized premium for COBRA coverage provided to individuals and families who experienced an involuntary termination of employment or reduction in hours and have no access to other group health coverage.
- FSA, HRA: Optional increase by the employer of the annual contribution limit to $10,500.
WEX is committed to simplifying legislation by:
Providing an immediate overview of new legislation as it’s released.
Deeply analyzing legislation to identify barriers, risks, and requirements.
Openly communicating with administrators, employers, and participants to help them stay compliant.
Creating educational resources including videos, webinars, FAQs, email templates, and more.
Continuously enhancing our technology to support the delivery of communications to keep employers compliant.
A comparison chart of recent legislation.
Your questions about COBRA ARPA answered.
How does our ARPA solution compare to the competition?
“(Regarding COBRA ARPA AEIs), WEX has taken that extra step where it’s all done in the system. You’re not waiting for someone on the back end to get it done. It just feels cleaner and it feels faster.”
— Carrie Arnold, EPIC Brokers