March 12, 2021
AMERICAN RESCUE PLAN ACT
On Thursday, March 11, 2021, the President signed the American Rescue Plan Act (the 'Act') which includes continuation coverage premium assistance for certain individuals and their families receiving COBRA due to an involuntary termination of employment or a reduction of hours. The Act also includes a temporary change to Dependent Care Flexible Spending Accounts (DCFSAs).
HealthEquity continues to review the legislation and has solicited guidance from several regulatory authorities to learn how to inform our clients about next steps. Once we receive concrete guidance, we will be sure to update all clients directly. You should expect additional communications from HealthEquity over the coming weeks.
HealthEquity/WageWorks’ comments requesting guidance from the agencies can be viewed here.
Clients, brokers and partners should watch the webinar where our compliance team shares the impacts the most recent legislative changes may have on benefits plans.