None of these changes are mandatory, and it's up to an employer to decide whether they will offer any or all of the increased flexibility options to employees. (Photo: Shutterstock)
When employees made their annual health plan enrollment decisions last fall, no one was expecting the chaos of the COVID-19 pandemic. Many consumers are rethinking the choices they made (or finally giving the elections the proper amount of attention employers have been urging for years). And in light of the current situation, the IRS is giving employers and employees a one-time do-over.
This week, heeding the requests of employer groups, the IRS announced that it would allow employees to make mid-year changes to their health plan. Those who originally opted not to enroll in a plan can now do so, or those who are enrolled in a plan drop it, provided they have alternative coverage options. Alternatively, an employee can decide to switch from one type of plan to another.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Emily Payne
Emily Payne is director, content analytics for ALM's Business & Finance Markets and former managing editor for BenefitsPRO. A Wisconsin native, she has spent the past decade writing and editing for various athletic and fitness publications. She holds an English degree and Business certificate from the University of Wisconsin.
