Employee benefits have played a critical role throughout the COVID-19 pandemic and continue to be an important tool for employers to attract and retain top talent. We explore the evolving significance of benefit plans from the early stages of the pandemic to 2023 and beyond.
Early pandemic – 2020
During the initial stages of the pandemic, lawmakers and employers turned to employee benefit plans to support efforts to fight COVID-19 and ease some of its financial burdens on employees. Employer-sponsored group health plans were required to pay for COVID tests and treatments. Flexible spending accounts (FSAs) and Health Savings Accounts (HSAs) could be used to pay for personal protective equipment such as hand sanitizer and face masks.
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