Unveiling the Key Differences between Level Funded and Self Funded Plans
Discover the differences between level-funded and self-funded employee health insurance plans. Make informed choices for your workforce’s well-being.
The Internal Revenue Service (IRS) recently released Notice 2021-15, providing clarity regarding FSA relief available under the Consolidated Appropriations Act Benefits Law.
There are new, temporary options employers can now implement to their Health and Dependent Care Flexible Spending Accounts (Health FSAs and Dependent Care FSAs). Notice 2021-15 supplements legislation that was included in the Consolidated Appropriations Act 2021, which optionally allow for the following:
These optional provisions were signed into law by Congress since many employees were unable to use their Health FSA or Dependent Care FSA funds because of the COVID-19 pandemic. IRS Notice 2021-15 helps clarify some information and adds some additional options. Here are a few key takeaways from the Notice:
Employers who implement changes to their Cafeteria Plan, Health FSA, or Dependent Care FSA, will generally need to have a plan amendment prepared to formally adopt the changes.
Discover the differences between level-funded and self-funded employee health insurance plans. Make informed choices for your workforce’s well-being.
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