Filed under: Combs & Company, Covid-19, Important Notice, Insurance 101, Insurance Education, Insurance Women | Tags: Chelsea Whalley, Insurance 101, J Donovan Financial, Section 125, Special Mid-Year Enrollment for Section 125
Looking for an easy digestible explanation what considerations to make for Mid-Year Enrollments under a Section 125 plan? Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.
Special Mid-Year Enrollment Window
1. Get Approval from Health Insurer in writing. If Self-funded, approval comes from stop-loss carrier.
2. Decide if these special deductions will be pre-tax or post-tax. As of right now, the IRS has issued no guidance for pre-tax elections due to COVID-19.
Section 125 Mid Year Election Change Events:
1. Change in employment status if the change impacts eligibility for health plan
2. A significant change in health plan coverage
3. HIPAA Special Enrollment (marriage, birth, etc)
To avoid any unintended liability, employers should check with your CPA and/or attorney to decide what is best for your business.
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