Thursday April 30th, 2020
In light of the COVID-19 national emergency, a final rule and formal notice have been jointly issued by the Department of Labor’s Employee Benefits Security Administration and the Internal Revenue Service. This action provides relief from certain deadlines related to group health plans. In terms of COBRA, the rule “tolls” or pauses timeframes such as the 60-day election period, 45-day retroactive premium payment period and 30-day monthly grace period. These periods are “tolled” until a later date to be determined by the end of the national emergency.
These changes create many questions. Infinisource Benefit services is currently researching and applying the new rule to its practices and notifications. A detailed description of how this affects Infinisource customers will be provided very shortly.
Read the full content of the DoL/IRS announcement here.