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The CAA's Impact on Health and Welfare Plans
On Dec. 27, 2020, the Consolidated Appropriations Act, 2021 (CAA) was signed into law. In addition to funding the government and further COVID-19 relief, the CAA included significant provisions impacting health benefit coverage.
|Dependent Care Assistance Flexible Spending Arrangements
In 2020, the Department of the Treasury and Internal Revenue Service issued Notice 2020-29 that provided an extended grace period for unused funds in health flexible spending arrangements (FSAs) and dependent care FSAs (DCAPs), as well as additional opportunities to change elections for health coverage and FSA benefits. The IRS also released Notice 2020-33, which increased the amount of the carryover permitted for health FSAs to $550 due to inflation indexing.
A portion of the CAA, the Taxpayer Certainty and Disaster Tax Relief Act, expands on the prior IRS relief. Employers may choose whether to adopt any of the options provided in the Relief Act. If an employer adopts any of these options, a plan amendment needs to be made by the end of the calendar year following the plan year the change relates to.
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