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The IRS Notice 2021-31 states Assistance Eligible Individuals can receive COBRA premium assistance under the American Rescue Plan Act of 2021 ARP under conditions of reduction of hours or involuntary termination of employment, tax credit for employers and plan sponsors.
Wednesday, April 21, 2021 As described in our March 15, 2021 update, the American Rescue Plan Act of 2021 (the “Act”) created a temporary, 100% subsidy for assistance-eligible individuals’ premium payments for continuation health care coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), harkening back to past relief subsidizing COBRA continuation coverage under the American Recovery and Reinvestment Act of 2009. On April 7, 2021 the Department of Labor released four model notices (available here) employers and plan administrators may use...
To embed, copy and paste the code into your website or blog: As described in our March 15, 2021 update, the American Rescue Plan Act of 2021 (the “Act”) created a temporary, 100% subsidy for assistance-eligible individuals’ premium payments for continuation health care coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), harkening back to past relief subsidizing COBRA continuation coverage under the American Recovery and Reinvestment Act of 2009. On April 7, 2021 the Department of Labor released four model notices (available here) employers and plan a...
As we described in our March 15, 2021 LawFlash, the American Rescue Plan Act of 2021 (ARPA) includes a 100% COBRA premium subsidy for any employee or dependent who is a COBRA qualified beneficiary (or will become one) resulting from an involuntary termination of employment or a reduction of hours (referred to as an Eligible Individual). The APRA requires plan sponsors to provide specific notification of the COBRA premium subsidy to Eligible Individuals, along with notification of any early termination of the subsidy prior to September 30, 2021 (with certain exceptions). In addition, the ARPA...
To print this article, all you need is to be registered or login on Mondaq.com. On April 7, 2021, the Department of Labor (the DOL) issued guidance (the Guidance) and model notices and forms for the COBRA subsidy provision of the American Rescue Plan Act (the Act). Although the Guidance, a series of frequently asked questions, is directed to COBRA qualified beneficiaries, it provides useful information to employers and service providers tasked with administering the COBRA subsidy. Nonetheless, several important questions remain unanswered including, most significantly...