This month, the IRS announced that it would let employees add, drop or alter some of their employee health care benefits for the remainder of 2020. But there's a catch: Your employer has to allow the changes.
The IRS has announced that with employer approval, employees will be allowed to add, drop or alter some of their benefits — including flexible spending account contributions — for the remainder of 2020.The IRS has announced that with employer approval, employees will be allowed to add, drop or alter some of their benefits — including flexible spending account contributions — for the remainder of 2020.
"It's not likely that many people will take up this new coverage opportunity, and it won't address the problem of lack of coverage that many people are facing," says, a research professor at Georgetown University's Center on Health Insurance Reforms. "Some employer plans would credit you under the new option if you switched plans," Amin says."It depends."
They'll ask,"What is the adverse-selection risk, and what is going to be the uptake [in coverage] if you open up enrollment?" he says. One thing that won't qualify as comprehensive coverage, according to Amin: a short-term plan. The Trump administration has encouraged the adoption of limited-duration plans with terms that can last for nearly a year. But these plans don't typically cover preventive care or preexisting conditions, and renewal is not guaranteed.
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