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A recent Executive Order issued by Governor Cuomo extends health insurance premium payment grace periods for individual and small group plans provided you demonstrate financial hardship as a result of the novel coronavirus (“COVID‑19”) pandemic.

In our continuing efforts to help employers and their employees, we have launched two little-known but very effective tax-deductible reimbursement programs.

Alternative Avenues for Business Support Current & Newly Announced Grants & Loans

Benefit Enhancements OTC Pre-Tax Reimbursement Over-the-Counter Prescriptions (OTC) no longer need a physician’s prescription. This applies to Flexible Spending plans (FSA) or Health Saving Accounts (HSA). It can be retroactively applied on 1/1/2020. Adopting this will require adjustments to your Section 125 plan documents. If you are not familiar with a Section 125 document (they …

Continue reading “How Does the CARES Act Enhances My Benefits?”

Coronavirus Aid, Relief, and Economic Security (CARES) Act How does this law help my business? Expert Summary from the VantagePoint Team: While all the details are not out yet, we wanted to get this in your hands as soon as possible. Here is a summary of the programs

What is the impact on employee contributions, unemployment and employer obligation to pay? Insider Pro-Tips from the VantagePoint Team: Employee Contributions: Q:) If employee contributions are taken from pay to cover a portion of insurance premiums plans, how will this money be collected

Amid all the uncertainty surrounding COVID-19, VantagePoint Benefit Administrators wants you to know that we are here for you. Our offices are open, working remotely, but fully functional and available to help you and your employees navigate through these unprecedented times.

How does it affect benefit eligibility? Even though the words furlough, layoff, and reduction in force are used interchangeably, their true meanings are quite different. Be prepared to answer employee questions, or amend your plans, before making an announcement about unpaid time off. Furlough Furlough requires employees to work fewer hours or take a certain …

Continue reading “Furlough, Layoff and Reduction in Force? What’s my best option?”

The economic impact of the coronavirus epidemic it’s starting to show its consequences on the HR and benefits landscape, small-businesses being the ones affected the most these days. But the impact can be seen throughout the global economy, more and more businesses are joining together to come up with ways of sustaining the business environment. …

Continue reading “Coronavirus (COVID-19) – Changing the HR and Benefits Landscape”