On July 26, 2021, the IRS introduced Notice 2021-46, which included 11 additional FAQs designed to further address the proper usage of the American Rescue Plan Act (ARPA) COBRA subsidy. Yesterday’s new guidance serves as a supplement to the prior guidance issued in May of this year via Notice 2021-31. We blogged about the previous guidance in much detail here.
To provide some brief background, ARPA’s provisions include a temporary 100% subsidy for COBRA continuation coverage for certain assistance eligible individuals (AEIs) who experience an involuntary termination (aside from a termination for gross misconduct) or for individuals who underwent a reduction in hours (either voluntary or involuntary). The 100% reduction in premiums encompasses the timeframe between April 1, 2021 through September 30, 2021.
The new questions and answers primarily focus on the following areas of ARPA:
Please continue to check back in with us for updates and do not hesitate to reach out to your Account Managers and Sales Executives for additional information.
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