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At the recent CalCPA Council meeting members asked about how the CPA population was fairing health wise in the COVID pandemic. Ron Lang C.E.O. of CalCPA Health told Council that based on the data from their population of approximately 800 firms, that we are fairing a bit better than the general population. This is to be expected because COVID 19 has affected older, non-working populations more. Mr. Lang stated that to date CalCPA Health has had no fatalities and he would post a data update on clips for all members – so here it is.
As of November 2, 2020, 10.2% of CalCPA Health’s population has received at least one COVID test, with 11.6% of those tests positive. That equates to 1.2% of the total population testing positive. About a quarter of the tests and confirmed cases are antibody tests. About 3.5% of the cases have required hospitalization.
Also, more 25% of CalCPA Health’s population has used some sort of telehealth/virtual doctor visit since the pandemic started, up from less than 1% prior.
By Ron Lang, CEO of CalCPA Health
For more information, email questions@calcpahealth.com.
With doctor office and medical facilities shuttered for much of the second quarter, many were thinking their health insurance rates may not be going up for their 2021 renewal. But most everyone will see increases for next year. Why?
The Affordable Care Act (ACA) established mandatory operating margins for health insurance companies. These regulations mean that premium increases are driven almost exclusively by underlying medical expense increases. This is the short answer: Insurance premiums increase because medical expenses are continuing to increase.
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In response to the current conditions surrounding the COVID-19 pandemic, IRS Notice 2020-18 postpones the April 15, 2020 due date for filing federal income tax returns, deferring payments to July 15, 2020. The IRS has added information regarding this notice under “Filing and Payment Deadlines Questions and Answers” which addresses contribution extensions for those in Health Savings Account plans.
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27, 2020 with the purpose of helping employees out with benefit-related items during the COVID-19 crisis. The CARES Act repeals the Affordable Care Act’s exclusion of over-the-counter (OTC) medications from the definition of “qualified medical expenses”. The bill is over 880 pages long, but to review the new rules regarding OTC provisions, see Sec. 3702 of the CARES Act.
The IRS released updated instructions for the 2019 filing of Form 1094-C and Form 1095-C. The two forms remain similar to last year’s versions, however, the instructions highlight the recent changes as announced in Notice 2019-63. Extension of due date to furnish Form 1095-C. 2019 Form 1095-C is due to employees by March 2, 2020 (instead of January […]