The amended rules under the Coronavirus Aid, Relief, and Economic Security (CARES) Act provide flexibility for health-care spending related to the ongoing COVID-19 pandemic. 1 High-deductible health plans cover telehealth services Under the CARES Act, a high-deductible health plan (HDHP) can temporarily cover telehealth and other remote care services without a deductible, or with a…
The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020 ushered in several measures designed to help IRA and retirement plan account holders cope with the financial fallout from the virus. The rules were a welcome relief to many people but left questions about the details unanswered. In late June, the IRS…
Most Americans will eventually receive Social Security and Medicare benefits. Each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress that assess the health of these important programs. The newest reports, released on April 22, 2020, discuss the current financial condition and ongoing financial challenges that both programs…
The Federal Reserve made no key policy changes in their July meeting, as expected, keeping the fed funds rate at the lower bound of 0.00-0.25%. Earlier this week, the pandemic-based emergency liquidity/lending programs were extended until at least the end of 2020, and dollar swap lines for longer. The formal statement noted some pickup in…
For the second year in a row, interest rates on federal student loans will decrease for the 2020-2021 academic year. This year’s decrease brings rates to record lows. The rates apply to new federal student loans made on or after July 1, 2020, through June 30, 2021. The interest rate is fixed for the life…
In May 2020, the IRS sent Economic Impact Payment (EIP) prepaid VISA debit cards to individuals who qualified for a stimulus payment under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and didn’t receive a payment via direct deposit. How is the card activated? The Economic Impact Payment Card (EIP Card) arrives in…
The Retirement Confidence Survey conducted each year by the Employee Benefit Research Institute (EBRI) took a slightly different tack in 2020. After completing its initial outreach in January — the 30th in its annual series — EBRI decided to conduct a second survey in late March to gauge how the effects of the COVID-19 pandemic…
Fraudsters and scam artists are always looking for new ways to prey on consumers. Now they are using the same tactics to take advantage of consumers’ heightened financial and health concerns over the coronavirus pandemic. Federal, state, and local law enforcement have begun issuing warnings on the surge of COVID-19 scams and how consumers can…
Anyone can look good during a bull market. Smart investors are prepared to weather the inevitable rough patches, and even the best aren’t successful all the time. When the market goes off the tracks, knowing why you originally made a specific investment can help you evaluate whether those reasons still hold, regardless of what the…
Throughout March 2020, as it became increasingly evident that the economic impact from the COVID-19 pandemic would be both profound and prolonged, Congress passed several pieces of legislation with provisions to help small businesses shore up their coffers and keep employees on the payroll. Within a few weeks, initial funding for the two cornerstone programs, …