Health and Benefits Updates

Legislation Proposed to Expand Qualified Medical Expenses to Include Diapers

Senator Joni Ernst (R-IA) has introduced the Diaper Inclusion in Accounts for Parental Expense Reduction (DIAPER) Act. The bipartisan bill would allow the use of flexible spending accounts (FSAs) and health savings accounts (HSAs) to be used to purchase disposable infant diapers as qualified medical expenses. Any progress of the bill through Congress will be monitored, and details provided as they become available.

Legislative updates HSA

Regulatory and Legislative

Prime Interest Rate Increased to 8.00 Percent

Effective March 22, 2023, the prime interest rate increased from 7.75 percent to 8.00 percent.

Regulatory and Legislative

Hardship Distributions May Be Permitted for Vermont Severe Storm

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 20, 2023, for severe storm and flooding in Vermont.

Regulatory and Legislative

DOL Reopens Comment Period on Proposed QPAM Exemption

The Department of Labor (DOL) has reopened the comment period for receiving written comments related to prohibited transaction class exemption 84-14 (the Proposed QPAM Amendment) to April 6, 2023.