Medicare Part D requires group health plan sponsors to disclose to individuals who are eligible for Medicare Part D and to the Centers for Medicare and Medicaid Services (CMS) whether the health plan’s prescription drug coverage is creditable. Plan sponsors must provide the annual disclosure notice to Medicare eligible individuals before Oct. 15, 2023 — [...]
On August 23, 2023, the Internal Revenue Service (IRS) issued revenue ruling 2023-29 which indexes the contribution percentages for 2024 for purposes of determining affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2024, employer-sponsored coverage will be considered affordable if the employee’s required contribution for self-only coverage does [...]
Recently, the IRS released Rev. Proc. 2023-23, which outlines the 2024 inflation-adjusted amounts for Health Savings Accounts and compatible High Deductible Health Plans. Adjusted amounts include HDHP calendar year minimum deductibles, out-of-pocket maximums, and the annual HSA contribution limits. Additionally, the annual adjustment for the ACA out-of-pocket limit was also released. 2024 2023 Change ACA [...]
On January 30th 2023, President Biden announced that both the public health emergency and the national health emergency declarations due to COVID-19 would expire simultaneously on May 11, 2023. Below outlines the impact to private health insurance once the emergencies expire. THE PUBLIC HEALTH EMERGENCY (PHE) was initially declared by the Department of Health and [...]
On January 30th, 2023, President Biden announced that both the public health emergency and the national health emergency declarations due to COVID-19 would expire simultaneously on May 11, 2023. Below outlines the impact to private health insurance once the emergencies expire. THE PUBLIC HEALTH EMERGENCY (PHE) The PHE was initially declared by the Department of [...]
The Consolidated Appropriations Act (CAA) requires that Group Health Plans report various information about their prescription drug costs and spending. The government calls the data submission of information on prescription drug costs and spending the “RxDC report.” The government will use the data to provide insight into increased spending on prescription drugs with reporting on rebates, [...]
In Notice 2022-60, the IRS announced that for plans that end on or after October 1, 2022 and before October 1, 2023, the PCORI rate per covered individual is $3.00 per plan participant. The PCOR fee is calculated based on the average number of lives covered under the policy or plan. As a reminder, the IRS announced [...]
On December 23, 2022, U.S. Congress approved the Consolidated Appropriations Act, 2023 (CAA 2023). The healthcare provisions in this act extend the temporary telehealth safe harbor for High Deductible Health Plans (HDHP) first-dollar coverage through December 31, 2024. EXTENSION OF THE SAFE HARBOR FOR HDHPS TO COVER TELEHEALTH SERVICES Originally the CARES Act established a [...]
On December 12th, the IRS issued final regulations around ACA’s Employer Mandate filing of 1095 and 1094 forms. Below are details of the new IRS final regulations and the impact on employers. Final regulations confirm end of good-faith transition relief The final regulations make clear that the current good-faith transition relief is no longer available [...]
On July 25, 2022, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-34 which indexes the contribution percentages for 2023 for purposes of determining affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2023, employer-sponsored coverage will be considered affordable if the employee’s required contribution for self-only coverage does not [...]
