Differences Between a PPO, HMO, POS & EPO

As a business owner or HR director, open enrollment can be stressful. With the plethora of acronyms used in the health insurance industry, it’s easy to get overwhelmed when deciding which plans are right for your company. While cost, employee preference, and plan designs are all vital when deciding the best fit, it’s important to…

PCORI Fee Amount Adjusted for 2022

The Internal Revenue Service (IRS) has issued Notice 2022-04 to increase the Patient-Centered Outcomes Research Institute (PCORI) fee amount for plan years ending on or after Oct. 1, 2021, and before Oct. 1, 2022. The updated PCORI fee amount is $2.79 multiplied by the average number of lives covered under the plan. PCORI Fees Background…

Is Referenced Based Pricing Right for My Company?

Every year it seems like healthcare costs keep skyrocketing. As an employer, it’s important to consistently look at different health insurance alternatives to determine what works best for your company. In this article, we will walk through a “newer” healthcare model called Reference Based Pricing (RBP). What is Referenced Based Pricing? RBP is an alternative…

DOL Releases New Model Employer CHIP Notice

The Department of Labor (DOL), through its Employee Benefits Security Administration (EBSA), has released a New Model Employer CHIP Notice with information current as of Jan. 31, 2022. As a reminder, the Children’s Health Insurance Program Reauthorization Act of 2009 (CHIPRA) imposes an annual notice requirement on employers that maintain group health plans in states…

ACA Reporting Requirements

Certain Group Health Plans Required to File ACA Section 6055 & 6056 Reporting Group health plan administrators are reminded that Affordable Care Act (ACA) reporting under Section 6055 and Section 6056 must be filed with the Internal Revenue Service (IRS) by February 28, 2022 (or March 31, 2022 if filing electronically) and individual statements must…

ACA Compliance Overview

Upcoming ACA Reporting Deadlines Affordable Care Act (ACA) reporting under Section 6055 and Section 6056 for the 2021 calendar year is due in early 2022. Specifically, reporting entities must: Furnish statements to individuals by March 2, 2022; and File returns with the IRS by Feb. 28, 2022 (or March 31, 2022, if filing electronically). Penalties…