On April 5, 2022, the IRS released a proposed rule that would change the existing rules for eligibility for the premium tax credit (PTC). The PTC is available to eligible individuals who purchase health insurance coverage through the Exchange. Individuals who have access to affordable, minimum value employer-sponsored coverage are not eligible for the PTC.…
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…
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…
Most employers recently finished Open Enrollment for their employee benefits. The advent of COVID-19 accelerated the push to electronic processes for companies in various ways. One big trend has been the move away from paper for benefits enrollment. Most companies purchased a Human Resources Information System (also known as an HRIS platform) to modernize their…
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…
On Jan. 13, 2022, the Supreme Court of the United States (SCOTUS) ruled to stay the Occupational Safety and Health Administration’s (OSHA) vaccination and testing emergency temporary standard (ETS). The ETS was developed to establish a mandatory vaccination policy requirement for private employers with 100 or more employees. ETS Litigation The ETS went into…
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…
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…
As an Employer, it’s easy to get overwhelmed with choices when it comes to Health Insurance. Complexities between plan designs, funding options, and various accounts (Flexible Spending Accounts, Health Reimbursement Accounts, Health Savings Accounts etc.,) make it difficult for Organizations to know if their Benefit Plan is competitive & effective. While there is never a…
As a CFO or HR Director, you likely get pummeled with marketing material about alternative-funding on a weekly basis. Most employers are accustomed to traditional fully-insured health plans, but alternative-funding (also known as self-funding) solutions for small to medium sized employers have expanded rapidly over the last decade. When researching alternative-funding, you will hear about…
