Benefits News
Medicare Part D Notices Are Due Before Oct. 15, 2023
Each year, 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…
DOL Releases Updated 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 July 31, 2023. As a reminder, the Children’s Health Insurance Program Reauthorization Act of 2009…
Pay or Play Affordability Percentage Will Decrease for 2024
On Aug. 23, 2023, the IRS issued Revenue Procedure 2023-29 to index the contribution percentage in 2024 for determining the affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2024, employer-sponsored coverage will…
What You Should Know About Newborn Health Coverage
Welcoming a newborn into your family is a joyous occasion. It also comes with significant responsibilities, such as ensuring your infant’s health and properly using your health care benefits. Securing health insurance for your newborn is a crucial step toward…
Draft Forms for 2023 ACA Reporting Released
The IRS has released draft 2023 forms for reporting under Internal Revenue Code Sections 6055 and 6056. Draft instructions for these forms have not yet been released. No major substantive changes were made to the draft forms for 2023 reporting…
PCORI Fees Due July 31, 2023
The Affordable Care Act (ACA) requires health insurance issuers and self-insured plan sponsors to pay Patient-Centered Outcomes Research Institute fees (PCORI fees). The fees are reported and paid annually using IRS Form 720, the Quarterly Federal Excise Tax Return. Form…