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. However, certain changes may be made once these forms are finalized or when draft or…
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 720 and full payment of the PCORI fees are due by July 31 of each…
On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. The IRS is required to publish these limits by June 1 of each year. These limits include: These limits vary based on whether an individual has self-only…
Employers are getting creative in an effort to reduce their healthcare costs, including looking for alternatives to the typical preferred provider organization (PPO) plan. Many are choosing self-insurance coupled with reference-based pricing (RBP), which is the assessment and payment of medical claims based on Medicare reimbursement data or the provider’s self-reported cost to deliver the…
A full-service health plan solution with the savings of reference-based pricing (RBP) built-in provides savings that could never be achieved with a PPO, and more freedom too. And with those cost savings, employers are laying the groundwork to be more competitive. The reference-based pricing (RBP) model starts at the bottom with an actual cost amount,…
RBP: A Transformative Solution
The Consolidated Appropriations Act, 2023 (CAA), which was signed into law on Dec. 29, 2022, extends the ability of high deductible health plans (HDHPs) to provide benefits for telehealth or other remote care services before plan deductibles have been met without jeopardizing health savings account (HSA) eligibility. This extension applies for plan years beginning after…
Learn how healthcare can deliver the strategic advantage your business needs. Combat rising business costs by rethinking your health plan strategy. Rising healthcare costs were once viewed as a necessary evil over which you had little control. Another year, another cost increase. But that mindset has shifted as companies have discovered new strategies that put…
Employers subject to Affordable Care Act (ACA) reporting under Internal Revenue Code Sections 6055 or 6056 should prepare to comply with reporting deadlines in early 2023. For the 2022 calendar year, covered employers must: Penalties may apply if employers are subject to ACA reporting and fail to file returns and furnish statements by the applicable…
It has never been more important to be educated about emerging trends in health plan solutions and be ready, able and equipped to have open and honest conversations about all available models. Employers are faced with increasing healthcare costs and they’re looking for replacement solutions that are more affordable for them and their employees. Healthcare…