The Affordable Care Act (ACA) made a number of significant reforms to group health plan coverage when it was enacted in 2010. Since then, changes have been made to various requirements that employers should be aware of and some of those will take effect in 2023. To prepare, employers should review these requirements and develop a compliance strategy. Read more…
The Internal Revenue Service (IRS) has increased the Patient-Centered Outcomes Research Institute (PCORI) fee amount for plan years ending on or after Oct. 1, 2022, and before Oct. 1, 2023. The updated PCORI fee amount is $3.00 multiplied by the average number of lives covered under the plan. Read more…
Employee benefits subject to annual dollar limits that have been adjusted for inflation by the IRS for 2023 are high deductible health plans (HDHPs) and health savings accounts (HSAs); health flexible spending accounts (FSAs); 401(k) plans; and transportation fringe benefit plans. Read more…
For plan years beginning in 2023, the ACA’s adjusted dollar limit on employees’ salary reduction contributions to health FSAs increases to $3,050. This is a $200 increase from the 2022 health FSA limit of $2,850. Read more…
The IRS released a final rule that changes the eligibility rules for the premium tax credit (PTC). The PTC is available to eligible individuals who purchase health insurance coverage through the Exchange. Individuals are not eligible for the PTC if they have access to employer-sponsored health coverage that is affordable and provides minimum value. The rule provides that affordability of employer sponsored coverage for family members is determined based on the cost of family coverage. Read more…
The Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) jointly released FAQs implementing provisions of the No Surprises Act, including the requirement that plans and issuers disclose certain balance billing protections to participants. Previously, the Departments released a model notice that could be used to satisfy these disclosure requirements. Based on public comments, the Departments revised this model notice and included it in the appendix of the latest FAQs. Read more…