On Dec. 23, 2022, federal agencies released an FAQ stating that they will not initiate enforcement action against any plan or issuer that makes a good faith effort to submit their prescription drug data by Jan. 31, 2023. Read more…
The IRS released a final rule that extends the annual furnishing deadlines for Sections 6055 and 6056 reporting under the Affordable Care Act (ACA). This rule finalizes guidance that was proposed by the IRS in December 2021. Due to the deadline extension, employers subject to ACA reporting have until March 2, 2023 to furnish statements for the 2022 calendar year. Read more…
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…