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…
Beginning in 2023, group health plans and health insurance issuers must make an internet-based price comparison tool available to participants, beneficiaries and enrollees. The purpose of this tool is to provide consumers with real-time estimates of their cost-sharing liability from different providers for covered items and services, including prescription drugs, so they can shop and compare prices before receiving care. 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…
The IRS issued Revenue Procedure 2022-34 to index the contribution percentages in 2023 for determining the affordability of an employer’s plan under the Affordable Care Act. Read more…
Employers with employee benefit plans that operate on a calendar year basis must file their annual reports (Forms 5500) for 2021 with the Department of Labor (DOL) by Aug. 1, 2022. An employer may extend this deadline by two and one-half months (until Oct. 17 2022) by filing IRS Form 5558 by Aug. 1, 2022. Read more…