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Compliance Recap: June/July 2022
Read Time: 10 Minutes
The summer has seen a flurry of compliance-related activity, most notably the landmark decision issued by the U.S. Supreme Court to overturn Roe v. Wade. As we move into the second half of the 2022 employee benefits compliance calendar, there are a number of important issues to note.
- SCOTUS OVERTURNS ROE V. WADE; EMPLOYERS WEIGH BENEFITS RESPONSES
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August Employer Webinar Recording
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Tuesday, September 20, 2022
2:00PM EST
This webinar will help you confidently manage benefits for Medicare-eligible employees by answering these questions:
- Why do I need to complete the CMS disclosure form?
- Who do I include in the disclosure?
- What are the acceptable ways to provide Medicare Part D creditable coverage letters to my employees and their spouses?
- Can an employee enroll in the group health plan and also receive prescription drug coverage from Medicare?
- Can my employee continue to contribute to the HSA after enrolling in Medicare?
- Can I request that my over-65 employees enroll in Medicare instead of the group health plan?
In conjunction with our alliance with United Benefit Advisors, you have the opportunity to learn more about the latest compliance trends and regulations from one of the nation's leading employment and benefit law firms, Fisher
Phillips. Normally the cost of the 60 minute Webinar is $200, but we are pleased to offer it to you free of charge. Simply click the blue button below to register, and be sure to use the coupon code UBA410EW.
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IRS Announces 2023 ACA Affordability Safe Harbor
Read Time: 3 Minutes
The Affordable Care Act (ACA) requires applicable large employers (ALEs) to make an offer of group health coverage to at least 95% of its full-time (i.e., regularly working at least 30 hours per week) employees or pay a shared responsibility penalty assessed by the IRS if at least one employee gets a premium tax credit (PTC) for Marketplace coverage. The ACA also mandates that ALEs who offer group health coverage must make sure the coverage is affordable and provides
minimum value or pay a separate shared responsibility penalty for any individual who receives a PTC for Marketplace coverage.
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Plan Sponsors Should Prepare for Medical Loss Ratio Rebates in 2022
Read Time: 5 Minutes
The Kaiser Family Foundation recently reviewed industry data submitted by insurance carriers to state regulators and has forecast that employers who sponsor fully insured group health plans should expect to receive historically large medical loss ratio (MLR) rebates starting in September. The total rebate amounts are not expected to be quite as large as the past two years, but insurance carriers are projected to issue approximately $275 million in rebates to small group policyholders, and $168 million to large group
policyholders. Plan sponsors should be prepared to handle any MLR rebates according to applicable rules.
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IRS Releases Draft ACA Reporting Forms
Read Time: 2 Minutes
The Internal Revenue Service (IRS) recently provided a first look at draft versions of Forms 1094-B and 1095-B and Forms 1094-C and 1095-C for employers to file in 2023 to report offers of coverage for 2022. Self-funded plan sponsors who are not applicable large employers (ALEs) will use Forms 1094-B and 1095-B (when finalized), whereas ALEs will use Forms 1094-C and 1095-C (when finalized). The draft forms contain no material additions this year, but the instructions have eliminated references to individual mandate penalties.
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Employers Should Prepare to Issue Medicare Part D Notices
Read Time: 6 Minutes
October 15 is just around the corner, so employers should already be planning to meet their annual Medicare Part D notice obligations. Under the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA), employers that offer prescription drug coverage must notify Medicare-eligible individuals as to whether their prescription drug coverage is "creditable" or "non-creditable" for the upcoming calendar year. The Centers for Medicare and Medicaid Services (CMS) defines "creditable coverage" as prescription drug coverage that is
actuarially equal to or greater than the prescription drug coverage provided under Medicare Part D.
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Compliance Question of the Week
Q: Can we promote an employee to a newly created position without
giving other employees a chance to apply for it?
A: Generally, and as long as you’re not a federal contractor, you don’t need to post an open position for all employees to see. That said, if your company has an established policy or practice of posting internally, you should be consistent.
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Visit the Insights Blog for the latest employee benefit news, trend analysis, regulatory insight, HR tips and more!
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Have a compliance question? We're here to help! Simply reply to this email or send a new email to info@bimgroup.us
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1151 Red Mile Rd.
Lexington, KY 40504
P 859.255.9455
F 859.255.9457
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