Princeton HR SolutionsBelow is an overview of several items and deadlines plan sponsors should be mindful of as the year comes to a close: The Affordable Care Act’s Employer Mandate Premium Tax Credits and Cafeteria Plan Changes The Consolidated Appropriations Act (CAA) & COVID-19 Relief
On December 23, 2022, the Biden Administration issued Affordable Care Act FAQ #56, giving a little holiday gift to group health plans and issuers nationwide. The guidance establishes limited deadline and enforcement relief for the 2020 and 2021 Prescription Drug Data Collection (RxDC) submissions that were due by December 27, 2022, announcing a compliance safe harbor… Read More
For the first time in a decade, the Centers for Medicare and Medicaid (CMS) announced that premiums for Medicare Part B beneficiaries and the Part B deductible will both be lower than the previous year. Each year the Medicare Part B premium, deductible and coinsurance rates are determined according to the Social Security Act. The… Read More
Over the next month, health insurance carriers will distribute approximately $1B in medical loss ratio (MLR) rebates from 2021 to individual and group health insurance consumers. The following provides an overview of a employer plan sponsor’s obligation for handling these MLR rebates. The MLR is the percentage of premium dollars received by a health insurance… Read More
The Internal Revenue Service (IRS) has announced the inflation-adjusted 2023 minimum deductibles, out-of-pocket maximums, and contribution limits for heath savings accounts (HSAs) and qualified high-deductible health plans (HDHPs). Self-only coverage refers to plans for one individual, while family coverage refers to plans for two or more individuals. The out-of-pocket maximum includes copayments, deductibles, and coinsurance… Read More
A federal health insurance coverage price transparency rule takes effect on July 1, 2022, for all health insurance policies renewed between January 1, 2022, and July 1, 2022. For all other plans, the requirement will take effect upon renewal in 2022. The new rule applies to health insurance carriers and employers that offer group coverage… Read More
On January 10, 2022, the US Departments of Labor (US DOL) and Health and Human Services (HHS), and the Treasury issued FAQ guidance regarding the requirements for group health plans and health insurance issuers to cover over-the-counter (OTC) COVID-19 diagnostic tests. As of Jan. 15, 2022, the cost of these tests must be covered, even if they… Read More
As your broker, we’re always looking for ways to save you time, improve communication, streamline your benefits and HR practices, and increase employee engagement. This is why in 2021, we transitioned our employer group clients onto our new online technology platform with Ease! With Ease, we can help with all of the above, and more! Does… Read More
The Centers for Medicare and Medicaid (CMS) have announced the below for 2022: The standard Part B Premium is increasing by $21.60/month to $170.10 in 2022 (up from $148.50 in 2021) The Income Related Monthly Adjustment Amounts (IRMAAs) for Parts B and D are increasing as shown below, for those with incomes greater than $91k individual or $182k… Read More
You can’t drive down the highway or watch a program on TV without seeing advertisements about how great Medicare Advantage plans—some for $0 premium per month, with dental!—are, and with celebrities like Joe Namath promoting them, certainly they must be good, right? Well, our answer is no, and these articles from Forbes and Newsweek seem… Read More