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End of Year Compliance Reminders!

Below 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

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RxDC Reporting Deadline Extended + Other Limited Reporting 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

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Medical Loss Ratio Rebates under the Affordable Care Act

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

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2023 Health Savings Account (HSA) and High-Deductible Health Plan (HDHP) Limits Announced

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

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Important July 1 Transparency Deadline for Insurers and Group Health Plan Sponsors

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

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Princeton HR Provides Employer Groups with Customized Online Benefits and HR Management Platform

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

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2022 Medicare Part B Standard Premium, Deductible, and IRMAAs for Parts B and D

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

Employers: are you or have you recently hired a refugee or asylee? If so, see important info and resources here from the US Citizenship and Immigration Services site: https://t.co/M1QUrv0Wm9 and https://t.co/6cGcZtW06T https://t.co/jKmfyAU5AC princetonhrs photo
Employers: get up to speed on all state disability insurance mandates with our updated one-stop resource guide: https://t.co/HMAWPpSW1J https://t.co/mG0NMLUKq2 princetonhrs photo
Our 4-page Federal COBRA compliance chart is a one-stop resource for employers with 20+ employees to stay on track in 2023; includes over 20 sample notices + employer/employee guides: https://t.co/Yx8JN4Ljxp https://t.co/ZIV3lhtgqw princetonhrs photo
Employer group clients: please be advised, our HR platform will be undergoing maintenance on Saturday, January 7, 2023 https://t.co/EKFQT9QQa8 princetonhrs photo
The Centers for Medicare & Medicaid announced on 12/23/22 that the RxDC data submission requirement has been extended until 1/31/23 and that there will be no enforcement of penalties for 2020 + 2021 for plans/issuers who make a good faith effort to comply: https://t.co/1m5coQ3cHl https://t.co/7tKxHFWlhl princetonhrs photo
The IRS has issued final regulations to adopt a 30-day extension (to 3/2/23) for distribution of Forms 1095B + C, and to advise they will no longer be applying a “good faith” compliance standard for reporting errors. For more info: https://t.co/1mQhcm1dU5, https://t.co/5NY7u2MB0i https://t.co/z2HTDBlmi1 princetonhrs photo