IRS Reporting in 2024
The Internal Revenue Service (IRS) issued guidance in February relating to new reporting requirements in 2024. These new rules contain significant changes that employers must be ready for heading into the new year.
Medical Loss Ratio Rebates
Insurance carriers are required, under the Affordable Care Act, to spend certain percentages of the premium amounts received on medical care and quality improvement. If the carrier fails to do so, they must rebate the difference to policyholders, as well as send notification letters to those enrolled in the plan(s).
Affordability Safe Harbor
Beginning January 1, 2024, the new affordability percentage for employer-sponsored coverage will be reduced to 8.39% of the employee’s household income.
Revised Form 720
The IRS has released a revised Form 720, Quarterly Federal Excise Tax Return, the proper method to file and report PCORI fees.
2023 PCORI Fee Filing
What is a PCORI Fee? Also known as the Comparative Effectiveness Research Fee (CERF), the Patient-Centered Outcomes Research Institute Fee (PCORI) is one of many different fees that go towards the funding of the Patient Protection and Affordable Care Act.
2024 Limits Announced for Health Savings Accounts (HSA), High Deductible Health Plans, and Excepted Benefit HRAs
On May 16, 2023, the Internal Revenue Service released updates to the maximum annual 2024 contribution limits for health savings accounts (HSAs) under high deductible health plans (HDHPs).
Congratulations, David Mordo, for Winning the NJ Lifetime Achievement Award
Congratulations to David Mordo, BenefitMall Compliance Analyst, for winning the NJ Lifetime Achievement Award. He was honored on Tuesday morning at the NJ-NABIP state convention.
Prescription Drug Data Collection (RxDC) Reporting Instructions
In these instructions, the term RxDC report refers to the data submission required under Section 204 of Division BB, Title II (Section 204) of the Consolidated Appropriations Act, 2021 (CAA).1 The Rx stands for Prescription Drug and the DC stands for Data Collection.
Preparing Employers for the End of COVID-19 Emergencies
Back on January 30, 2023, the President announced his intention to end the COVID-19 National Emergency (NE) and Public Health Emergency (PHE) effective May 11, 2023. Employers should be preparing for the end of the relief.
COVID-19 National and Public Health Emergencies to Terminate May 11, 2023
President Biden announced on February 10, 2023, that he anticipated terminating the COVID-19 National Emergency on May 11, 2023, and U.S. Department of Health and Human Services Secretary Becerra has advised that the COVID-19 public health emergency will also end on May 11, 2023.
Reporting Requirement for Air Ambulance Services under the No Surprises Act
Under a proposed rule from the Department of Labor (DOL), Health and Human Services (HHS), and the Treasury, group health plans (including ACA grandfathered plans) and health insurers are required to report air ambulance services.
David Mordo Receives Spirit of Freedom Legislative Award From NABIP
BenefitMall's senior compliance analyst, David Mordo, received the Spirit of Freedom Legislative Award presented by the National Association of Benefits and Insurance Professionals (NABIP) at their Capitol Conference in Washington, D.C.