Employers who provide prescription drug coverage to those who are or may become eligible for Medicare Part D, must notify both plan members and CMS on whether the coverage provided is deemed “creditable” or “non-creditable” per the Medicare Modernization Act (MMA) of 2003.  Creditable coverage means that the government considers the employer’s prescription drug coverage as good as or bet... Read more
As we approach cold and flu season, the nation and the economy are still combating the affects of the COVID-19 pandemic.  As with any public health issue, the insurance carriers work with and follow the guidance and protocols issued by the Centers for Disease Control and Prevention (CDC) as well as state and local public health departments in supporting the needs of members.   What to do if you have symptoms? The CDC and health care providers ask th... Read more
In a recent Notice the IRS announced the adjusted percentage that will be used to determine whether employees' share of their 2021 premiums are considered affordable for purposes of the employer mandate. Applicable Large Employers, for the 2021 plan year, will need to apply the threshold of 9.83% (up from 9.78% for 2020) to any of three "safe harbors": •             W-2 wages •   ... Read more
The IRS released two notices (2020-29 & 2020-33) providing relief on cafeteria plan election rules and increasing the allowed health FSA carryover. These notices are not an employer requirement, rather options to consider.  Keep in mind that if you want to adopt any of the following, your plan documents must be updated and communicated to employees by issuing a Summary of Material Modifications: - Allow coverage for eligible over-the-counter (OTC) items witho... Read more
The IRS announced the HSA limits for 2021. The new single maximum contribution limit is increasing to $3,600 and the family maximum is increasing to $7,200. The released amounts for 2021 HSA contributions, maximum out of pocket limits, and minimum deductible limits for High Deductible Health Plans (HDHPs) are listed below.  Please reach out to your Business Benefit team for any questions. HSA Contribution Limits 2021:    Single - $3,600 ... Read more