Employee Benefits

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 MMA Act of 2003. Creditable coverage means the prescription drug plan is at least as good as the Medicare drug benefit. Read more
President Trump signed an executive order on June 24, 2019 directing federal agencies to increase healthcare price and quality transparency. The order directs the Departments of Labor, Treasury and Health and Human Services to issue guidance and propose regulations that would disclose negotiated rates, cost-of-care and de-identified federal healthcare data, and to expand the availability of Health Savings Accounts.   The order includes the following five main provi... Read more
On June 13, the U.S. Departments of the Treasury, Labor, and Health and Human Services issued a final rule allowing employees to use the dollars in employer-funded Health Reimbursement Arrangements (HRAs, also called Health Reimbursement Accounts) to purchase individual coverage both on and off the public Marketplace (or Exchange). The rule also creates a new excepted benefit HRA (EBHRA) to enable employees to be reimbursed for excepted benefit costs. Individual Covera... Read more
The Affordable Care Act established the Patient-Centered Outcomes Research Institute (PCORI) to explore the effectiveness, risks and benefits of medical treatments. The fees are to be collected for plan years and policy years that end after September 30, 2012, and before October 1, 2019.  All non-excepted employer sponsored health plans need to pay PCORI Fees by July 31st.  If the plan is fully insured, the carrier is responsible for paying the fee. If the pla... Read more
The IRS announced the HSA limits for 2020. The new single maximum contribution limit is increasing to $3,550 and the family maximum is increasing to $7,100. The released amounts for 2020 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. 2020 HSA Contribution Limits:      ... Read more
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