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Quick Facts Group health plans and issuers are now required to make publicly available a machine-readable file (MRF) disclosing information about costs, covered items and services starting on July 1, 2022. Additional requirements for prescription drug data and cost transparency tools are coming in the future. MRFs must contain specific information, follow a specific format and be posted on a publicly accessible website. Both fully insured and self-funded plan sponsors must comply with the requirements and will need to lean heavily on their carriers and third-party administrators (TPAs) for compliance assistance. Background In recent years, multiple new …

… is required for each employee welfare benefit plan sponsored by an employer that is subject to the Employee Retirement Income Security Act (ERISA). Each separate ERISA plan with 100 or more participants enrolled at the beginning of the plan year is required to file a Form 5500. Examples of common employee welfare benefit plans subject to ERISA include: Medical, surgical, or hospital care or benefits; Benefits in the event of sickness, accident, disability, or death. Some benefits, such as formal scholarship plans or severance plans, may also be ERISA plans and thus subject to filing. Such plans will require a …

Quick Facts The Internal Revenue Service (IRS) updates High Deductible Health Plans (HDHP) and Health Savings Account (HSA) limits annually for inflation. In May 2022, the IRS released Revenue Procedure 2022-24 updating cost-sharing limits for HDHPs, maximum HSA contribution limits and the maximum amount that may be made available for an excepted benefit Health Reimbursement Arrangement (HRA) in 2023. Overview The IRS recently released Revenue Procedure 2022-24, which includes the 2023 inflation-adjusted amounts for HSAs, HDHPs and excepted benefit HRAs. These limits include the maximum HSA contribution limit, the minimum deductible amount for HDHPs, the maximum …

… the way employer-sponsored coverage would be treated when determining if a family is eligible for premium tax credits (PTC) when purchasing individual health insurance through a public Marketplace. The proposed rules would fix the so-called “family glitch” that currently requires employer plan affordability to be based on the employee-only cost for coverage, while not taking into consideration the cost for the employee’s family to participate. The change would allow more spouses and dependents to qualify for premium tax credits toward the cost of individual health coverage purchased through a public Exchange. Current Rules and Proposed Changes …