New HDHP Safe Harbor for Insulin
On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022. One important provision of the act for employers is the expansion of coverage of insulin under high deductible health plans (HDHPs). Effective for plan years beginning on or...2023 Affordability Safe Harbor- decreased
In a recent Notice the IRS announced the significantly decreased percentage that will be used to determine whether employees’ share of their 2023 premiums are considered affordable for purposes of the employer mandate. Applicable Large Employers, for the 2023...Employer Requirement – Creditable Coverage Notice Due October 15th
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 better than the Medicare drug benefit. Often, insurance carriers provide notices that outline whether your plan(s) are creditable or not. Many of the prescription copay plans are creditable, but often the High Deductible Health Plans (HDHP) are not. Determinations are subject to change each year.
Implications of Abortion Decision on Employee Benefit Plans
Last week’s decisions raise many questions for employee benefit plan sponsors that may take months or even years to fully resolve. However, existing law does help to answer certain key questions: How is it determined if fully insured plans cover abortion? How is it...2023 HSA Limits Announced
The IRS announced the HSA limits for 2023. The new single maximum contribution limit is increasing to $3,850 and the family maximum is increasing to $7,750.