Have a look at some of the top employee benefits stories from this quarter.
Section 204 RXDC Reporting
Section 204 requires group health plans (plans) and health insurance issuers (issuers) offering group or individual health insurance coverage to submit information about prescription drugs and health care spending to the Department of Health and Human Services (DHHS), the Department of Labor (DOL), and the Department of the Treasury (the Departments). The Centers for Medicare & Medicaid Services (CMS) is collecting Section 204 data submissions on behalf of the Departments.
• December 27, 2022, for 2020 and 2021 calendar year data
• June 1, 2023, for 2022 calendar year data
Revised Surprise Billing Model Notice Now Available
On August 19, 2022, the Departments of Labor (DOL), Health and Human Services (DHHS) and the Treasury (Departments) jointly released FAQs implementing provisions of the No Surprises Act (NSA), including the requirement that plans and issuers disclose certain balance billing protections to participants. Previously, the Departments released a model notice that could be used to satisfy these disclosure requirements (“Version 1”).
2023 Open Enrollment Checklist
To prepare for open enrollment, group health plan sponsors should be aware of the legal changes affecting the design and administration of their plans for plan years beginning on or after January 1, 2023. Employers should review their plan
documents to confirm that they include certain required changes.
IRS Announces 2023 Retirement Plan Limits
The Internal Revenue Service (IRS) has released Notice 2022-55, containing cost-of-living adjustments for 2023 that affect amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs).
PCORI Fee Amount Adjusted for 2023
This applies to self-insured group health plans and health reimbursement accounts (HRAs). For fully insured group health plans, the fee is paid by the insurance carrier.
The Internal Revenue Service (IRS) has issued Notice 2022-59 to increase the Patient-Centered Outcomes Research Institute (PCORI) fee amount for plan years ending on or after October 1, 2022, and before October 1, 2023. The updated PCORI fee amount is $3.00 multiplied by the average number of lives covered under the plan.
For plan years that ended on or after October 1, 2021, and before October 1, 2022, the PCORI fee amount is $2.79 multiplied by the average number of lives covered under the plan.