Wednesday, 21 September 2016
Employers with self-insured major medical plans are reminded to report their membership count to the U.S. Department of Health and Human Services ("HHS") via the pay.gov website by November 15, 2016, as part of the Affordable Care Act's ("ACA") transitional reinsurance fee (the "Fee").
The Fee is assessed on both insured and self-insured group health plans, and applies on a calendar year basis from 2014-2016. Carriers offering group health insurance and sponsors of self-insured medical plans are required to pay the Fee to support payments to carriers in the individual market that cover high-cost claimants. Carriers pay the fee on behalf of fully insured plans; employers are responsible for paying the fee for a self-insured plan. Below is a brief summary of key dates and information for employers:
KEY INFORMATION FOR EMPLOYERS
MBWL Take-Away: Employers sponsoring self-insured plans should work closely with their benefits broker to select the most advantageous counting methodology. The counting methods can be complex and results may vary significantly based on the chosen method. Once the enrollment form has been submitted and the Fee paid, an employer cannot later amend that filing if it is discovered that another counting method would have been more advantageous. 2016 is the last year for which the Fee will be assessed.
About the Authors. This alert was prepared for Virtus Benefits by Stacy Barrow and Mitch Geiger. Mr. Barrow and Mr. Geiger are nationally recognized experts on the Affordable Care Act. Their firm, Marathas Barrow & Weatherhead LLP, is a premier employee benefits, executive compensation and employment law firm. They can be reach at email@example.com or firstname.lastname@example.org.
Benefit Advisors Network and its smart partners are not attorneys and are not responsible for any legal advice. To fully understand how this or any legal or compliance information affects your unique situation, you should check with a qualified attorney.
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Posted on 09/21/2016 7:32 PM by David Johnson
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