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Archive for 'Legislation'

PCORI Fees Due by July 31, 2018

The annual deadline for reporting and paying the PCORI Fee is quickly approaching. For plan years ending in 2017, the PCORI fees are due by July 31, 2018. This compliance requirement primarily impacts two groups of employers: Employers that sponsor a self-insured health plan Employers that have a fully-insured health plan with a Health Reimbursement [...]

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Posted in: Benefits and Insurance, Human Resources, Legislation

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IRS Updates Health Savings Account Family Contribution Limit for 2018 – Back to $6,900

On April 26, 2018, the IRS issued an announcement that impacts the maximum family contribution to a Health Savings Account (HSA). For 2018, taxpayers with family coverage under a high-deductible health plan (HDHP) may treat $6,900 as the maximum deductible HSA contribution. As you may recall: The IRS initially announced in May 2017 that $6,900 [...]

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Massachusetts Employer Medical Assistance Contribution Supplement (EMAC) Information

Beginning in 2018, Massachusetts has implemented a new Employer Medical Assistance Contribution (EMAC) Supplement fee that may impact many employers. Generally speaking, an employer may be assessed a penalty if they have any employees that are enrolled in MassHealth (excluding the premium assistance program) or the subsidized coverage plan through the Massachusetts ConnectorCare program. April [...]

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IRS Announces 2018 HSA Contribution Limit Changes

UPDATE: On April 26, 2018, the IRS issued an announcement that once again changed the maximum HSA family contribution limit for 2018. It is now set as $6,900. Click here for more details. On March 5, 2018, the IRS released Revenue Procedure 2018-18, which recalculates a number of cost of living increases for calendar year [...]

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Medicare Part D Disclosure to CMS: March 1, 2018 Deadline Reminder

Each year, applicable employers are required to complete an online disclosure with CMS and report whether their health plan’s prescription drug coverage is Medicare Part D creditable or non-creditable. Plan sponsors are required to report 60 days after the start of the plan year. Thus, if you renewed January 1, 2018, this year’s deadline is [...]

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Massachusetts Employers Face New EMAC Health Assessment Fee

Starting January 1, 2018, employers in Massachusetts will be subject to the new Employer Medical Assistance Contribution (EMAC) supplement fee. This fee generally applies to employers with 6 or more employees in Massachusetts. It primarily targets employers with employees who are enrolled in MassHealth or in subsidized ConnectorCare coverage. In November 2017, proposed regulations were released. These regulations: [...]

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ACA Reporting for 2017: Furnishing Deadline Delayed

On December 22, 2017, the IRS issued a notice that primarily impacts applicable large employers. Specifically, the notice: Extends the due date for furnishing Form 1095-C for 2017 to individuals from Jan. 31, 2018 to March 2, 2018 Extends good-faith transition relief from penalties related to 2017 information reporting under Section 6056 The notice does [...]

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Medicare Part D Notice: October 14, 2017 Deadline Reminder

In preparation for the Medicare fall open enrollment period, employers that sponsor group health plans that include prescription drug coverage are required to notify all Medicare-eligible individuals whether such coverage is creditable. This year, plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals by October 14, 2017. The creditable coverage disclosure notice must [...]

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Draft Forms for 2017 ACA Reporting Released

On July 28, 2017, the IRS released draft versions of the forms that employers will use to report on the health insurance coverage they offered in 2017. Generally, most applicable employers will use Form 1094-C and Form 1095-C to meet their reporting obligation under the Affordable Care Act. Below are links to the draft versions [...]

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