On November 14th, 2014, the Centers for Medicare & Medicaid Services (CMS) extended an important deadline regarding the Reinsurance Fee program, which is part of the Affordable Care Act. The deadline for contributing entities to submit their 2014 enrollment counts has been moved to 11:59 p.m. on Dec. 5, 2014.
Updated Deadline List
Here is an updated listing of upcoming deadlines regarding the Reinsurance Fee program:
- Dec. 5, 2014 — For the 2014 benefit year, the Nov. 15 regulatory deadline for contributing entities to submit annual enrollment counts has been extended to 11:59 p.m. on Dec. 5, 2014.
- Jan. 15, 2015 — The first payment of $52.50 per covered life is payable by the regulatory deadline of Jan. 15, 2015. This payment will be allocated towards reinsurance payments and administrative expenses.
- Nov. 15, 2015 — The second payment of $10.50 per covered life is payable by the regulatory deadline of Nov. 15, 2015. This payment will be allocated towards payments to the U.S. Treasury.
I hope that you find this brief update helpful as you seek to understand and meet your company’s compliance requirements.
For a more in-depth look at the Reinsurance Fee program, please contact the CBG Benefits team today. We’d be happy to provide you with our latest Compliance Bulletin on this topic. It covers items such as:
- Purpose of the Reinsurance Fee program
- Definition of Contributing Entities
- Deadline Overview
- Reinsurance Contribution Amounts
- The Collection Process