Prescription Drug Data Reporting: What the “Good Faith Compliance” Extension Really Means for Self-Funded Group Health Plans
By Jacob Mattinson, Sarah Raaii and Alden Bianchi on Jan 11, 2023
Posted In Employee Benefits, Executive Compensation, Health and Welfare Plans, Retirement Plans
We recently reported on an FAQ issued December 23, 2022 (FAQ About Affordable Care Act and Consolidated Appropriations Act, 2021 Implementation Part 56) by the US Departments of Labor, Health and Human Services and the Treasury (collectively, the Departments). The FAQ provides limited, albeit welcome, relief by extending the time for reporting information under the prescription drug data...
IRS Issues Final Regulations Extending ACA Information Reporting Deadlines, Clarifies Additional ACA Issues
By Jacob Mattinson, Alden Bianchi and Sarah Raaii on Jan 4, 2023
Posted In Employee Benefits, Health and Welfare Plans
The IRS finalized regulations concerning information reporting of health insurance coverage for Code Sections 5000A, 6055 and 6056. The regulations provide an automatic deadline extension for filing ACA forms and an alternate method for providing ACA forms to certain individuals, among other changes. Access the full article.
By Alden Bianchi on Dec 29, 2022
Posted In Employee Benefits, Employment, Health and Welfare Plans
Section 204 of Title II of Division BB of the Consolidated Appropriations Act, 2021 amended the Internal Revenue Code, the Employee Retirement Income Security Act of 1974 and the Public Health Service Act to add rules governing prescription drug data collection (RxDC). The rules require group health plans, including plans offered to Federal Employees Health...