ACA 2023 Compliance Reporting

From processing new benefits to coming up on the final chance to reach annual goals, the fourth quarter of every year can be hectic for everyone, especially those who work in HR and employee benefits. One thing employers can’t afford to overlook is scheduling time to review their Affordable Care Act (ACA) compliance reporting due … [READ MORE]

Health Plan Premium Affordability Threshold Reduced for 2023

The IRS announced on July 25 that the health plan affordability threshold under the Affordable Care Act will be 9.12% in 2023, down from 9.61% in 2022. The adjusted percentage applies on a plan-year basis, not a calendar-year basis, and affects an employer’s potential liability for ACA shared-responsibility penalties. Non-calendar-year plans will continue using 9.61% … [READ MORE]

2022 Compliance and Reporting Requirements

Some of the COVID-related reporting requirements are ending. However, others are resuming or being introduced for the first time. Pharmacy and Health Care Spending Reporting The Consolidated Appropriations Act (CAA) requires all employer groups who offer health plans, along with insurers and pharmacy benefit managers, to submit information on pharmacy and health care spending to the Departments … [READ MORE]