Reminders: Creditable Coverage and OSHA Form 300A

Creditable Coverage Disclosures Due to CMS by March 1 for Calendar-Year Plans   Employers offering prescription drug coverage to Medicare-eligible individuals via a calendar-year plan generally must complete an online disclosure to the Centers for Medicare and Medicaid Services (CMS) by March 1. This disclosure must report whether the coverage offered is "creditable," meaning it is expected to pay, on... Read More

2019 Notice of Benefit and Payment Parameters

The Department of Health and Human services announced the 2019 OOP maximums will increase to $7,900 for individual coverage and $15,800 for family coverage. These coverage limits apply to all non-grandfathered plans, regardless of size or funding type.   Information on other changes affecting health insurance can be found on CMS.gov. unsplash-logoOlu Eletu Read More

US Healthcare Spending to Climb 5.3% in 2018

The Centers for Medicare and Medicaid Services projected mid-February that US healthcare spending would increase 5.3% in 2018.   Factors affecting this increase include: Rising prices of medical goods and services Higher Medicaid costs Ageing baby-boom population driving Medicare enrollent More disposable personal income Spending in 2016 rose 4.3 percent and spending in 2017 rose 4.6 percent (originally projected at... Read More

Compliance Alert: Creditable Coverage Reporting

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Is This Part of Your HR Checklist? Creditable Coverage Reporting   The Medicare Modernization Act (MMA) requires entities (whose policies include prescription drug coverage) to notify Medicare eligible policyholders whether their prescription drug coverage is creditable coverage, which means the coverage is expected to pay on average as much as the standard Medicare prescription drug coverage. For these entities, there... Read More

HHS and CMS Release Proposed Regulations on 2017 Benefit and Payment Parameters

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The Department of Health and Human Services (HHS) and Centers for Medicare and Medicaid Services (CMS) announced last Friday, 20 November, their proposed regulations for benefits and actuarial value in 2017. Proposed regulations of note: 2017 Out-of-Pocket Maximums $7,150 for individual coverage $14,300 for family coverage 2017 Marketplace (Exchange) Enrollment period will have the same timing as 2016: 1 November... Read More