Benefits Buzz

Posted January 11th, 2022 in Employers, Producers

The Consolidated Appropriations Act of 2021 included a provision that requires brokers and consultants to disclose all direct and indirect compensation they expect to receive for group health plans. The disclosure is required when compensation is expected to be $1,000 or more, and the disclosure must be made prior to any contracts entered into, renewed, or extended on or after December 27, 2021. The disclosure requirements are now in effect.

Posted January 4th, 2022 in Employers, Individuals

Annual Medicare Part D reporting is required for all employers who provide health benefits with prescription drug coverage. The reporting is an online filing to the Centers for Medicare & Medicaid Services (CMS), and it lets CMS know if the prescription drug coverage available on the employer’s health plan is “creditable.”

Posted December 14th, 2021 in Producers, Employers

Overview

Health Reimbursement Arrangements (HRAs) are self-funded group health plans that provide tax-free reimbursements to employees and their family members for out-of-pocket healthcare expenses.

Posted December 3rd, 2021 in Employers, Producers

On August 27, 2021, the State of Illinois passed a law called the Consumer Coverage Disclosure Act (CCDA). The CCDA requires a new written disclosure to be provided by every employer who has employees in the State of Illinois and who also provides group health insurance coverage to its employees.

Posted November 11th, 2021 in

The Internal Revenue Service (IRS) released Revenue Procedure 2021-45 on November 10, 2021. The Revenue Procedure includes the 2022 contribution limits for certain employee benefit programs. Below is a summary of some of those contribution limit adjustments.

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