health insurance marketplace
Reporting requirements from the Affordable Care Act (ACA) are rapidly approaching. Health Insurance Marketplaces, health insurance carriers, and employers may be subject to the reporting. The reporting is due February 28, 2023 if filing manually and by March 31, 2023 if filing electronically. Electronic filing is required for entities that are filing 250 or more forms.
Let’s get to the ABCs of the reporting.
On June 28, 2021, the Department of Health and Human Services (HHS) proposed new rules that would primarily impact individual health plans that are sold through Health Insurance Marketplaces. The proposed rules aim to lengthen the annual enrollment period, expand Navigator duties, and minimize any burden or confusion for consumers. A summary of some of the key provisions has been outlined below:
On March 11, 2021, President Joseph Biden signed into law the American Rescue Plan Act (ARPA). ARPA is the third stimulus package signed into law in response to the COVID-19 pandemic. Under ARPA, two significant provisions were included that will help more Americans obtain and pay for health insurance coverage.
The Centers for Medicare & Medicaid Services (CMS) announced earlier this month that plans sold on the Health Insurance Marketplace (Marketplace) will receive quality ratings using a five-star system (with 5 stars representing the highest quality plan).
Most employers will be required to provide a written notification to employees in regards to the ability to access coverage through the new Health Insurance Marketplaces, also known as the exchanges. Even employers that don't provide coverage to their employees will be required to provide this written notification.
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