RxDC Reporting: Annual Compliance Obligation for GHPs
Employer-sponsors are no longer required to distribute Forms 1095-B and 1095-C to full-time employees and any covered individuals for the 2024 ACA reporting year and beyond. Now, employer-sponsors need only make these forms available upon a request by an individual. Upon request, the form must be provided by the later of either January 31 of the year following the calendar year to which the return relates or 30 days after the date of the request.
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HR Newsletter: 10/31/2024
With Employee Benefits & HR topics regularly in the news, it’s difficult to stay up to date. Our weekly newsletter will help you stay current. Check out this week’s edition.
Gag Clause Prohibition Compliance Attestations due by December 31
Group health plans and insurers must annually attest by December 31 that they are in compliance with the gag clause prohibition. Attestations for the 2024 calendar year are due by December 31, 2024.
HR Newsletter: 10/16/2024
With Employee Benefits & HR topics regularly in the news, it’s difficult to stay up to date. Our weekly newsletter will help you stay current. Check out this week’s edition.
HR Webinar: November 2024
Workplace injury management involves a range of HR practices to address and mitigate the effects of injuries sustained by employees on the job. This webinar will address direct insurance related costs associated with workplace injuries and give strategies to improve processes, productivity, morale, employee turnover, and absenteeism.
Medical Loss Ratio (MLR)
The Affordable Care Act (ACA) requires health insurance issuers to spend a minimum percentage of premium dollars on medical care and healthcare quality improvement, which is intended to lower the cost of care. This percentage is known as the "medical loss ratio" (MLR). In the large group insurance market, the required MLR is 85%; the small group and individual markets have a required MLR of 80%. However, each state may set a higher rate. When an issuer fails to meet the requisite MLR for a year, it must provide a rebate to its policyholders. MLR rebates for the 2023 calendar year are due to policyholders by September 30, 2024. An employer-policyholder who receives a rebate for its insured group health plan will be responsible for determining how to appropriately use the refund, particularly in the context of the Employee Retirement Income Security Act (ERISA).
Benefits Newsletter: 10/9/2024
With Employee Benefits & HR topics regularly in the news, it’s difficult to stay up to date. Our weekly newsletter will help you stay current. Check out this week’s edition.
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VCG CONSULTANTS
3350 Riverwood Parkway
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Atlanta, GA 30339
Phone: 770.863.3600
Fax: 770.863.3666
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