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Health & Welfare Plans Newsletter
October 28, 2021
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16 New Job Opportunities
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[Official Guidance]
Text of 2021 Instructions for IRS Form 1095-A: Health Insurance Marketplace Statement (PDF)
"Form 1095-A is used to report certain information to the IRS about individuals who enroll in a qualified health plan through the Health Insurance Marketplace. Form 1095-A is also furnished to individuals to allow them to take the premium tax credit, to reconcile the
credit on their returns with advance payments of the premium tax credit (advance credit payments), and to file an accurate tax return." [Also available: 2021 Form 1095-A.] MORE >>
Internal Revenue Service [IRS]
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[Guidance Overview]
Mental Health Parity: Health Plans Must Comply with New Documentation Requirements
"This article provides an in-depth review of the requirements of an NQTL Analysis and several important action items and next steps for plan sponsors." MORE >>
Morris, Manning & Martin, LLP
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[Guidance Overview]
'No Surprises Act' Disclosure Notice
"The [No Surprises Act] includes a requirement that group health plans and health insurance issuers provide a notice describing participants' rights and protections regarding these surprise medical bills.... Who must provide the Notice? ... How should the Notice be
provided? ... When do plans and issuers need to start providing the Notice? ... What does the Notice need to say?" MORE >>
Vorys
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[Guidance Overview]
Colorado Proposes Expanded Definition of Vacation Pay and Modifications to Paid Sick Time Calculations
"If adopted for 2022, the Wage Protection Rules would significantly expand the definition of 'vacation pay' under Colorado law and affect how employers make certain calculations regarding paid sick time under the Healthy Families and Workplaces Act
(HFWA)." MORE >>
Littler
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[Guidance Overview]
Washington State Increases PFML Rates and Weekly Benefit for 2022
"Effective January 1, 2022, the premium rate for Washington Paid Family and Medical Leave (PFML) will increase to 0.6% (from 0.4% in 2021) of each employee's gross wages up to the 2022 Social Security cap ($147,000)." MORE >>
Newfront
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States Seek to Rein in Rx Costs and Pharmacy Benefit Managers
"While Congress continues to debate the best approach to control these costs, states have moved ahead with an assortment of measures ... This article gives an overview of the different types of provisions in these laws and outlines considerations for employer plan sponsors.
A chart provides state-by-state summaries of some recently enacted laws targeting drug costs or PBMs." MORE >>
Mercer
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One-Third of Workers Say They Might Leave Jobs If Not for Health Insurance
"One in three full or part time workers (33%) would be very or somewhat likely to leave their jobs in the near future if health insurance weren't a factor ... More than one in four respondents (26%) said they'd be at least somewhat likely to start their own business
if health insurance weren't a factor, and 37% of insured Americans ages 18 to 34 would be at least somewhat likely to pursue entrepreneurship if health insurance weren't a factor." MORE >>
InsuranceNewsNet.com
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Handling FSA Experience Gains from Forfeitures
"The Section 125 regulations provide employers with three options to allocate experience gains from health FSA forfeitures. The dependent care FSA provides employers with an additional option to retain the forfeitures. Regardless, employers overwhelmingly choose to use
experience gains from forfeitures to cover all or a portion of the FSA's administrative expenses." MORE >>
Newfront
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Premiums Will Drop, ARPA Savings Continue as 2022 Open Enrollment Period Draws Near
"Overall, premiums are expected to drop by 3 percent for a 27-year-old for a silver benchmark marketplace plan sold through HealthCare.gov.... Premium savings are far greater once enhanced subsidies from the American Rescue Plan Act (ARPA) are accounted for.... For 2022, an
estimated 56 percent of enrollees can find a $0 plan for 2022 and 78 percent of enrollees can find a plan for $50/month or less." MORE >>
Health Affairs Blog
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Approximately 80% of Consumers Could to Save Significantly on 2022 ACA Plans
"Health insurance premiums will cost $10 or less each month next year for four out of five consumers shopping for health insurance on the [ACA] marketplaces ... The savings come from higher subsidies for most Americans that Congress passed last spring under the American
Rescue Plan Act (ARPA)." MORE >>
Association of Health Care Journalists
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Benefits in General |
[Guidance Overview]
Does Your Plan Use a Limited Scope Audit for Form 5500 Financial Reporting?
"Under SAS 136, a plan administrator will need to agree to the following conditions in its engagement letter with the auditor: [1] to provide the auditors with copies of the current plan document, [2] to provide auditors with a copy of the draft Form 5500 for
review and to reconcile inconsistencies, and [3] to discuss with their auditor any reportable findings, including a discussion of any prohibited transactions that have not been properly reported in the supplemental schedules." MORE >>
The Wagner Law Group
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Employee Benefits Jobs |
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Press Releases |
Anne Lester Named 2020 EBRI Lillywhite Award Recipient
EBRI [Employee Benefit Research Institute]
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Health at Scale and HealthComp Partner to Prevent Low-Value Care for Employers
Health at Scale
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Webcasts and Conferences (Health & Welfare Plans) |
Removing the Surprises from the No Surprises Act and How Clear are the New Transparency Rules?
November 18, 2021 WEBCAST
Worldwide Employee Benefits Network [WEB] - New York Chapter
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Last Issue's Most Popular Items |
2021 ACA Reporting: Preparing Forms 1094 and 1095
Gallagher
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New Surcharge on Insured and Self-Insured Plans Covering Washington State Residents
HUB International
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Text of 2021 IRS Form 1095-B and Instructions: Health Coverage Report (PDF)
Internal Revenue Service [IRS]
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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587.
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