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Affordable Care Act Updates for 2023
Brought to you by World Insurance Associates LLC
ACA UPDATES FOR 2023
On Aug. 16, 2022, the IRS updated its frequently asked questions (FAQs) on the employer shared responsibility (“ESRP” or “pay or play”) rules under the Affordable Care Act (ACA) to include updated penalty amounts for 2023. For calendar year 2023, the “sledgehammer” adjusted penalty amount is $2,880 and the “tack hammer” adjusted penalty amount is $4,320.
Compliance Overview
Annual Compliance Requirements for Health Plans
Employers that provide group health plan coverage to their employees are subject to numerous compliance requirements throughout the year, such as requirements for reporting, participant disclosure and certain fee payments.
How the End of the COVID-19 Emergency Periods Will Impact Health Plans
Brought to you by World Insurance Associates LLC
The Biden Administration has announced its plan to end COVID-19 emergency orders – the National Emergency (NE) and the Public Health Emergency (PHE) on May 11, 2023. While most COVID related requirements for plans had previously expired, the formal expiration of the NE and the PHE will mark the last mandates that apply to employer-sponsored health plans.
Health Plans Must Provide Price Comparison Tools for 2023
Brought to you by World Insurance Associates LLC
The Department of Labor (DOL) issued regulations in the last year of the Trump administration imposing new transparency requirements for group health plans. These changes mean that employers will need to take action to ensure they are prepared to comply with the new obligations.
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