Articles, News and Information
2024 ACA Pay or Play Increasing Penalties
On March 9, 2023, the IRS revised the penalty amounts for the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA) for 2024. For the calendar year 2024, the adjusted $2,000 penalty amount is $2,970, and the revised $3,000 penalty amount is $4,460. Pay Or Play Penalty An applicable large…
Benefits of a Grandfathered Plan
Grandfathered Plan Overview The grandfathered plan was created on March 23, 2010, with few changes implemented since then. Plans with grandfathered status are exempt from some Affordable Care Act (ACA) regulations, but if that status is lost, the plan must adhere to more ACA criteria. An attempt by employers to scale back the benefits of…
CA Bereavement Leave as of January 2023
Starting Jan 1, 2023, employers with five or more employees must abide by new bereavement leave provisions. This is due to an amendment that was made to California Family Rights Act (CFRA) on September 29, 2022. This modification included the implementation of Assembly Bill No. 1949 (AB-1949). Under this bill, eligible employees may take up…
The Basics Employers Need to Know About CAA Prescription Drug Reporting
Rx reporting is a federal mandate that requires insurance companies and group health plans to provide a report of prescription drug data to the government. Logistics regarding the act can be found under Section 204 (of Title II, Division BB) of the Consolidated Appropriations Act, 2021 (CAA). CAA Submission Requirements The following list includes…
No Surprises Act Summary and What Employers and Employees Need to Know
As of January 2022, the “No Surprise Act” provides protection for consumers from unexpected bills for out-of-network care in an emergency and certain non-emergency settings. By enforcing better consumer protection and price transparency, the new regulations will help create better patient experiences and provide better financial protection for individuals. Here are a few of the…
2023 ACA Pay or Play Increasing Penalties
On August 16, 2022, the IRS revised the penalty amounts for the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA) for 2023. For the calendar year 2023, the adjusted $2,000 penalty amount is $2,880, and the revised $3,000 penalty amount is $4,320. Pay Or Play Penalty An applicable large…
