Affordable Care Act – Final Rule on Information Reporting by Exchanges
On May 7, 2014, the Internal Revenue Service (IRS) published a Final Rule on information reporting by Affordable Care Act (ACA) Exchanges. The Final Rule requires Exchanges to file annual and monthly reports for each Qualified Health Plan (QHP) purchased through the Exchange during the reporting period.
Read the Final Rule
Affordable Care Act FAQs Part XIX
On May 2, 2014, the Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury released new guidance (FAQs about Affordable Care Act Implementation Part XIX) regarding the updated Department of Labor model COBRA notices, limitations on cost-sharing, preventive services, Health Flexible Spending Accounts, and Summary of Benefits and Coverage (SBC).
In addition to the FAQs, the Department of Health and Human Services released a bulletin on new special enrollment periods (SEPs) and hardship exemptions.
Read the FAQs
Read the Bulletin
Proposed Rule on Health Care Continuation Coverage
On May 2, 2014, the Employee Benefits Services Administration (EBSA) of the Department of Labor issued proposed rules regarding continuation coverage that employers must provide to their employees under the Consolidated Omnibus Reconciliation Act (COBRA) of 1985. The EBSA also released two model notice forms for employers to use for providing COBRA notices to their employees.
General and election model notices are currently located in the appendix to COBRA regulations. The proposed rule would eliminate the current model notices from the regulation and instead provide model notices through guidance to make it easier to update the model notices. The new model notices reflect that coverage is now available in the Marketplace and the updated model election notice provides information on special enrollment rights in the Marketplace.
Read the Proposed Rules
View the Model General Notice
View the Model Election Notice
IRS Releases 2015 Amounts for HSAs and HDHPs
On April 23, 2014, the U.S. Treasury Department and Internal Revenue Service (IRS) released Revenue Procedure 2014-30, which lists the 2015 indexed amounts, adjusted for inflation, for health savings accounts (HSAs) and high-deductible health plans (HDHPs).
The Revenue Procedure is effective for calendar year 2015.
Read Revenue Procedure 2014-30