Northfield Benefit Partners

Compliance Reminder: Prescription Drug Data Collection (RxDC) questionnaires must be submitted by March 31st for most insurance carriers to ensure timely reporting of required data to CMS on your behalf. Under Section 204 of the Consolidated Appropriations Act, insurance companies and employer-based health plans are required to submit information regarding prescription drug benefits and health care spending to CMS. If the March 31st deadline is missed, employers will be responsible for submitting the data directly to CMS prior to June 1st. For assistance in calculating the required data, please contact us at [email protected]. #RxDC #compliance

Compliance Reminder: Medicare Part D Creditable/Non-Creditable disclosure to CMS is due March 2nd for calendar year plans (60 days after the start of the plan year). Each year, employer-sponsored group health plans that provide prescription drug coverage are required to disclose the plan’s creditable or non-creditable coverage status to the Centers for Medicare & Medicaid Services (CMS). CMS will accept a reasonable estimate of how many Medicare eligible individuals are covered. Individuals can be Medicare eligible based on age, disability, or end-stage renal disease. https://lnkd.in/ekNiWCB If you have questions completing the filing, please contact us at [email protected].

Compliance Update: The IRS has announced the 2025 affordability percentage for employer-sponsored health coverage under the Affordable Care Act (ACA). The ACA requires applicable large employers (ALEs) to meet both minimum value and affordability standards. For plan years beginning in 2025, the affordability threshold will increase to 9.02% of household income, compared to 8.39% in 2024. Employers have three methods to determine affordability for employees: using W-2 Box 1 wages, rate of pay, or the Federal Poverty Line (FPL). This calculation should be based on the least expensive plan option that meets minimum value standards. For assistance in calculating affordability for your organization, please contact us at [email protected].

Compliance Reminder: Medicare Part D creditable coverage notice must be provided to Medicare eligible employees by October 15th. The notice should specify whether the prescription drug coverage offered is "creditable" or "non-creditable" in advance of Medicare open enrollment which takes place from October 15th to December 7th. #compliance #medicarepartd

Compliance Reminder: The Patient-Centered Outcomes Research Institute Fee (PCORI) is due by July 31, 2024, for self-insured and certain employer funded HRA/FSA plans ending in 2023. The cost will vary depending on which month the plan ended, and the counting method used (four options available for self-insured plans: 1) Actual count method, 2) Snapshot method, 3) Snapshot factor method, 4) Form 5500 method). For plans ending January 2023 – September 2023 the cost is $3.00 x chosen counting method. Plans ending October 2023 – December 2023 the cost is $3.22 x chosen counting method. This fee will be paid directly to the IRS on form 720 (Part II, IRS No. 133). Please contact us if further assistance is needed. #compliance #PCORI

Compliance Reminder: Form 5500 must be filed by July 31st for calendar year health and welfare plans subject to ERISA. Form 5500 is required for plans with 100 or more participants on the first day of the plan year. Fines for noncompliance can add up quickly and may come from both the IRS and Department of Labor (DOL). IRS fines can amount to $250/day with a maximum of $150,000, while the DOL can assess fines of $2,586/day, with no maximum. If additional time is required, an extension may be filed on Form 5558 extending the deadline to October 15th. Need assistance or have questions? Contact us for additional guidance. #compliance #Form5500

Today we honor those who made the ultimate sacrifice. Their memory lives on in our hearts and in the freedom they defended. #MemorialDay

Compliance Corner: The IRS released 2025 limits for HDHPs, HSAs, and Excepted Benefit HRAs: HSA individual contribution limit - $4,300 ($4,150 - 2024) HSA family contribution limit - $8,550 ($8,300 - 2024) Catch-up for individuals aged 55 or over remains at $1,000 HDHP minimum individual deductible - $1,650 ($1,600 - 2024) HDHP minimum family deductible - $3,300 ($3,200 - 2024) HDHP single annual out-of-pocket maximum - $8,300 ($8,050 - 2024) HDHP family annual out-of-pocket maximum -$16,600 ($16,100 - 2024) EBHRA increased from $2,100 to $2,150 for 2025