Error Found! Horizon BCBSNJ Resending Creditable Coverage Letters
Horizon BCBSNJ has discovered an error in their Medicare Part D Creditable Coverage status letters and is sending revised letters to clients. Employers should review the revised letters.
Our Top Tips for Benefit Renewals and Open Enrollment
Robert DeNinno penned an article for the Philadelphia Business Journal for Top Benefit Renewal and Open Enrollment Tips. He emphasizes the importance of meticulous planning, suggesting a detailed timeline with action items, responsibilities, and deadlines. Check out this article to learn about the deeper significance of leveraging technology, such as HRIS platforms and multimedia open enrollment strategies, to enhance employee engagement and streamline administrative tasks. Additionally, DeNinno recommends early negotiations with insurance carriers, flexible renewal dates, and effective communication with employees to ensure a successful renewal process.
IRS Releases 2025 FSA Limits
The IRS has announced the 2025 FSA limits. These changes will take effect for plan years beginning on or after January 1, 2025.
- Health FSA Limit: Increased to $3,300
- Health FSA Carryover Limit: Increased to $660
- Transit and Parking Monthly Limits: Increased to $325
View the 2025 Benefit Account Annual Limits.
IRS Raises 2025 ACA Affordability Percentage
The IRS has increased the affordable contribution percentage for employer-sponsored health coverage to 9.02% for 2025. This means that employers must offer coverage that costs no more than 9.02% of an employee’s household income to be considered affordable under the ACA. The IRS has also released other indexing adjustments and benefit limits for health and welfare plans for 2025.
IBX Platform Transition: Key Information for December Renewals
IBX is transitioning to a new operating platform. Key points for clients renewing in December include:
- Enrollment Deadline: Submit completed enrollments by November 12.
- New Account Information: Clients will receive new account numbers.
- Member ID Cards: Large group clients will receive new ID cards.
- Group Portal Access: Access to the new Group Portal begins November 5.
- eBill Access: Access to the current eBill system ends October 24.
- Recurring Payments: Clients should review and update recurring payment information.
For more detailed information, please review the news from IBX.
Compliance Corner: DOL Cybersecurity Guidance Applies to Health Plans
The DOL has confirmed that its cybersecurity guidance applies to all ERISA-governed plans, including group health plans. The new guidance provides best practices for employers, fiduciaries, recordkeepers, and participants to protect their plans from cyber threats. Brokers should review the guidance and ensure that their clients are aware of their cybersecurity responsibilities.