Stay in the know about timely insurance information for your business. We’ve summarized the most important facts and guidelines for February 2023 that your business should be aware of to stay in compliance.
IMPORTANT UPCOMING INSURANCE COMPLIANCE DATES FOR 2023
ACA 1094 & 1095 Reporting Forms Due February 28, 2023—This applies to applicable large employers and health insurance issuers (fully or self-insured) who submit paper forms. ACA Reporting
Employers/Insurers must send ACA Form 1095-C and 1095-B reporting statements to those eligible employees by March 2, 2023.
Electronically File ACA 1094 & 1095 Forms with the IRS by March 31, 2023. To read additional details on the final rule, download our PDF on the subject here.
Use IRS Form 720 to submit PCORI fees by July 31, 2023. This applies to groups that calculate and pay their own health insurance fees such as self-funded groups, level-funded groups, and groups that offer health reimbursement arrangement (HRA) accounts.
2023 WELLNESS GUIDE FROM INDEPENDENCE BLUE CROSS
Click here to access the Independence Blue Cross Wellness Guide for 2023 where employers insured by IBC with 51-99 employees can access 2023 vendor list along with strategies on how to spend 2023 wellness credits. The guide outlines common chronic conditions, mental health issues, and unhealthy lifestyle choices that can be deterred by offering your employees services that are flexible and available on demand, virtually or in person.
PUBLIC HEALTH EMERGENCY RENEWED
The Public Health Emergency (PHE) will be funded until at least April 2023 due to ongoing COVID-19 cases. This is important in terms of both employee benefits and health coverage because:
- Testing, including home tests, and vaccinations for COVID-19 will still be paid on a first dollar basis which means there is no deductible or copay and the insurance starts covering costs as soon as the individual claims the first dollar.
- Some employee benefit deadlines must disregard the “outbreak period” (March 1,2020 through an additional 60 days following the end of PHE). These deadlines include those related to COBRA, election of group coverage after a qualifying event, claim filing and processing timelines, and appeals to determine adverse benefits.
- Employees are eligible for Expanded Medical through April 2023.
- Telehealth HIPAA/HITECH compliance, prescriptions, and provider licensure will continue.
2023 PENALTIES RELEASED FOR WELFARE AND HEALTH PLAN VIOLATIONS
The 2023 penalty schedule for non-compliant group health and welfare plans was released by The Federal Department of Labor (DOL). Penalties may be assigned to group health plans after January 14, 2023.
Additionally, the Internal Revenue Code penalizes up to $100 per day per affected plan beneficiary. This affects fully insured or self-funded group health plans that violate federal group health plan requirements.
NOTE: Image Source: Kistler Tiffany Benefits
Rob is an employee benefits expert with over 25 years of experience. He is the founder and principal of Precision Benefits Group, a leading provider of corporate benefits plans. He is a member of the Philadelphia Business Journal Leadership Trust and regularly contributes to the publication.