July 2023 Insurance Information & News

Highmark Offering Plans for Larger Groups in South Eastern PA

Highmark Blue Shield Southeastern Pennsylvania is a health insurance company that was founded in 1996 by the merger of two Blue Cross Blue Shield plans, Blue Cross of Western Pennsylvania and Pennsylvania Blue Shield. The company provides health insurance to over 1.1 million members in Southeastern Pennsylvania. Highmark Blue Shield is committed to providing high-quality, affordable health care to its members. The company offers a variety of health insurance plans, including individual, family, and group plans. Highmark Blue Shield also offers a variety of health care services, including wellness programs, preventive care, and prescription drug coverage. Read more about the announcement here.

AmeriHealth & Independence Blue Cross ERISA Verification Requirement

Attention fully insured groups, we want to remind you of the annual requirement to verify your ERISA status under the Affordable Care Act. To ensure compliance with the minimum Medical Loss Ratio (MLR) rules, please complete the online form by July 14. Click here for AmeriHealth form and here for Independence Blue Cross form. Failure to verify may result in rebates being sent directly to individual subscribers. Please review and update your group mailing addresses to ensure timely receipt of rebate checks. For further assistance, contact us. Thank you for your attention to this matter.

2024 Inflation Adjusted Amounts for HSAs

The IRS has released the inflation-adjusted limits for health savings accounts (HSAs) for 2024. The annual contribution limit for an individual with self-only coverage will be $4,150, and the limit for family coverage will be $8,300. These limits are up from $3,850 and $7,750, respectively, in 2023. The maximum amount that may be made available for excepted benefit health reimbursement arrangements (HRAs) will also increase in 2024 to $2,100.

Reminder: PCORI Fee Filing Deadline is July 31st

The IRS has released an updated version of Form 720 to include the Patient-Centered Outcomes Research Institute (PCORI) fee amounts. This form is due on July 31 and must be used by self-funded health plans, including Health Reimbursement Arrangements (HRAs) integrated with fully insured major medical plans.

The PCORI fee is a tax on health plans that is used to fund research on patient-centered outcomes research. The fee is calculated based on the number of lives covered by the plan.

The updated Form 720 includes new instructions for calculating and reporting the PCORI fee. Plan sponsors should carefully review the instructions to ensure that they are filing the form correctly.

Compliance Corner

Is Your Company Required To Offer Federal Cobra To Employees?

Employers must have 20 employees more than 50% of its typical business days in the previous calendar year to qualify for federal Cobra.

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