Author Archives: Hoffman Insurance Group
CLIENT ALERT
Reminder: RxDC Reporting Due June 1st With the 2024 reference year RxDC reporting deadline approaching in June, plan sponsors should re-familiarize themselves with the reporting requirements. The 2024 reference year RxDC Reporting Instructions have been released, though there were no … Continue reading
HHS’ FAQs on Section 1557 Nondiscrimination Final Rule
Section 1557 of the Affordable Care Act prohibits discrimination based on race, color, national origin, sex, age or disability in certain health programs and activities. This Compliance Overview provides HHS’ FAQs on the Section 1557 final rule, which expands the … Continue reading
Group Health Plan Fiduciary Litigation on the Rise
Enforcement of the strict standards of fiduciary conduct set forth in the Employee Retirement Income Security Act (ERISA) has traditionally been reserved for retirement plan sponsors. However, a new class action lawsuit highlights the importance of employers’ adherence to their … Continue reading
The Benefits of Personal Umbrella Insurance
According to the National Highway Traffic Safety Administration (NHTSA), the days preceding Thanksgiving kick off a busy – and potentially dangerous – holiday travel season. In addition to just the sheer volume of cars on the road, speeding, distracted driving … Continue reading
Form 5500 Deadline is July 31st
Each year, employers that are subject to the Employee Retirement Income Security Act of 1974 (ERISA) must electronically file an annual report (Form 5500) for each employee benefit plan they maintain unless a filing exemption applies. Employers with employee benefit … Continue reading
Why auto insurance costs are rising at the fastest rate in 47 years
As car prices moderate from a pandemic-era surge, insurance has pushed the cost of car ownership to the brink for many Americans. New data out on Wednesday from the Bureau of Labor Statistics showed auto insurance costs last month were 22.2% higher … Continue reading
Court Ruling Expected Soon on Free Preventive Care
The 5th U.S. Circuit Court of Appeals is expected to issue a decision within the next few months regarding the constitutionality of the Affordable Care Act’s (ACA) preventive care mandate. The ACA requires non-grandfathered health plans and health insurance issuers … Continue reading
Medicare Part D Changes May Impact Creditable Coverage Status of Employer Plans
The Inflation Reduction Act of 2022 (IRA) includes several cost-reduction provisions affecting Medicare Part D plans, which may impact the creditable coverage status of employer-sponsored prescription drug coverage beginning in 2025. Employers that provide prescription drug coverage to individuals who … Continue reading
Preparing for the DOL’s New Overtime Rule
In early March 2024, the U.S. Department of Labor’s (DOL) proposed overtime rule, announced in August 2023, entered its last stage of review. Publication of the final rule is expected soon. The rule would amend the requirements that employees in … Continue reading
The chart below summarizes Medicare’s coordination of benefits rules for employer-sponsored health plans, which determine whether the group health plan or Medicare pays first on health care claims. Read More
