By Employee Benefit Research Group
More healthcare-related regulatory news for plan sponsors, including links to detailed information.
IRS issues final rule on information reporting by applicable large employers
The Internal Revenue Service (IRS) has issued a final rule on information reporting by applicable large employers on health insurance coverage offered under employer-sponsored plans. The rule applies to employers subject to the requirements under section 6056 of the Internal Revenue Code, enacted by the Patient Protection and Affordable Care Act (ACA) – generally employers with at least 50 full-time employees, including full-time equivalent employees.
The final rule and a Treasury fact sheet are available here.
IRS issues final rule on information reporting of minimum essential coverage
The IRS has issued a final rule providing guidance to providers of minimum essential health coverage that are subject to the information reporting requirements of Section 6055 of the Internal Revenue Code, enacted by the Patient Protection and Affordable Care act. Health insurance issuers, certain employers, and others that provide minimum essential coverage to individuals must report to the IRS information about the type and period of coverage and furnish the information in statements to covered individuals.
The final rule can be read here.
HHS announces extended transition to ACA-compliant policies
The Department of Health and Human Services (HHS) announced that consumers can keep their health plans that don’t comply with the ACA for two more years.
In a letter issued on November 14, 2013, the administration extended through 2014 noncompliant health plans in the small group and individual health insurance markets, for insurers that received permission from their state to do so. In that letter, it indicated that it would consider the impact of this transitional policy in assessing whether to extend it beyond the specified timeframe. The department has now extended its “transitional policy for two years,” to policy years beginning on or before Oct. 1, 2016, in the small group and individual markets. They will also consider the impact of the two-year extension of the transitional policy in assessing whether an additional one-year extension is appropriate.
To read the entire letter, click here.
HHS extends comment period for proposed rule on HIPAA administrative simplification
The HHS has released a proposed rule that extends the comment period for the Administrative Simplification: Certification of Compliance for Health Plans proposed rule, which was published in the January 2, 2014 Federal Register. The comment period for the proposed rule, which would have ended on March 3, 2014, is extended to April 3, 2014.
To read the entire proposed rule, click here.