Insights - Bim Group

Recent Insights

Agencies Seek Public Comment on No Surprises Act Good Faith Estimate and Advanced Explanation of Benefits Provisions

READ TIME: 8 MINUTES Congress enacted the Consolidated Appropriations Act, 2021 (CAA), which includes the No Surprises Act (NSA), in December 2020. The NSA seeks to protect health care consumers against surprise billing and limits out-of-network cost sharing under many of the circumstances in which surprise bills typically arise. To help accomplish this goal, the […]

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November 2022 Compliance Recap

READ TIME: 10 MINUTES In November, the IRS released revised guidance to address the so-called “family glitch,” permitting employers to allow mid-year election changes when someone related to a plan participant is eligible to elect a qualified health plan on the Marketplace. This is also a good opportunity to review all of the change in […]

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Webinar: Year-End Compliance Reminders and a Look Ahead to 2023

Tuesday, December 13, 2022 1 – 2PM CST Register Now Attend this month’s webinar to learn about upcoming employee benefits compliance challenges employers will face. Gain insights into 2023 and review final 2022 compliance requirements: Contraceptive coverage requirements and reproductive healthcare Prescription drug and healthcare reporting Critical adjusted benefit limits Be able to answer these […]

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IRS Revises Guidance to Allow Expanded Mid-Year Cafeteria Plan Election Changes

READ TIME: 3 MINUTES The IRS recently released revised guidance to permit employers to amend their cafeteria plans to allow mid-year election changes when an individual related to a plan participant is eligible to elect a qualified health plan on the Marketplace due to either a special enrollment period or during the Marketplace’s annual open […]

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December 27 Due Date for Prescription Drug Cost Reporting is Approaching (UPDATE)

READ TIME: 3 MINUTES As part of the Consolidated Appropriations Act of 2021 (CAA), group health plans and carriers will soon be required to report certain demographic and spending information about a plan’s prescription drug expenditures. The Departments will use this data to publish public reports on prescription drug reimbursements, pricing trends, and the impact […]

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Recent Court Decisions Should Put Employers on Notice Regarding COBRA Administration

READ TIME: 6 MINUTES Two cases recently decided in federal courts in Illinois and Alabama, respectively, provide cautionary tales for employers and how they administer COBRA continuation coverage, particularly how they provide election notices following a COBRA qualifying event. In both cases, the courts determined that claims of COBRA notice violations could not be denied […]

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IRS Releases Critical 2023 Employee Benefit Plan Limits

READ TIME: 5 MINUTES The IRS recently published Revenue Procedure 2022-38 in which it announced its list of annual key employee benefit limits based on periodic inflation or cost-of-living adjustments. The newly announced limits represent higher than normal increases for contributions to, and permitted carryovers from, health flexible spending arrangements (HFSAs). Effective for tax years […]

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IRS Announces Adjusted Patient-Centered Outcomes Research Institute Fee

READ TIME: 5 MINUTES The IRS recently released Notice 2022-59 to announce the inflation-adjusted amount group health plans must use to calculate the amount due to fund the Patient Centered Outcomes Research Institute (PCORI). Plans ending between October 1, 2022, and December 31, 2022, must use the adjusted amount to calculate the fee that will […]

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Cafeteria Plans: Change in Status Events and Permissible Employee Election Changes

READ TIME: 3 MINUTES Cafeteria plans, or plans governed by IRS Code Section 125, allow employers to help employees pay for expenses such as health insurance with pre-tax dollars. Employees are given a choice between a taxable benefit (such as cash) and two or more specified pre-tax qualified benefits (health insurance, for example). Employees can […]

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October 2022 Compliance Recap

READ TIME: 10 MINUTES Each year, just as the leaves turn to the fiery shades of autumn, the Internal Revenue Service (IRS) announces how much more “green” will be available during the coming year under various employee benefit programs. IRS ANNOUNCES INCREASED LIMITS FOR CERTAIN EMPLOYEE BENEFITS, HIGHER FINES FOR ACA REPORTING FAILURES The IRS […]

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