Capitol Benefits Group News & Updates
Key Health Plan Notice Updates for 2023, 2024, and Beyond
Employers should be aware of updates to several model notices that can be used to comply with certain disclosure requirements that apply to their group health plans under federal laws. This Compliance Bulletin provides details on key updates to federal model notices that were made in 2023 and 2024 and describes future updates that the agencies intend to make.
DOL Updates Model Employer CHIP Notice
The U.S. Department of Labor (DOL) has released a new model Employer CHIP Notice, with information current as of Jan. 31, 2024. This notice is updated periodically to reflect changes in the states that offer premium assistance subsidies, as well as the contact information for those states.
If you require any assistance securing updated Form W-4 documents on behalf of your organization, please reach out please contact your Capitol Benefits Group team directly for assistance.
Medicare Part D Disclosure Reporting Requirement
This is an annual reminder for employers whose health plans include prescription drug coverage to disclose to the Centers for Medicare & Medicaid Services (CMS) whether that coverage is creditable. Plans must complete an online disclosure with CMS within 60 days after the beginning of the plan year, or Feb. 29, 2024, for calendar year plans.
In general, the Centers for Medicare & Medicaid Services (CMS) views the annual Medicare Part D disclosure reporting requirement as an employer responsibility. As a service to our employer group clients, Capitol Benefits Group is in the practice of completing the annual report on the client's behalf to ensure benefits compliance. If you are uncertain as to whether this compliance requirement applies to your company or if it’s been completed for 2024, please feel free to reach out to one of your broker representatives.
Should you need additional information or support to ensure compliance with ACA reporting requirements, please contact your Capitol Benefits Group team directly for assistance.
2024 Federal Poverty Levels Impact Employer Liability
Under Pay-or-Play Rules
The U.S. Department of Health and Human Services recently released the federal poverty level (FPL) guidelines for 2024. This Compliance Bulletin summarizes how FPL guidelines may impact an employer’s liability under the ACA’s pay-or-play rules.
On Dec. 14, 2023, the IRS announced the 2024 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
Upcoming Webinar
Preparing for ACA Reporting: Wednesday, February 28, 2024 at 12:00 pm CT
In this webinar, CBG’s legal content partner attorney and ACA expert will provide an overview of Section 6055 and 6056 reporting for calendar year 2023 (which will need to be completed in 2024 very soon!). The discussion will include information on updated versions of the required IRS forms and instructions, along with answers to common questions about the reporting process.
Register HERE!
In Case You Missed It: Top Workplace Compliance Issues for 2024
As we head into 2024, there are a number of compliance and HR issues for employers to consider. In this webinar, CBG’s legal content partner attorneys will review key compliance topics that will affect employers in the upcoming year and address frequently asked questions.
In case you missed it, access the recording playback and presentation slides HERE!