BPC is pleased to alert our clients and partners about the passage of 21st Century Cures Act which President Obama signed into law on December 13, 2016. Of particular interest to employer benefits is a provision which will allow small employers to establish a Health Reimbursement Arrangement (HRA) in order to reimburse medical expenses, including for individual health insurance premiums, for employees and their families.
BPC has carefully monitored the regulations surrounding ACA reporting as they have developed over the past several years. This fall, the IRS finalized forms and instructions related to ACA reporting, and we want to take a moment to detail how your account-based health plans (HRAs, FSAs, and HSAs), and COBRA coverage, could impact your reporting obligations.
BPC is here to help you understand the regulatory and compliance aspects of Affordable Care Act (ACA) as it relates to your BPC Benefits plans. The enactment of ACA created the Patient-Centered Outcomes Research Institute or PCORI to support clinical effectiveness research and is funded in part by fees paid by health insurance carriers and health plan sponsors. Health care reform imposes PCORI fees on certain health insurers and self-insured health plan sponsors for policy or plan years ending on or after October 1, 2012 and before October 1, 2019. Only employers whose plan year ended on or between October 1, 2012, and December 31, 2012, are required to report and make a payment by July 31, 2013.
Here are some frequently asked questions regarding Patient-Centered Outcomes Reach Institute (PCORI) fees: