SSG Insights | Week of June 17, 2022
PCORI Fees Due Aug. 1, 2022
The ACA requires health insurance issuers and self-insured plan sponsors to pay PCORI fees. While these fees are generally paid by July 31 annually, the deadline for plan years ending in 2021 is Aug. 1, 2022, since July 31, 2022, is a Sunday. This Compliance Advisor provides an overview of the PCORI fee payment.
Price Comparison Tool Required for 2023 Plan Years
Effective for plan years beginning on or after Jan. 1, 2023, health plans and health insurance issuers must make an internet-based price comparison tool available to plan participants, beneficiaries and enrollees. This Compliance Advisor summarizes this new requirement and outlines action steps for employers.
IRS Raises Mileage Rates for Second Half of 2022
As a result of gas price increases, the IRS has made a midyear adjustment to the optional mileage rate. This Compliance Advisor provides further information about the development.
Combating Rising Benefits Costs During Periods of High Inflation
The U.S. inflation rate has increased by 8.3% over the last year, according to the Bureau of Labor Statistics (BLS). This has led to significant price increases across various consumer goods as well as employee benefits such as health insurance. Luckily, there are some strategies employers can utilize to mitigate increasing benefits costs without shifting the burden to employees, thus remaining attractive to current and prospective employees.
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