BMC Benefit Services

Emergency Periods Related to Covid to end May 31, 2023

BMC — Mon, 06 Feb 2023 18:56:12 +0000

On January 30, 2023, the Biden Administration announced its intent to end the Public Health Emergency and the National Emergency related to the COVID-19 pandemic on May 11, 2023. They are currently set to expire after February 28, 2023 and on April 11, 2023, respectively. This announcement came in response to two bills in the…

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REMINDER: PCOR FEE FILING FOR SELF-INSURED PLANS (HRA)

BMC — Thu, 02 Jun 2022 15:43:22 +0000

Employers with self-funded health plans ending in 2021 should use the 2nd quarter Form 720 to file and pay the PCORfee by August 1, 2022. The information is reported in Part II.Please note that Form 720 is a tax form (not an informational return form such as Form 5500). As such, the employer oran accountant…

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Happy new year – and reminder to do insurance salary updates!

BMC — Wed, 05 Jan 2022 14:37:22 +0000

Happy new year! Hoping 2022 will be a wonderful year for all! The new year is the perfect time to remind everyone about updating salaries for your insurance companies. If you provide your staff with life insurance that is tied to annual earnings, if you provide (or offer) short or long term disability, all of…

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2021 PICOR Fee Filing Reminder for HRA plans

BMC — Wed, 16 Jun 2021 18:23:13 +0000

Employers with self-funded health plans (including HRAs) ending in 2020 should use the 2nd quarter Form 720 to file and pay the PCOR fee by August 2, 2021. The information is reported in Part II. Please note that Form 720 is a tax form (not an informaiton return form such as Form 5500). As such…

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IRS Announces PPE as a Qualified Medical Expense as of 1/1/2020

BMC — Mon, 29 Mar 2021 17:26:28 +0000

Good afternoon the IRS has issued guidance (Announcement 2021-7) that indicates personal protective equipment (PPE) that prevents the spread of COVID-19 is eligible as a medical expense under IRC Section 213(d). The guidance confirms that PPE expenses can now be reimbursed through a HFSA, HRA, HSA and an Archer MSA.PPE includes the following:• Masks• Hand…

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Annual Medicare Part D Notification Requirement

BMC — Tue, 15 Sep 2020 15:46:30 +0000

Employers sponsoring a group health plan with prescription drug benefits are required to notify their Medicare-eligible participants as to whether the drug coverage provided under the plan is ‘creditable’ or ‘non-creditable’. Creditable means that the insured RX plan is equal to or better than the Plan D RX coverage under Medicare. NOTE THAT ALL INSURED…

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REMINDER: PCORI fee payments are due by July 31, 2020

BMC — Thu, 11 Jun 2020 16:07:33 +0000

The PCOR fee filing deadline is July 31, 2019 for all self-funded medical plans and HRAs for plan years ending in 2018.Please note, this is the final filing and payment for some plans. Plans ending in January through September of 2019 will haveone more filing on July 31, 2020. We will send a reminder next…

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IBX Annual Subscriber Tax Form Mailing to Begin

BMC — Thu, 30 Jan 2020 18:50:32 +0000

Independence subscribers will be receiving tax forms to assist them with their 2019 tax year filings. Three separate forms will be either mailed or available online by January 31. Form 1095‑B for proof of minimum essential coverage This form provides verification to subscribers that they had minimum essential health care coverage in 2019 as required…

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KEY ACA TAXES REPEALED, BUT THE PICOR FEE IS BACK

BMC — Tue, 14 Jan 2020 15:04:51 +0000

In a bipartisan effort, the U.S. Congress agreed on a spending package to fund the federal government which included important changes to federal laws affecting employer-sponsored group health and welfare benefit plans. The legislation was signed into law by the President on December 20, 2019. The law repeals the following taxes under the Affordable Care…

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Medicare Part D Employer Notification Requirements

BMC — Thu, 19 Sep 2019 19:09:26 +0000

Employers who sponsor a group health plan with prescription drug benefits are required to notify their Medicare-eligible participants as to whether the drug coverage provided under the plan is ‘creditable’ or non-creditable’. Virtually all plans that BMC clients have with the major carriers (Keystone, Aetna, Cigna, UHC, HighMark, UPMC) are ‘creditable’ – meaning that they…

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