Compliance Bulletin – Preparing for the Corporate Transparency Act
The Corporate Transparency Act (CTA), which became effective Jan. 1, 2024, requires certain business entities, or CTA“reporting companies,” to report their beneficial ownership information (BOI) and certain related information to the U.S.Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
The CTA aims to combat illicit financial activity, including money laundering, the financing of terrorism, tax fraud and drug trafficking, by creating a centralized database of information about the individuals who ultimately own or control certain businesses that do business in the United States. The CTA generally targets small, privately held businesses and exempts many organizations from its requirements, including large employers and publicly held companies.
News Brief: Most Hospitals Aren’t Complying With Federal Price Transparency Rules
A new PatientRightsAdvocate.org (PRA) report found that only one-third (34.5%) of hospitals were fully
compliant with the federal Hospital Price Transparency Rule. Of the 2,000 hospitals that were reviewed nationwide, only 689 were fully compliant. The latest results were virtually unchanged from last year’s, with 36% in compliance.
“Employer and union plans can use pricing and claims data to improve their plan designs and direct members to lower cost, high-quality facilities. However, continued noncompliance impedes this ability.”
-The PRA report
News Brief: U.S. Workers Are Satisfied With Their PTO, But Don’t Exhaust It
A new Harris Poll survey found that most employed Americans are satisfied with their company’s paid time off (PTO) policy;however, 3 in 4 said they didn’t use the maximum PTO permitted by their employer. According to the survey, most U.S. workers get between 11 and 30 PTO days yearly. Last year, the average employed American took 15 paid days off despite many being allowed more.
According to the Harris Poll survey, 76% of workers say, “I wish my workplace culture placed a stronger emphasis on the value of taking regular breaks and utilizing PTO.”
Benefits and Me: Improving Your Well-being May Help Lower Your Health Costs
It can feel like there’s nothing you can do to combat rising health care costs; however, taking control of your overall well-being can greatly lower your expenses. According to the National Institutes of Health, 86% of the nation’s health care costs go to treating chronic conditions. Obesity, heart disease and Type 2 diabetes are some of the most common conditions.
Legal Update: PCORI Fees Due July 31, 2024
The Affordable Care Act (ACA) requires health insurance issuers and self-insured plan sponsors to pay Patient-Centered Outcomes Research Institute fees (PCORI fees). The fees are reported and paid annually using IRS Form 720, the Quarterly Federal Excise Tax Return.
Form 720 and full payment of the PCORI fees are due by July 31 of each year,and generally covers plan years that end during the preceding calendar year. For plan years ending in 2023, the PCORI fees are due by July 31, 2024.
Compliance Bulletin – Form 5500 Is Due by July 31 for Calendar Year Plans
Each year, employers must file an annual report with the Department of Labor (DOL) for their ERISA covered employee benefit plans, unless a filing exemption applies. The annual reporting obligation is generally satisfied by filing the Form 5500 “Annual Return/Report of Employee Benefit Plan,” including all required schedules and attachments. The Form 5500, including required schedules and attachments, must be filed electronically using the DOL’s EFAST2 electronic filing system.
The Form 5500 must be filed by the last day of the seventh month following the end of the plan year unless an extension applies. For calendar year plans, the deadline is normally July 31 of the following year. An employer may request a one-time extension of 2.5 months by filing IRS Form 5558 by the normal due date of the Form 5500. If the Form 5558 is filed on or before the normal due date of the Form 5500 or 5500-SF, the extension is automatically granted.
Legal Update: HHS Updates HIPAA FAQs Regarding Change Healthcare Cybersecurity Incident
On May 31, 2024, the U.S. Department of Health and Human Services’ (HHS)Office for Civil Rights (OCR) updated its frequently asked questions (FAQs) regarding HIPAA and the recent cybersecurity incident involving ChangeHealthcare, a unit of UnitedHealth Group. OCR enforces the HIPAA Privacy,
Security and Breach Notification Rules (HIPAA Rules), which require covered entities and their business associates to protect the privacy and security of protected health information (PHI) and notify HHS and affected individuals following a breach.
Drink More Water – Take Charge of Your Health!
Drinking water is crucial for your body to function properly. Failing to consume enough water can lead to dehydration, which can cause mood changes, kidney stones, constipation and overheating. The National Academies of Sciences, Engineering and Medicine recommends that women drink 11.5 cups and men consume 15.5 cups of fluids each day. However, the amount of water you need varies based on age, gender, activity level and location.
Learn more and take action – view the full newsletter below.
View and download the latest Take Charge of Your Health Newsletter
Legal Update: DOL Issues Gag Clause Attestation Resources for 2024
On May 24, 2024, the U.S. Department of Labor (DOL) issued various resources to assist health plans and health insurance issuers in annually submitting their attestation of compliance with the Consolidated Appropriations Act’s (CAA) gag clause prohibition. These resources can be used to submit the next gag clause attestation, which is due by Dec. 31, 2024.
Mental Health Minute (June)
Self-care is the practice of intentionally engaging in activities that positively impact mental, physical and emotional well-being. It directly correlates to mental health, as self-care techniques can help create healthy coping mechanisms for unavoidable stressors in everyday life.
Client and Employee Resources
The more your employees understand your benefit plans the more they become educated, empowered consumers. The programs you provide will also gain an enhanced value.
As your strategic partners in employee benefits, we can provide multiple avenues of ongoing support, including:
- Employee Meetings (English and Spanish)
- Webcasts
- Payroll Stuffers
- Poster Campaigns
- Newsletters
Carrier Directories
E-Verify is a web-based system that allows enrolled employers to confirm the eligibility of their employees to work in the United States. Click the image below to begin.
