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Monthly Archives: February, 2019
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People Risk Management
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Reminder: Creditable Coverage Disclosures Due to CMS by March 1 for Calendar-Year Plans
Disclosures Due Within 60 Days of Beginning of Plan Year
Employers that offer prescription drug coverage to Medicare-eligible individuals via a calendar-year plan generally must complete an online disclosure to the Centers for Medicare and Medicaid Services (CMS) by March 1. This disclosure must report whether the coverage offered is “creditable,” meaning it is expected to pay, on average, as much as the standard Medicare prescription drug coverage. Employers that offer creditable coverage via a non-calendar-year plan must also comply with the disclosure requirement within 60 days of the beginning of the plan year.
Click here to complete an online disclosure. For more information on the disclosure requirement, click here.
To access your HR library, please visit www.HR360.com/login.
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SPD, SBC, and Employer CHIP Notice Penalties Hiked
The U.S. Department of Labor (DOL) has increased the penalties employers face for failing to furnish a Summary Plan Description (SPD), Summary of Benefits and Coverage (SBC), and Employer Children’s Health Insurance Program (CHIP) Notice as follows:
- SPD: Failure to furnish an SPD to the DOL upon request may now result in a penalty of up to $156 per day (not to exceed $1,566 per request).
- SBC: Failure to provide group health plan participants and beneficiaries with an SBC may now result in a penalty of up to $1,156 per participant or beneficiary.
- Employer CHIP Notice: Failure to provide an Employer CHIP Notice to employees in states that offer group health plan premium assistance through a state Children’s Health Insurance Program may now result in a penalty of up to $117 per day per employee.
Visit the Benefits Notices by Company Size section of your online HR library for information on how to comply with these notice requirements.
To access your HR library, please visit www.HR360.com/login.
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