Health Plans Must Expand Price Comparison Tool for 2024 Beginning in 2024, group health plans and Most employers rely on their issuers or health insurance issuers must expand the third-party administrators (TPAs) to develop internet-based price comparison tool they and maintain the price comparison tool. make available to participants, beneficiaries Employers should confirm that their issuers and enrollees so that it includes all covered and TPAs will comply with the expanded items, services and drugs. The purpose of price comparison tool requirements for the this tool is to provide consumers with real- 2024 plan year. Employers should also time estimates of their cost-sharing liability confirm that their written agreements with from different providers for covered items issuers and TPAs have been updated to and services so they can shop and compare include this compliance responsibility. In prices before receiving care. addition, self-insured employers should For plan years beginning on or after Jan. 1, monitor their TPAs’ compliance with this 2023, plans and issuers were required to requirement. Unlike fully insured plans, this make price comparison information tool’s legal responsibility stays with a self- available for 500 shoppable items, services insured plan even if its service provider and drugs. For plan years beginning on or agrees to provide the price comparison tool after Jan. 1, 2024, price comparison on its behalf. information must be available for all covered items, services and drugs. IRS Requires Electronic Filing for ACA Reporting in 2024 The Affordable Care Act (ACA) requires file their returns electronically beginning in applicable large employers (ALEs) and 2024. A hardship waiver may be requested employers with self-insured health plans to from the electronic filing requirement by report information on their health coverage submitting Form 8508 to the IRS at least 45 to the IRS and covered individuals. days before the return’s due date. Before 2024, employers who filed fewer Employers who have filed paper returns in than 250 individual statements under the the past should explore their options for ACA’s reporting rules could file their returns electronic ACA reporting. Although on paper. However, beginning in 2024, employers can use the IRS’ AIR Program to paper filing will only be available to file their own ACA returns electronically, employers who file fewer than 10 many rely on outside vendors for electronic information returns with the IRS for the reporting due to the AIR Program’s year. Employers must aggregate most complexity. The standard deadline for information returns, such as Forms W-2 and electronic ACA reporting is March 31 each 1099, to determine if they meet the 10- year. However, since March 31, 2024, is a return threshold for mandatory electronic Sunday, electronic returns must be filed by filing. April 1, 2024. Due to this change, almost all employers subject to ACA reporting will be required to JANUARY Provided to You by 2024 Meridian Risk Management © 2023 Zywave, Inc. All rights reserved