Welcome to our Legislative Review page for employers. For information on legislative and regulatory topics released during Q3 2023, please visit the following links.

YOUR DEDICATED BROKER CAN HELP

We encourage employers to contact their broker directly to discuss recent legislative changes and how they apply to your business.

Visit the following page for our legislative updates from 2023. 

• Q1 2023 Legislative Review
• Q2 2023 Legislative Review

What Are Employer Responsibilities?

Savoy has created extensive compliance guides to help you stay informed and navigate through the changes. 

Get the details on these top topics:

• RxDC Reporting Resources
• Transparency in Coverage Rule Resources
• The Dobbs Decision & Group Health Plans Broadcast

Attend one of our upcoming Employer Services and Compliance webinars—you may quality to earn 1 HR recertification credit and 1 PDC recertification credit for your participation. 

Q4 2023 

• October 18 - ERISA Compliance 101: Plan Documents and Annual Required Notices 
• November 15 - Employer Shared Responsibility Reporting 
• December 13 - Year in Review and Looking Ahead

Looking to Earn HRCI/SHRM Credits On-Demand?

• Savoy Academy | SHRM & HRCI Credit Webinar Library

Q3 2023 Legislative Review 

Federal

July

• New Guidance Issued on Surprise Billing, Out-of-Pocket Limits, and Facility Fees
  • The Departments of Health and Human Services, Labor, and Treasury published FAQs that clarify how certain surprise billing protections interact with ACA’s maximum out-of-pocket limit requirements.
• Significant Changes Proposed to Voluntary Benefit Plan Rules
  • The federal Departments of Health and Human Services, Labor, and Treasury recently issued a proposed regulation that would significantly change how many employer-sponsored hospital indemnity, specified disease, and other fixed indemnity insurance plans are designed.

August

• Newly Proposed Mental Health Parity Regulations Introduced
  • The Federal Departments of Health and Human Services, Labor, and Treasury introduced a much-anticipated update to current regulations dealing with the Mental Health Parity and Addiction Equity Act.
• Agencies Call on Group Health Plan Sponsors to Extend Special Enrollment Period for Medicaid Redeterminations
  • With the ongoing issue of Medicaid redetermination taking place across the nation, the Centers for Medicare & Medicaid Services (CMS), the Treasury, and the Department of Labor (collectively, the Agencies) are strongly encouraging group health plan sponsors to extend special enrollment periods for individuals who are losing coverage under Medicaid and the Children’s Health Insurance Program (CHIP). 
• ACA Affordability Percentage Drops to a New Low for 2024
  • The Internal Revenue Service released Revenue Procedure 2023-29 declaring the Affordable Care Act (ACA) benchmark for determining the affordability of employer-sponsored health coverage will significantly decrease to 8.39% of an employee's household income for the 2024 plan year. 

September

• Guidelines for Processing Medical Loss Ratio Rebates
  • The MLR rules implemented as part of health care reform are designed to ensure that insurance carriers spend no more than a specified percentage of premiums collected on overhead-type expenses. Carriers must issue a rebate check when this percentage is exceeded. If a plan sponsor receives MLR rebates, they typically have a fiduciary responsibility to manage the funds according to specific guidelines.
• Medicare Part D Employer Notification Requirements
  • The Medicare Modernization Act of 2006 provides access to prescription drug coverage to all Medicare-eligible persons under Medicare Part D. Plan sponsor notice regarding the organization’s prescription benefits must be provided to any Medicare-eligible person whether due to age or disability and is required for employees, spouses, dependents, those on federal COBRA or New York, New Jersey, Pennsylvania, Delaware and Florida continuation including retirees. Notice must be provided before Open Enrollment begins.
• Deadline Approaching for Medicare Part D Creditable Coverage Notices
  • By October 13, 2023, plan sponsors that offer prescription drug coverage must provide notices of creditable or non-creditable coverage to Medicare-eligible individuals.

2022 Legislative Reviews

Visit the following page to review legislative updates for 2022.

• 2022 Legislative Year in Review

This page and its links are informational only and are not intended to constitute legal, tax or business advice. For further information, please refer to your lawyer, business or tax advisor. The accuracy, currency or completeness of the information contained herein is not guaranteed.