Providers

You have heard much news surrounding the coronavirus strain COVID-19 outbreak, but how does this pandemic affect your health plan?

On April 9, the IRS has released Notice 2020-23, which postpones, among other things, the due date for some group health plans required to file Form 5500.

IRS Notice 2019-63 extends the due date for furnishing to individuals the 2019 Form 1095-B (Health Coverage) and Form 1095-C (Employer-Provided Health Insurance Offer and Coverage) from January 31, 2020 to March 2, 2020.

The Patient-Centered Outcomes Research Institute (PCORI) fee was set to expire in 2019 for most self-insured health plans (2020 for others), but the SECURE Act has extended it for 10 years.

In Revenue Procedure 2019-29, the IRS announced that the 2020 shared-responsibility affordability percentage will be decreased from the 2019 limit. Under the Affordable Care Act (ACA), employer-sponsored health coverage will satisfy the affordability requirement if the lowest-cost self-only coverage option available to employees does not exceed 9.78 percent of an employee’s household income.