Self funded health plans face a rapidly approaching compliance deadline of January 15, 2015 relative to the Affordable Care Act's so called "transitional reinsurance fee". A previous post addressed the various reinsurance (or bailout) programs devised in the ACA (click -
http://sstevenshealthcare.blogspot.com/2014/01/acas-insurance-company-bailouts.html). These programs are sometimes referred to as the "Three R's", which are:
- Reinsurance Program
- Risk Corridor
- Risk Adjustment
The first of these reinsurance/bailout programs - the [temporary] reinsurance program - is funded by virtually ALL health insurance plans (e.g., individual, group, fully insured, self funded) through the assessment of a fee/tax. Fully insured plans owe the tax, but do not have to worry about counting/collecting/remitting. Self funded plans however, are responsible for all of the aforementioned. So, here's the scoop on determining the amount of your organization's tax, along with when, and how to submit it....
To access the complete article, click -
https://www.smstevensandassociates.com/ResourceLibrary/tabid/192/Default.aspx
