August 14, 2018
The Affordable Care Act (ACA) requires insurers who plan on modifying plan premiums to submit their rates to either the state or federal government for review. This applies to plans included on state and federal healthcare insurance exchanges.
The rate review process is designed to improve insurer accountability and transparency. It ensures experts are evaluating whether the proposed rate increases are based on reasonable cost assumptions and solid evidence. The rate review process also gives consumers the chance to comment on proposed increases.
The ACA requires a summary of rate review justifications and results to be accessible to the public in an easily understandable format. The attached article summarizes the proposed rates changes that have been submitted at this point in time.
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October 20, 2022
On October 18, 2022, the Internal Revenue Service (IRS) released Revenue Procedure 2022-38, which increases the health flexible spending account (FSA) salary reduction contribution limit to $3,050 for plan years beginning in 2023, an increase of $200 from 2022. Thus, for health FSAs with a carryover feature, the maximum carryover amount is $610 (20% of the $3,050 salary […]
August 8, 2018
The Affordable Care Act’s medical loss ratio (MLR) rules require group health insurance issuers to provide rebates if their MLR—the percentage of health insurance premiums spent on health care and activities to improve health care quality—falls short of the applicable standard during a reporting year. Each year’s rebates must be issued to plan sponsors by […]