- Top 5 Reasons to Love Health Savings Accounts (HSAs)
Although Virginia employees haven’t adopted HSA plans as quickly as some other areas of the country, these plans are gaining market share as healthcare costs continue to rise. There are […]
- Read More
- Small Businesses and Self-Funding Medical Benefits
ACA “Pooled” Rates vs. Self-Funded Strategies There is a lot of talk about self-funded or level-level funded medical plans as a way for companies to save money on health benefits… […]
- Read More
2016 ACA Transitional Reinsurance Program Contributions Form Due by November 15
by Gregg Kennerly | Published Wednesday, November 9, 2016
Employers sponsoring certain self-insured plans that use a third-party administrator in connection with claims processing, claims adjudication, and enrollment functions (“contributing entities”) must submit their 2016 Annual Enrollment and Contributions Submission Form and schedule a payment for the 2016 benefit year no later than November 15.
Reinsurance Contribution Process
To successfully complete the reinsurance contribution process, contributing entities (or third-party administrators or administrative services-only contractors on their behalf) must register on Pay.gov (or confirm a password if such entities registered for the previous benefit years of the program) and submit their annual enrollment counts of the number of covered lives of reinsurance contribution enrollees for the 2016 benefit year using the 2016 form.
2016 Contribution Amounts
The 2016 reinsurance contribution rate is $27.00 per covered life. For the 2016 benefit year, contributing entities have the option to pay:
- The entire 2016 benefit year contribution in one payment, no later than January 17, 2017reflecting $27.00 per covered life; or
- In two separate payments for the 2016 benefit year, with the first remittance due by January 17, 2017 reflecting $21.60 per covered life, and the second remittance due by November 15, 2017reflecting $5.40 per covered life.
Our Transitional Reinsurance Program section features additional information on the reinsurance contribution process.