COVID-19 FAQs from UnitedHealthcare

As this issue continues to evolve and with it being the only topic in the media, employees are bound to be discussing it and asking questions. UHC has released an FAQ regarding coverage and suggested steps for care if an employee thinks they were exposed. Additionally there is an emotional support line included in their FAQ that can be utilized by anyone seeking emotional or mental support in this uncertain time.

Medicare Part D Creditable Coverage Notice Due

The Centers for Medicare and Medicaid Services (CMS) requires plan sponsors that provide prescription drug coverage to furnish Part D-eligible individuals with a notice disclosing the creditable or non-creitable status of their coverage before October 15, 2019. Click here to access the Creditable Coverage Disclosure notice. Click here to access the Non-Creditable Coverage Disclosure notice.

Don’t Forget to File Form 5500

Each year, employee benefit plan administrators are generally required to file a return/report regarding the plan’s financial condition, investments and operations. This annual reporting obligation is generally satisfied by filing the Form 5500 Annual Return/Report of Employee Benefit Plan.

Form 5500 must be filed annually for employer-sponsored welfare plans with 100 or more participants as of the beginning of the plan year.

Medicare Part D Notices Are Due

Group health plan sponsors must provide the annual Medicare Part D creditable coverage disclosure notices to Medicare-eligible individuals before Oct. 15, 2018 – the start date of the annual enrollment period for Medicare Part D.  Reach out to your Preferred Benefits representative if you need help or have questions about meeting your obligations.

IRS Announced HSA/HDHP Limits for 2018

On May 5, 2017, the IRS released Revenue Procedure 2017-37 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2018.

The HSA contribution limits will increase effective January 1, 2018, while the HDHP limits will increase effective for plan years beginning on or after Jan.