U.S. Health & Human Services Department (HHS) recently published a final rule that updates how the Affordable Care Act (ACA’s) maximum annual limitation on cost sharing is calculated. Based on this update, HHS revised the maximum cost sharing limits to $10,600 for self-only coverage and $21,200 for family coverage for 2026 plan years.   [Get the legal update here]  Questions?   If you have questions, contact TruePlan . Our team of advisors can help you with questions within the scope of employee benefits .     This content is for informational purposes only. It has been partially generated from an AI language model, which may not always be exhaustive or tailored to individual circumstances. We encourage you to contact one of our experts for more information. We assume no liability arising from any use of this content. 

The Affordable Care Act (ACA) requires health insurance issuers and self-insured plan sponsors to pay Patient-Centered Outcomes Research Institute fees (PCORI fees) annually, using IRS Form 720. This update provides an overview of Form 720 and full payment of the PCORI fees, which are due by July 31 for plan years ending in 2024.   [Get the whole PDF update here]   Key details to keep in mind  Annual filing: PCORI fees must be reported and paid using IRS Form 720, the Quarterly Federal Excise Tax Return.  Upcoming deadline: For plan years ending in 2024, the payment and filing are due by July 31.  Coverage period: Fees apply to plan years that ended during the previous calendar year.  Who must pay: Both fully insured and self-insured group health plans may be subject to the fee, with filing responsibility typically falling on the employer for self-insured plans.  Employers should review their plan year end dates and ensure timely compliance to avoid p...

The Affordable Care Act created reporting requirements under Internal Revenue Code Sections 6055 and 6056. Under these rules, certain employers must provide information to the IRS about their employees' health plan coverage (or that the organization does not offer health plan coverage). However, things are set to change in the new 2024 ACA reporting requirements. In the original rules, any reporting entity that was required to file at least 250 individual statements under Sections 6055 or 6056 had to file electronically. However, on Feb. 23, 2023, the IRS released a final rule implementing a law change in the Taxpayer First Act of 2019, which lowers the 250-return threshold for mandatory electronic reporting to 10 returns. This means most reporting entities will be required to complete their ACA reporting electronically starting in 2024. This ACA blog describes the process for reporting electronically under Sections 6055 and 6056. Action steps Employers that are subject to the AC...

  Since the Affordable Care Act was enacted in 2010, many reforms have been made to group health plan coverage. To make reviewing ACA group health plan requirements easier, download this ACA 2024 compliance checklist . If you have additional questions, TruePlan’s team of experts is here to assist. Contact us today to get the answers you need or to review your current employee benefits plan .