The Impact of RxDC Reporting on
Prescription Drug Benefits
The Centers for Medicare and Medicaid Services (CMS) have issued updated instructions for RxDC reporting pertinent to employers sponsoring group health plans. These instructions, applicable for the 2023 reference year with a deadline of June 1, 2024, include nuanced changes in premium calculations and reporting descriptions. Employers are encouraged to promptly respond to vendor requests for data and initiate registration on the Health Insurance Oversight System (HIOS) if reporting directly to CMS. As your dedicated benefits partner, eBen remains committed to keeping you informed and assisting with any queries.
Non-Discrimination Testing
As businesses wrap up their plan year, it can be easy to overlook non-discrimination testing, especially for those offering pre-taxed benefit plans like FSAs, HRAs, and HSAs. This testing, mandated by the IRS, ensures fairness in benefits distribution, particularly among “key employees.” eBen’s experienced consultants work closely with organizations to conduct these tests annually, utilizing methods such as the ADP, ACP, and Top-Heavy Tests to evaluate equity in benefits plans objectively. Failure to comply with these tests can lead to tax penalties and plan disqualification, making timely testing imperative. eBen’s compliance team stands ready to assist, ensuring your organization stays on the right side of regulations and avoids potential pitfalls.
Review Your Employee Handbook
When we think of the New Year, what comes to mind? For most people, New Year’s resolutions come to mind. Lose those ten pounds, get my life in order, and work on that promotion. If any of you said, “Review Employee Handbook,” you’d be in good company! The New Year is the perfect time to review your current Employee Handbook and ensure you comply with any recent changes in Federal, State, or Local law. It’s also an excellent time to ensure that any policy changes have been updated in your handbook.
Guiding Employees to Financial Well-Being
According to a NEFE survey, 35% of U.S. adults are “just getting by financially.” However, the introduction of Wealth Wellness could be the key to employee well-being and productivity. eBen has teamed up with Origin, offering a comprehensive money management platform with real-time expense tracking, budgeting tools, DIY tax filing, and more. Wealth wellness includes personalized budgeting, smart investments, healthy money habits, and future financial planning. By promoting wealth wellness, employers can reduce stress, lower absenteeism, increase engagement, lower turnover rates, and boost morale. Speak with eBen today to empower your workforce toward financial well-being.
As always, staying informed and proactive is key to navigating the complex landscape of employee benefits. If you have any questions or need assistance with any of the topics discussed in this newsletter, don’t hesitate to reach out to your local team or contact us here.
