HHS announces new reporting and collection process for the Affordable Care Act’s reinsurance program using Pay.govBondBeebe
Scott Price, CPA
The transitional insurance program was established as part of the ACA in order to stabilize health insurance premiums in the individual marketplace and fund reinsurance payments to eligible market plans. It requires enrollment reporting and contribution payments from health insurance issuers and certain self-insured group health plans for 2014, 2015 and 2016.
Pay.gov will be available beginning Friday, October 24, 2014 to accept reporting and payment of this fee. The 2014 annual enrollment count submission is due on November 15, 2014 using the ACA Transitional Reinsurance Program Annual Enrollment and Contributions Submission Form (the Form). The 2014 fee of $63.00 per covered life is due in two installments: $52.50 due by January 15, 2014, with the remaining $10.50 due by November 15, 2015. Pay.gov will also offer the option to pay the full balance due by January 15, 2015.
The Form can be accessed from the Pay.gov website by selecting “Make a Payment” and then searching for forms by agency, in this case HHS, which presents the Form at the top of the page. The website requires registration prior to completing the form.
More information on the transitional reinsurance program and its reporting and payment details can be found in our previous blog or, the government website.
If you have questions about the transitional reinsurance fee, or its reporting and payment requirements, please don’t hesitate to give us a call. We will be happy answer questions and assist in your compliance.