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As we enter 2022, there are a number of changes on the horizon that plan sponsors need to be aware of as they will affect group health plans as well as employeesenrolled in those plans. The CAA created a number of new requirements that affect health insurance and coverage. More guidance coming.
.” Employees cannot change their minds and make changes to pre-tax cafeteria elections during the plan year, once benefits become effective — unless a special enrollment period as defined under IRC Section 125 applies , or the employer is correcting an administrative error. This is not correct.
Employee benefits providers are organizations that specialize in designing, administering, and managing employee benefits packages on behalf of employers. These providers handle the complex tasks of negotiating with insurance companies, managing enrollment processes, and ensuring compliance with regulations.
Beginning December 27, 2021, as part of the Consolidated Appropriations Act, covered service providers – insurance providers, benefits brokers, agents, and consultants – are required to disclose any compensation they expect to receive over $1,000. In this case, you already know how much and from whom your broker is being paid.
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