Insights and News
Reminder: Medicare Part D Disclosures Due By February 29, 2020 For Calendar Year Plans
Group health plan sponsors are required to complete an online disclosure form with the Centers for Medicare & Medicaid Services (CMS) on an annual basis and at other select times, indicating whether the plan’s prescription drug coverage is creditable or non-creditable. This must be completed online within 60 days after the beginning of the plan year. For calendar year plans, the disclosure is due by February 29, 2020.
Cobbs Allen and CAC Specialty Announce Chris Trotter as Chief Financial Officer
In his new role, Trotter will oversee the financial operations of both Cobbs Allen and CAC Specialty, lead the Capital Markets efforts of both companies, liaise with financial partner Fortress Investment Group, and help strengthen Private Equity Sponsor relationships.
Cadillac Tax and Other Key ACA Taxes Repealed
President Trump recently signed a spending bill preventing a government shut-down and repealed the following three taxes and fees under the Affordable Care Act (ACA):
• Cadillac Tax on high-cost group health coverage, beginning 2020;
• Medical Devices Excise Tax, beginning in 2020; and
• Health Insurance Providers Fee, beginning in 2021
Importantly, the bill also extended the Patient-Centered Outcomes Research Institute (PCORI) fee to years 2020 to 2029.
Margaret Ann Pyburn Wins PRMA’s JoAnn Heltibridle Award
Cobbs Allen is pleased to announce that our own Margaret Ann Pyburn, Executive Vice President of Personal Lines, was named as the 2019 JoAnn Heltibridle Award winner!
IRS Provides Transition Relief for 2019 ACA Reporting
The IRS recently extended the due date for furnishing Forms 1095-B and 1095-C to individuals from January 31, 2020 to March 2, 2020.
Health FSA Limit Will Increase for 2020
For plan years beginning in 2020, employer-sponsored medical coverage will be considered affordable if the employee’s contribution for self-only coverage on an employer’s lowest cost medical plan (if more than one medical plan is offered) does not exceed 9.78% of the employee’s household income for the year.
Medicare Part D Notices Are Due Before October 15, 2019
Employers should contact their insurers, third-party administrators (TPA) or pharmacy benefit managers (PBM) for information regarding creditable coverage status.
IRS Expands Preventive Care for HDHPs to Include Chronic Conditions
The IRS released Notice 2019-45 to add care for certain chronic conditions to the list of preventive services that can be offered under high deductible health plans (HDHPs) without a deductible.
Affordability Percentages Will Decrease for 2020
For plan years beginning in 2020, employer-sponsored medical coverage will be considered affordable if the employee’s contribution for self-only coverage on an employer’s lowest cost medical plan (if more than one medical plan is offered) does not exceed 9.78% of the employee’s household income for the year.
Cobbs Allen Forms CAC Specialty to Serve Corporates and Private Equity Sponsors
Cobbs Allen today announced the formation of CAC Specialty, a specialty insurance brokerage and investment banking platform that will bring bespoke insurance solutions to public and private companies and private equity sponsors. CAC Specialty represents the next wave in the long-term convergence of insurance and capital markets by combining structured finance solutions with insurance broking capabilities.
Cobbs Allen is a national independent agency focused on risk management in niche practice groups. We deliver commercial insurance, employee benefits, personal insurance, and alternative risk financing services to our clients. Headquartered in Birmingham, AL, the firm is ranked in the top 100 of privately held brokerage firms and the top 100 of all U.S. brokerage firms.
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