America's Benefit Specialist January-February 2023

IS IT JUST THE ACRONYMS OR IS IT ALL CONFUSING TO EMPLOYERS? Diving into the New Requirements of Benefit Reporting, Part 1

Do you think it’s ever going to get any easier to comply with all of the current regulations for employer-sponsored health plans? In a recent survey of my employer clients, the answer was a resounding “NO!” Although I’ve prepared them for it for over 18 months, after first reporting it in late 2020, now that the deadlines have arrived or are about to, I watch their THESE LAWS HAVE BEEN CONSIDERED AMONG THE MOST CONFUSING AND MOST DIFFICULT FOR OUR EMPLOYER CLIENTS by Dorothy M. Cociu, RHU, REBC, GBA, RPA, LPRT President, Advanced Benefit Consulting & Insurance Services Fullerton, California dmcociu@advancedbenefitconsulting.com

eyes glaze over when I do seminars and I ponder the no response when I ask the audience a question on several of these items. All I can say to make you feel better is to remember what it was like when we first learned about the ACA rules. It seemed impossible then but, as time went on, it got easier, and we began to accept it and understand it. Now, we’re doing the same thing with the myriad new regulations related to the Transparency in Coverage Shoppa ble Services Online Self-Service Tool, TiC Machine Readable Files, the CAA’s No Surprises Act and the CAA RX Benefit Reporting. If it makes you feel any better, I promise you that by mid-2023, it will probably all fall into place, and your eyes will reflect knowledge instead of pure confusion. At least, that is my hope!

18 ABS | benefitspecialistmagazine.com