Author: MDG Benefits Admin

Highlights: Each year, Medicare Part D requires group health plan sponsors to disclose to individuals who are eligible for Medicare Part D and to the Centers for Medicare and Medicaid Services (CMS) whether the health plan’s prescription drug coverage is creditable. Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15, 2023—the…

For millions of Americans, the end of the year is open enrollment season – a yearly opportunity to take stock of your health care needs and select the health insurance plan that works best for you.  It is a window of time – typically in the fall – when you can sign up for health…

In the U.S., the outstanding balance is $1.75 trillion in student loan debt.  Approximately 55% of students from public four-year universities have student loans, with a balance of $37,338 owed per borrower.  Beginning in October, workers nationwide will need to resume payments on their student loans for the first time since March 2020.  The pandemic-related pause on both…

Pay or Play Affordability Percentage Will Decrease for 2024 On Aug. 23, 2023, the IRS issued Revenue Procedure 2023-29 to index the contribution percentage in 2024 for determining the affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2024, employer-sponsored coverage will be considered affordable under the ACA’s pay or…