The Affordable Care Act 2023 (ACA) made a number of significant reforms to group health plan coverage when it was enacted in 2010. Since then, changes have been made to various ACA requirements that employers should be aware of. These changes include annual cost-of-living increases to certain ACA dollar limits, extensions to ACA reporting deadlines and updates to preventive care coverage guidelines.
Changes to some ACA requirements will take effect in 2023 for employers sponsoring group health plans. To prepare for 2023,employers should review these requirements and develop a compliance strategy. Employers should ensure that their healthplan documents, including the summary of benefits and coverage (SBC), are updated to reflect any new plan limits and thatup-to-date information is communicated to employees at open enrollment time.
This ACA Overview provides an ACA compliance checklist for 2023. Please contact Benefit Analysts, Inc. for assistance or if youhave questions about changes that were required in previous years.