The Washington Report
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September 29, 2021
Health
CMS Announces It Will Provide Coverage for COVID-19 Booster Shots
On September 24, 2021, the Centers for Medicare & Medicaid Services (CMS) announced it will continue to provide coverage for the COVID-19 vaccine, including booster doses, without cost-sharing, for eligible consumers. “Beneficiaries with Medicare pay nothing for COVID-19 vaccines or their administration, and there is no applicable copayment, coinsurance or deductible. In addition, thanks to the American Rescue Plan Act of 2021, nearly all Medicaid and CHIP beneficiaries must receive coverage of COVID-19 vaccines and their administration, without cost-sharing. COVID-19 vaccines and their administration, including boosters, will also be covered without cost-sharing for eligible consumers of most issuers of health insurance in the commercial market.”
The news release is available here.
IRS Releases Drafts of General Instructions for Forms 1094-B/C and 1095-B/C
On September 22, 2021, the Internal Revenue Service (IRS) released early drafts of General Instructions for Forms 1094-B and 1095-B and General Instructions for Forms 1094-C and 1095-C, as required by the Affordable Care Act (ACA). These health insurance information forms are used by employers and plans to report insurance coverage under the ACA.
The early draft of General Instructions for Forms 1094-B and 1095-B is available here.
The early draft of General Instructions for Forms 1094-C and 1095-C is available here.
A listing of all available IRS Draft Forms is available here.
Retirement
PBGC Releases FY 2020 Projections Report and 5-Year Multiemployer Program Report
On September 20, 2021, the Pension Benefit Corporation (PBGC) released the agency’s Fiscal Year (FY) 2020 Projections Report and a five-year Multiemployer Program Quinquennial Report. The reports show “a substantial improvement in the outlook for PBGC’s Multiemployer Insurance Program due to the enactment of the American Rescue Plan Act of 2021.” The Projections Report also shows that continued improvement in PBGC’s Single-Employer Insurance Program is likely. “These projections show significant improvements in the projected solvency of the Multiemployer Program, as well as likely continued improvements in the Single-Employer Program,” PBGC Director Gordon Hartogensis stated.
Consistent with last year’s report, the FY 2020 Projections Report shows that the Single-Employer Program is expected to remain strong through the 10-year projection period. The projections show no scenarios in which the Single-Employer Program approaches insolvency within the next 10 years. While the projections show considerable uncertainty, they show an average FY 2030 net financial position of $49.9 billion (in 2020 dollars), up slightly from last year’s FY 2029 projection of $46.3 billion (in 2019 dollars).
For additional details, please refer to the actual reports.
The FY 2020 Projections Report is available here.
The Multiemployer Program Quinquennial Report is available here.