The Washington Report
July 24, 2024
Note to Subscribers
While we do our best to provide timely updates, it is possible that the information shared in the newsletter may change after our publication deadline.
Health
HHS Releases Final Part 2 Guidance on Medicare Prescription Payment Plan
On July 16, 2024, the Department of Health and Human Services (HHS) released the Final Part Two guidance regarding plan outreach and education for the Medicare Prescription Payment Plan. “Starting in 2025, the Medicare Prescription Payment Plan provides the option to people with Medicare prescription drug coverage to spread the costs of their prescription drugs over the calendar year rather than paying in full at the pharmacy counter each time they fill a prescription. People with Medicare must opt into the Medicare Prescription Payment Plan to utilize the new benefit. Notably, this payment option launches at the same time that all individuals with Medicare prescription drug coverage will begin to have their annual out-of-pocket prescription drug costs capped at $2,000.” The Medicare Prescription Payment Plan Final Part Two guidance complements the Final Part One guidance released by HHS in February 2024.
The news release is available here.
The Fact Sheet is available here.
The Final Part Two guidance is available here.
The Final Part One guidance (released February 29, 2024) is available here.
IRS Releases Draft 2024 Forms 1094-B/1095-B and 1094-C/1095-C
On July 12, 2024, the Internal Revenue Service (IRS) released the text of the following draft forms:
- Draft 2024 IRS Form 1094-B: Transmittal of Health Coverage Information Returns;
- Draft 2024 IRS Form 1095-B: Health Coverage;
- Draft 2024 IRS Form 1094-C: Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns; and
- Draft 2024 IRS Form 1095-C: Employer-Provided Health Insurance Offer and Coverage.
This information is in draft form and is not meant to be used for filing purposes. Please refer to the IRS documents for additional information.
All the IRS Draft Forms are available here.