For HRA Employers: July 31 PCORI Compliance Deadline – Last Chance

We know staying on top of compliance and regulatory issues – and all the varying deadlines – is incredibly challenging. An important deadline which affects you as an employer offering Health Reimbursement Arrangements (HRAs) is fast approaching. We notified you of this on June 12 and want to give you a “last chance” reminder, if you haven’t already completed the PCORI filing. Don’t delay, or you may be out of compliance.

PCORI Fee
On June 12, we notified you of a requirement under the Affordable Care Act (ACA) called the PCORI fee. To fund PCORI, PPACA imposes a fee on employers who sponsor self-insured health plans and insurers providing fully insured health coverage as well. For each policy or plan year ending on or after Oct. 1, 2012, and before Oct. 1, 2019, the first payment was due by July 31, 2013. For each subsequent year, the fee is due no later than July 31 following the last day of the plan year. The deadline for you to postmark your PCORI Fee filing is July 31, 2014.

Sterling offers a PCORI Fee Calculation service for a flat rate of $150 for our Health Reimbursement Arrangement (HRA) clients.

  • We must have your information by July 28, 2014 in order to complete the calculation and provide the information to you that you will need to meet the July 31, 2014 postmark deadline.

Contact your Sterling Client Services Specialist today for help!

Learn more about PCORI Fees.

From the Archives: Summer Safety Tips

One of our most popular blog posts, this “summer survival guide” video from CBS News provides step-by-step instructions on what to do in the event of a summer emergency.

Nearly 70 percent of Americans, according to the American Red Cross, have been involved in some kind of summer emergency, ranging from insect bites to heat stroke and other life-threatening situations.

But what can you do if you find yourself facing a summer emergency?

CBS News Medical Correspondent Dr. Jennifer Ashton shares her tips on how to keep yourself and your family safe and healthy all summer-long:

Health Savings Accounts: 3 Top FAQs from Members

Every day we get great feedback from our members through our website, social media channels and customer service. Answers to three of your most frequently asked questions are below:

Q: Why are there two “balances” of money associated with my Health Savings Account (HSA)?
A: We categorize your HSA funds into two types of balances – contribution and fee. The fee balance holds your monthly account maintenance fees. Many members prefer to pay the fees separately from their tax-advantaged HSA deposits. As long as the fee balance is adequate to cover the monthly maintenance, we don’t need to use your HSA deposits to cover the fee payment. That keeps more money in your contribution balance to cover eligible expenses as needed.

Q: How can I make money on the funds in my HSA?
A: Sterling pays interest on the funds in your HSA account. You can also choose to self-direct investments through the broker of your choice or through TD Ameritrade where we have a special arrangement for our HSA members. For more information, click here.

Q: Need a form to make a deposit, request a disbursement, etc.?
A: Many forms are available on our website to help you easily manage your account. Find HSA forms here.