IMPORTANT DATES TO REMEMBER

Description

Date

Expected Guidance on 2007 Thresholds. The IRS typically issues guidance in November on various dollar thresholds. These include HSA contribution maximums, high-deductible health plan minimum deductibles and out-of-pocket maximums and the definition of a Highly Compensated Employee.

Medicare Part D Notice of Creditable Coverage. All employers who sponsor a group health plan with prescription drug coverage must send a Notice of Creditable Coverage or Non-Creditable Coverage to all of its Medicare Part Deligible participants.

Medicare Part D Annual Enrollment Period Begins. Those enrolled in a Medicare Part D plan may change their enrollment, and others may enroll for the first time. Period ends on December 31.

Grace Period Amendment Deadline. If an employer wants to implement a grace period of up to 2-1/2 months for its Health Flexible Spending Arrangement (FSA) or Dependent Care FSA, it must do so before the end of its current plan year.

Medicare Part D Notice to CMS. Employers must notify CMS of the creditable status of their group health plans with prescription drug coverage no later than 60 days after the start of the plan year.

(for calendar-year plan years)

End of Grace Period. Typically, FSAs have grace periods of 2 months and 15 days.

(for calendar-year plan years)

HIPAA Privacy Notice Issuance. Employers with small group health plans ($5 million or less in annual receipts) must issue a Notice of Privacy Practices at least once every three years. The last required issuance April 14, 2004.

(for small group health plans)

Correction of Excess Contributions to HSAs. Employers may correct any contribution errors by the federal taxfiling deadline to avoid a 35% excise tax.