Employers: Pharmacy Benefit Reporting is due by December 27, 2022
If you’ve been seeing notices about this reporting, here is some quick relief:
All fully insured carriers and nearly all administrators with whom we work are handling the filing on behalf of their employer clients.
If your administrator is not filing the reporting or charging a fee for the filing, your ARC client advisor will notify you by Friday, December 9, 2022.
The reporting due on December 27, 2022, is part of the Consolidated Appropriations Act (CAA), which has many transparency requirements affecting nearly all aspects of health insurance coverage. The new law requires health plans and issuers to report information about prescription drugs, their pricing, and spending to the Departments each year.
The first set of reporting for plan years 2020 and 2021 are due in December. Future years will be due on June 1 of each year.
Contact your client relations advisor with any questions.