The Centers for Medicare & Medicaid Services (CMS) this past weekend announced a filing extension for the annual enrollment and contributions submission form originally due November 15, 2014. The deadline is now extended until 11:59 p.m. on December 5, 2014.
The payment deadlines of January 15, 2015 (for the first payment) and November 15, 2015 (for the second payment) remain the same.
The transition reinsurance program is a three-year program that runs from January 1, 2014 through December 31, 2016. Its stated purpose is to stabilize premiums in the individual market as insurers enroll high-risk or previously uninsured individuals with immediate medical needs. By reinsuring the insurers, it is hoped the transition reinsurance program will limit premium cost increases in the individual market. The program is funded by fees paid by contributing entities which are health insurance issuers or self-funded health plans providing major medical coverage.
More information on the transition reinsurance program is available at the following website: