If your company offers employee health benefits, it’s crucial to be aware of the Prescription Drug Data Collection (RxDC) Filing requirement under the Consolidated Appropriations Act (CAA). The deadline for submission is fast approaching, and non-compliance could result in penalties.
RxDC Filing is a mandatory report submitted to the Centers for Medicare & Medicaid Services (CMS) that details prescription drug costs and healthcare spending by employers and insurers. This data helps regulators monitor healthcare trends and ensure pricing transparency.
Employers and insurance providers must submit detailed information on the average monthly premiums paid by both employers and employees for benefits enrolled in 2024. This critical data is reported using the D1 Template of the RxDC Report filing to comply with federal regulations.
Employers and insurance carriers must accurately document and submit the following details:
✅ Average Monthly Premiums Paid by Employees – The portion of the total premium that employees contribute through payroll deductions.
✅ Average Monthly Premiums Paid by Employers – The total premium amount minus employee contributions, representing the employer’s share of health insurance costs.
✅ General Employer Group Information – Essential business details, including the employer’s name, Employer Identification Number (EIN), and other relevant identifiers.
To ensure compliance with RxDC Filing requirements, employers should take the following steps:
1️⃣ Collaborate with Your Benefits Provider – Work with your benefits provider or insurer to collect the necessary data.
2️⃣ Verify Your Company’s Information – Ensure accuracy in reporting, including financial and employer group details.
3️⃣ Submit Before the Deadline – The first round of reporting is due by March 31st, so timely submission is critical to avoid penalties.
By meeting these reporting requirements, employer groups can avoid costly fines and maintain transparency in employee benefits contributions. Staying informed about these mandates is essential for effective benefits administration and strategic financial planning.
Zinn Insurance specializes in helping businesses stay compliant with federal reporting mandates. Our team of experts provides guidance and support to ensure your company meets all RxDC Filing requirements efficiently.
📞 Call us today to discuss your compliance strategy and avoid unnecessary risks!
