Feeling overwhelmed by the new RxDC reporting requirement? You’re not alone. As a small business owner, staying compliant with regulations can be a major headache. But don’t worry! Carmel Bay Group Insurance is here to simplify the process and take the burden off your shoulders.
What is RxDC?
It stands for Prescription Drug Data Collection. Simply put, it’s a federal mandate requiring businesses offering health insurance to submit data about prescription drug spending and utilization to the government by March 15th. This helps to understand trends, costs, and ultimately improve transparency in healthcare.
Feeling stressed by different carrier deadlines? We got you covered!
Carmel Bay Group understands each carrier has its own specific requirements and deadlines. It can get confusing! That’s why we proactively gather and complete the necessary information on behalf of all our clients, regardless of their carrier. We handle the heavy lifting, freeing you to focus on running your business.
Still have questions? Here are some common ones answered:
Q: Does my group need to respond?
A: Yes, most likely. Unless your carrier says otherwise, all groups must comply with RxDC reporting.
Q: Does it apply to my small group?
A: Yes, RxDC applies to businesses of all sizes. Don’t worry, the process might be slightly different depending on your specific plan (individual, fully insured, etc.).
Q: What if I miss the deadline?
A: Penalties are possible, so avoiding them is crucial. If you miss your carrier’s deadline, you’ll need to submit the data directly to the government. We recommend sticking to deadlines to avoid complications.
Q: My employer contribution is less than 50%. Is that a problem?
A: No worries! This won’t affect your RxDC reporting or premium contributions.
Q: What about groups on exchanges like CalChoice or CCSB?
A: Your carrier might reach out directly with specific instructions. For example, CCSB Blue Shield groups need to complete a specific form. We’ll guide you through any exchange-specific requirements.
Q: What if I switched carriers mid-year?
A: Provide information to both your old and new carriers. We can help ensure you meet both deadlines accurately.
Q: Multiple carriers? Multiple submissions?
A: Yes, if you offer multiple carriers, you need to report to each one separately. Don’t worry, we can handle this for you too.
Q: Will I get a copy of the submitted data?
A: Usually not. Most carriers just confirm submission, except for Health Net.
At Carmel Bay Group Insurance, we believe in making compliance easy. We don’t just handle RxDC reporting for you, we also:
- Address your questions and concerns: We’re here to explain everything clearly and ensure you understand your obligations.
- Find streamlined solutions: We know the complexities and find the most efficient way to meet compliance requirements.
- Offer ongoing support: We’re your partner in all things benefits, providing expert guidance and support throughout the year.
Are you getting the support you need from your current broker? If not, let Carmel Bay Group take the weight off your shoulders. We’ll handle your RxDC reporting and more, so you can focus on what matters most: running your successful business.
Contact us today for a free and confidential consultation and see how we can make your life easier!
Your benefits team,
Carmel Bay Group Insurance