The Center for Consumer Information & Insurance Oversight (CCIIO) has set up a Web page that explains how health insurers and group health plan sponsors will send cash to the Transitional Reinsurance Program. ”Contributing entities” are supposed to use the federal government’s Pay.gov system to send “contributions” to the program by Martin Luther King Jr.’s birthday anniversary — Jan. 15, 2015.
The first payment will be equal to the product of $52.50 and the number of lives the entity covers. The first reinsurance program covered life count is due Nov. 15, 2014.
A second payment – for $10.50 multiplied by the number of covered lives — will be due Nov. 15, 2015. A contributing entity can simplify the process by sending a payment for $63 times the number of covered lives through Pay.gov by Jan. 15, 2015.
The reinsurance program payment submission form will take the covered-life count and calculate the payment for the entity, CCIIO officials say. CCIIO is the U.S. Department of Health and Human Services agency that oversees the parts of the Patient Protection and Affordable Care Act (PPACA) that have to do with commercial health insurance.