Employer-based fully insured and self-funded health plans and insurance companies must submit information regarding prescription drug and health care spending annually, known as Prescription Drug Data Collection (RxDC) reporting. This requirement was created under Section 204 of the Consolidated Appropriations Act (CAA) of 2021. Information must be submitted to the Centers for Medicare and Medicaid Services (CMS) by June 1 of each year.
Failure to submit the required information to CMS will result in an employer penalty of $100 per day per affected individual. While the majority of required RxDC data can be maintained by health insurance carriers, employers may need to provide missing data regarding premium requirements. Carriers have begun issuing data requests to plan sponsors. Plan sponsors that do not respond to carrier requests will be responsible for submitting RxDC information to CMS.
Carriers that have issued communications include
For more information contact your Bukaty Companies team.
