One of the more complicated tasks business owners and HR administrators face is the maintenance of employee benefits and following employee benefits compliance regulations. Offering a great benefits package can impress job candidates and encourage your employees to remain loyal, but managing those benefits and adhering to the federal laws governing group health coverage can be a challenge.
Bigger employers must adhere to additional compliance requirements, and failing to do so can hurt your business significantly.
Employee Benefits Compliance Assistance
Benefits compliance services can help to ensure your business stays compliant amid ever-changing regulations. Staying on top of the latest developments in this area is a time-consuming task, and many businesses find that getting professional assistance from experts like those at New City Insurance takes the stress and uncertainty out of the process. Here is a look at just some of the areas that need to be considered.
Affordable Care Act (ACA)
The Affordable Care Act, or ACA, has complex requirements and penalty rules for certain large employers. There are rules relating to the type of health coverage offered, the dollar limits, out-of-pocket maximums, pre-existing conditions, preventive care services, clinical trials, coverage of dependents, and patient protections when it comes to their choice of health care professionals, among other factors to consider. Staggered effective dates for various reforms can make compliance even more challenging.
Consolidated Omnibus Budget Reconciliation Act (COBRA)
Consolidated Omnibus Budget Reconciliation Act, or COBRA, applies to any employer that had 20 or more employees during at least half of the business days in the previous calendar year. It requires an employer to provide those employees who might lose their group health coverage due to a qualifying event the chance to continue group health coverage, and it is important to have a thorough understanding of how it works.
Employment Retirement Income Security Act (ERISA)
The Employment Retirement Income Security Act, or ERISA, pertains to employee welfare benefit plans, and it comes with a slew of compliance obligations and reporting requirements.
Family And Medical Leave Act (FMLA)
The Family and Medical Leave Act, or FMLA, provides eligible employees at businesses with 50 or more employees with job-protected leave for certain medical and family reasons, such as childbirth, adoption, serious illness or the care of an immediate family member with a serious health condition. Employers are required to maintain group health care coverage during FMLA leave at the same level at which it would have been provided had the worker not taken leave.
Health Insurance Portability And Accountability Act (HIPAA)
The Health Insurance Portability and Accountability Act, or HIPAA, has portability rules that help people to transition between health care coverage types, and they prohibit discrimination based on an individual’s health status. There are also certain exemptions to keep in mind.
Reach Out To An Experienced HR Consulting Firm
Managing benefits compliance is a complex task, and even a small mistake can have serious ramifications. If your company needs guidance in this important aspect of business, reach out to the experienced HR consultants at New City Insurance. Our employee benefits compliance services help to ensure your business stays compliant across a multitude of crucial compliance regulations for the ultimate peace of mind. Please give us a call at 888.210.2759 or request a consultation online.