Why is Compliance Important?
All companies, regardless of size, can face liabilities from State and Federal legislation that affects employee benefits. As requirements change frequently, it can be challenging to adapt and stay on track.
Without compliance with current regulations, you’re vulnerable to risks, such as lawsuits or audits. If you get audited you can end up paying $100/day per employee if you aren’t in compliance. If you’re sued, a lack of compliance can lead to an even larger financial loss.
From Affordable Care Act, HIPAA and COBRA compliance administration to ensuring that your employee onboarding and communication is done correctly, we’ll help you create a solid foundation keeps you in line with current regulation.
Instead of waiting until it’s too late to find out what could happen in a lawsuit or audit, find out how Health Insurance Consultants can make compliance a reality today.
We recommend starting with a free benefits and compliance audit:
First, we’ll meet with you to review what your current processes, documents, and packages, including:
- All Current Benefits Packages
- New Hire Onboarding Process
- Renewal & Open Enrollment Processes
- Documentation of Employee Literature
- Documentation of State and Federal Compliance Notices
- Summary Plan Descriptions
- Employee Communication Pieces
As a result of our audit, we’ll identify exactly what needs to be done, provide an action plan, and work with you to execute it.
If you can’t answer “YES” to each of the following questions, you could be at risk:
- Do you have an ERISA-compliant welfare benefit or wrap document?
- Are your health plan documents and open enrollment forms updated to comply with the Health Care Reform rules?
- Are you complying with the HIPAA/HIPAA Privacy and Security regulations?
- Are you distributing the State and Federal Model notices?
- Are you complying with notice and disclosure rules?
The examples above are just a sampling of current requirements. If you answered “no” or “I don’t know” to any of the questions above, chances are high that you are facing liabilities.
Why wait until it’s too late? Avoid the extra costs, time, and hassle and be proactive.
Contact us today to get started with your free compliance audit.