08 Aug Compliance Matters: Staying Up-to-Date with Group Benefits in Brownsville

Offering group benefits in Brownsville for your employees is a great start to avoiding any penalties from the government or other companies. Therefore, paying attention to compliance can create minimal consequences for you and your company. If you’re interested in attaining the right group benefits that deal with compliance benefits, then here are a few ways you can learn about them and how to apply for the necessary benefits.

What Areas of Compliance Impact Group Benefits in Brownsville?

There are a handful of places that offer group health and compliance benefits. In order to understand more about compliance benefits, here are the more common areas of compliance:

• ACA Compliance
• ERISA Compliance
• COBRA Compliance
• HIPAA Compliance
• Pre-tax Compliance
• Benefits Notice Compliance

Why You Need SWEB

Group benefits compliance can be tricky, with ever-changing laws and regulations to maintain. That’s why having a benefits brokerage firm on your side is so valuable. SWEB – a UBA partner firm, handles all the details, ensures you’re compliant and helps you avoid any potential penalties. Plus, we free up your time so you can focus on what you do best—running your business. Here’s why partnering with a brokerage firm is a smart move:

• Expertise in regulations: They know the ins and outs of compliance.
• Time-saving: They take care of the paperwork and details.
• Risk management: They help you avoid costly mistakes and penalties.
• Employee support: They ensure your team gets the benefits they deserve.

Affordable Care Act (ACA) Compliance

The ACA has specific requirements for companies to offer group health coverage. In order to qualify for such benefits, your company must meet these requirements:

• Have 50 or more full time employees
• Offer affordable coverage
• Report on the health coverage you offer

ERISA Compliance

The Employee Retirement Income Security Act of 1974 (ERISA) is created to protect individuals in health plans and retirement. Not only does this apply to group health benefits, but voluntary programs such as life insurance and disability insurance. To be considered you have to:

• Provide a summary plan (SPD)
• Create a plan document or wrap document
• File form 5500

COBRA Compliance

The Consolidated Omnibus Budget Reconciliation Act (COBRA) is created to protect the workers from distributions of their health coverage during certain life changes, such as the loss of a job or family problems. COBRA can comply with at least 20 or more employees that sponsor health plans. In order to stay in compliance, however, you have to:

• Distribute proper notes
• Charge the correct premium
• Make coverage available for the maximum allowable period

HIPAA Compliance

The Health Insurance Portability and Accountability Act of 1996 (HIPAA) does contain privacy precautions in order to protect employees health information. The provisions apply to employer sponsored health plans that have at least 50 or more employees that are administered by the employer. In order to comply for these compliance benefits, you must provide with one of the following actions:

• Provide notice of privacy practices
• Establish safeguards to protect employees health information
• Provide notice of breach of unsecured personal health information

Pre-Tax Compliance

Much like the other group benefits in Brownsville, a few steps are in order to be required to ensure pre-tax compliance. With applicable rules and regulations, you must keep in mind with the following :

• Create plan documents
• Distribute summary plan description
• Perform nondiscrimination testing
• File form 5500

Benefits Notices Compliance

Notice requirements are listed as the previous laws mentioned, but along with other notices that are given each year to group health benefits. Here are a few precautions to take when complying with benefits notices:

• ACA notices
• Genetic information nondiscrimination act (GINA) disclosures
• Children’s health insurance programs reauthorization act (CHIPRA) notice
• Michelle’s law notice
• Mental health parity and addiction equity act disclosure
• Women’s health and cancer rights act notice
• Newborns and mothers health protection act notice
• Medicare part D notice of creditable coverage

Get Expert Help with Benefits Compliance

Contact SWEB today to ensure your group benefits in Brownsville are managed with the utmost expertise and efficiency. Let us handle the details so you can focus on what matters most—running your business smoothly.