Top-Most ACA Components For Fully Compliant and Successful 2017 Benefits Planning!
If yes, then you might be busy or maybe confused about giving the final nod to employer contribution, broker terms, and employee communications strategies. But , before materializing your plans, it’s very crucial that you prepare your plans in pace with latest Affordable Care Act (ACA) regulations and other on-going development & changes affecting health Care domain.
To ease your worries and making your plans more error-proofed, here are the top compliance concerns you should take care of before finalizing your 2017 benefit planning:
Determine Impact of HHS Issued Regulations
Department of Health & Human Services’s (HHS) issues regulations that may have a direct or indirect effect on your health benefit plan designs. Therefore, for the next year, it’s better if you determine whether updated final ACA non-discrimination rules and state benchmark plans for health benefits affect your 2017 benefit plan designs or not. This will help you design your plan offerings more diligently.
Check Out For Mental Health Parity!
One of the topmost to-dos is to check compliance with recent parity guidance on coverage of mental health and substance use disorders (MH/SUD). Assign this responsibility to some experienced broker who can handle both MH/SUD concerns as well as effectively monitor the overall performance on parity issues. Employers must also refer to the Mental Health Parity and Additional Equity Act while choosing any support.
Ensure Compliance in Wellness Programs:
If the offered wellness program includes certain specificity such as bio-metric screening or spousal and family information, etc. then employers must also take care that the wellness programs is in alignment with the Equal Employment Opportunity Commission rules (EEOC) as well. In the case of any ambiguity, don’t give a second thought for booking a meeting with some industry expect.
Review Employer Shared-Responsibility Strategy!
Evaluate your health plans well-in-advance on issues such as whether your options are meeting minimum value, minimum essential coverage, and other vital affordability standards. Categorize your full and temporary employees and verify your IRS coverage-reporting process to eliminate any error and ensure complete compliance with the reporting mandates for 2017.
SBC Model & FLSA Final Overtime Rules!
With final rules in effect now, make sure you align with them while delivering the summary of benefits and coverage. Make preparations to use updated SBC model materials on or after 1st April 2017.
Also, make sure that your benefit plans are entitled to new FLSA overtime rules to avoid penalties. Seek advice to keep the overall costs controlled. This can also be achieved through adjusted plan offerings.
Stay Prepared For The DOL Fiduciary Rule
DOL’s final conflict-of-interest rule for investment advice can have potential impact on health savings accounts and ERISA welfare plans especially those having “investment element” in them. The rule is set to come into effect from April 2017, therefore it’s high time to make preparations for the same.
HIPAA Privacy, EDI And Security Mandate!
Review essential federal requirements for self-insured groups and other mandates needed to get national plan identifiers and certify HIPAA compliance for EDI transactions. Also, re-check your health plans’ privacy and security measures to meet HIPAA standards.
Bringing All Together:
It’s never too early to start preparing for the Open Enrollments and the same goes for 2017 benefit planning as well. Since benefit domain is packed with so many dynamic rules and regulations, it’s better to start early, especially with the compliance part. Above are few indispensable compliance concerns that you should take care of while preparing your benefit designs for the next year.
