I can’t believe how much things have changed in the Employee Benefits world over the past 4 years. I’ve just spent the last 8 months resolving a myriad of issues regarding compliance and coverage with my new clients. I was surprised at how many people are not aware of just how much things have changed. I figured that I should at least do what I can to help as many people as I can. What are the things you need to be most aware of right now? Here are the top 5 in my mind:
1. Groups with 50 to 99 employees in California will be changing from Composite Rates to Age Banded Rates. This will result in significant rate increases for most groups, especially if you have a lot of dependents covered under the plan.
2. The Department of Labor is coming. They announced earlier this year that their goal is to audit every company in America before the end of 2018. Whether that is actually possible is not relevant… they are coming… are you ready? Do you know what you need in order to be ready?
3. This year all companies with more than 50 full-time equivalent employees is required to offer a qualified, affordable health plan to more than 97% of their employees. Do you know if your plan meets the requirements and if it is “affordable” under the law?
4. The same companies now have to report to the IRS the status of each employee’s coverage by the end of January in 2017. Do you know what needs to be reported? Do you know how to measure the status each month?
5. There are new plans available that offer “Minimum Essential Coverage” and also have an option available that meets the “Minimum Value Plan” criteria. Do you know the difference between these two options? Have you seen how these plans can help your company during this transition period?
If you have answers to these questions then you are well ahead of the curve. Congrats! If you don’t have the answers to these questions then please contact us and we’ll help you out.