Navigating the complexities of health and welfare benefits can be challenging, and mistakes are all too common. Missing reporting deadlines, overlooking required notices, or confusing important documents can easily happen. To protect your business and avoid unnecessary risks, it’s important to stay ahead of these key compliance areas.
Affordable Care Act (ACA)
Enacted in 2010, the ACA aims to expand health insurance coverage and make it more accessible and affordable. It includes provisions to expand Medicaid, protect consumers, and support innovative medical care delivery. The ACA impacts employers, employees, insurance companies, healthcare providers, and more. Due to the complexity of the law, compliance can be challenging, making it important to seek guidance from an expert who knows it well.
Employee Retirement Income Security Act (ERISA)
Passed in 1974, ERISA governs both retirement and health and welfare benefits. It is a federal law that sets minimum standards for most voluntarily established pension and health plans. Over the years, numerous amendments have expanded its requirements. ERISA applies only to private sector employers, and most compliance issues arise from documentation and disclosure related to employee benefits.
Consolidated Omnibus Budget Reconciliation Act (COBRA)
Enacted in 1986, COBRA is a federal law that allows employees and their families to temporarily continue their employer-provided health insurance coverage after leaving a job or experiencing a qualifying life event. It helps individuals avoid gaps in coverage by allowing them to maintain the same health plan they had through their former employer. Most COBRA compliance failures stem from failing to notify employees of their rights. Like ERISA, COBRA applies only to private sector employers.
Family and Medical Leave Act (FMLA)
Passed in 1993, FMLA requires covered employers to provide eligible employees with up to 12 weeks of job-protected, unpaid leave for certain family and medical reasons. Employers must properly notify employees and administer benefits. Managers and supervisors can be held personally liable for noncompliance. To further complicate matters, FMLA often intersects with other federal mandates. FMLA applies to both private and public sector employers.
Staying compliant with health and welfare benefit laws is critical to protecting your business and supporting your employees. By understanding your responsibilities and working with trusted experts, you can better manage your compliance obligations, minimize risks, and keep your business on track. Counter Point can help you stay on track and support your compliance. Schedule an appointment today.
