Compliance: Employers are busy with running their business and don’t have the time or perhaps the human resources to ensure their health insurance program is in compliance with evolving federal or state laws and regulations. Offering healthcare is only one aspect but there are several administrative items such as ERISA, ACA, Medicare Part D, HIPPA and other notices based on size of a group. It is a lot to manage and the penalties for non-compliance are costly. Ranging from $110-$1000 or more per day.
Whether your group has only two, 50 or 100+ employees you need to ensure that your benefits program complies. It only takes a few minutes to review these items so check with your health insurance broker. If you or your team would like a no cost consultative review of your current program, please contact me directly at 443-632-3375 or mdoak@hmsia.com.