Notices, Fines and Penalties - Oh my!
The Affordable Care Act is plagued with fines for non-compliance. Looking for infractions and additional funding through penalties and/or taxes is the specific job of more than a few government entities. That's why it's imperative that you, as your clients' trusted advisor, assist in keeping them informed.
So what should you do? Simple, know the requirements! No matter what group size you're assisting, there are notices to, well… notice!
- ERISA health and welfare notices/requirements for all group sizes, such as the Summary of Plan Document distribution (SPD).
- Health Care Reform notices, such as the Exchange Notice and Notice of Grandfather Status, if appropriate.
- HIPAA and Special Health Care notices.
- PCORI fees and additional reporting, such as 1094's and 1095's.
- Of course, we can't forget the COBRA notices, the FMLA notices, and the additional requirements for the 100+ groups such as 5500 forms… The list goes on and on.
The Silver Lining
Keeping your clients informed is the right thing to do and creates added value in an industry that is no longer just in the business of providing rates on a spreadsheet.
URL has systems to help you leverage this opportunity. Fill out the form below to find out how you can be the first to know about compliance and notices. Your clients will be forever grateful and you will be less likely to ever get to know the name of their attorney!