When was the last time you reviewed your compliance strategy?
If you offer employee benefits, you've always needed a compliance strategy, but the introduction of PPACA has forced healthcare benefits into the spot light. Employers and employees are paying closer attention to benefits than they ever have. And, so is the Department of Labor.
The DOL has significantly increased its staff and budget to conduct compliance audits. Audits can be triggered by complaints from plan participants, a referral from another agency, or red flags in annual plan filings.
PPACA will cost over $250 billion through 2019.
Healthcare reform is now referred to as a revenue producing law. The law will be funded by:
- Health Insurance Provider Tax
- Marketplace User Tax
- PCORI Comparative Effectiveness Fee
- Transitional Reinsurance Fee
- Minimum essential coverage and affordability
And that's just the beginning.
In 2011, the DOL hired 1,000 new employees. As a result:
2011 - 32% of health plans audited were penalized in excess of $10,000, 5% in excess of $50,000.
2012 - 47% of health plans audited were penalized $10,000 - $50,000, 5% in excess of $100,000.
Who is preparing you for a DOL audit or assisting you with other potential areas of risk like:
- Employee Handbooks
- Personnel Files
- Form 5500 Filings