Meeting employee needs is a challenge. Meeting the government’s is critical. In an environment of privacy concerns and technological advances, regulations are constantly evolving. Employee benefit plans must meet certain criteria. Keeping up with these changes and rules can be tricky.
By making compliance a top priority, we at AEIS offer a team of experts who assess the effects that the ACA, HIPAA, COBRA and ERISA have on your benefit plans. AEIS can provide you with a tailored compliance review that makes compliance easy, protects your employees, and helps you to avoid expensive compliance-related mistakes in the future.
We help employers effectively anticipate and manage emerging regulatory issues to reduce the risk of financial and reputational damage. Our compliance experts help you stay ‘Audit Ready’ and prepare you for anything with our in-house compliance officer. We believe that compliance is an ongoing process, not just a milestone to reach, pass, and leave behind.
Protect your business with reliable Human Resources to provide the expertise regarding various compensation and benefit programs for your employees. This expert level of support includes proper HR training for Employee Retirement Income Security Act’s (ERISA) reporting, disclosure, and more. As your advisor we partner with you to assess your needs; prioritize and mitigate risks and liabilities; and guide you through every step of the compliance process. We are happy to provide our clients with the following resources:
- Monthly compliance webinars conducted by UBA’s national law partners
- Compliance Analyst – ACA Certified by NAHU
- Monthly and quarterly bulletins
- ERISA attorney
- HR consultants
- Affordable Care Act updates
- SPD’s / Wrap Documents
- Assistance with Form 5500 filings
We are dedicated to helping employers understand and deal with compliance issues by simplifying complicated rules and regulations while proactively integrating compliance into their employee benefit strategy.
Here are some compliance topics you may have been looking into or need help with:
ACA Requirements: The Affordable Care Act (ACA) has further complicated the world of regulatory requirements for compliance. All medical health insurance policies sold after January 1st, 2014 must comply with the regulations set forth by the ACA. This is why we offer a Compliance Analyst, ACA Certified by NAHU to help growing businesses navigate the changing landscape. Our services makes meeting compliance requirements easy.
ERISA Benefits: Employee Retirement Income Security Act (ERISA) regulates fiduciary duties in protecting individuals with employee benefits and retirement plans. Though establishing retirement plans is not a requirement for employers, those who choose to must meet and comply with ERISA guidelines. However, simply meeting the minimum standards for health and welfare plans is not enough. Employers must also follow reporting and disclosure laws on a schedule set forth by ERISA or whenever a change occurs to a plan. The Summary Annual Report (SAR) must also be included and delivered to plan participants on Form 5500. Those who fail to comply can face fines of up to $1,100 a day for each late Form 5500. Ensuring you are covered and protected by plan administrators and ERISA compliance experts is crucial in meeting the three main components: reporting, disclosure, and paying claims. Remaining cautious and staying up to date on requirements and regulations with our team can save you from the costly consequences.
COBRA Coverage: The Consolidated Omnibus Budget Reconciliation Act (COBRA) ensures employees who are no longer eligible to receive an employer’s health insurance benefits can keep their plan as long as they are able to pay for it themselves. This can be for a number of reasons, such as being laid off or working below the minimum hours needed per week. There are numerous requirements, criteria, and events that must take place in order to be eligible for and receive COBRA coverage. COBRA has both pros and cons, the most significant downside including the price. Our expert compliance team evaluates the impact COBRA has on your benefit plan and presents it to you in a simplified compliant plan.
HIPAA Standards: What is HIPAA compliance? The requirements to be HIPAA Compliant ensure the privacy and protection of important personal information and data. Protected health information or PHI includes addresses, names, social security numbers, financial information, and more. The security and integrity of protected health information is the basis of HIPAA compliance. Covered entities and business associates should be aware of the 4 main HIPAA rules: HIPAA Privacy Rule, HIPAA Security Rule, HIPAA Breach Notification Rule, and HIPAA Omnibus Rule. This Privacy Rule is applicable not only for large corporations but any business that pays for a portion of an employee’s health care plans. Understanding and implementing a plan is crucial for protecting your business.
AEIS is equipped with the finest team of advisors and resources to help employers and organizations navigate the tricky world of regulations and rules. Evaluate potential benefits and risks with us today: Call us at (650) 348-6234 or schedule a call at BOOK CALL