Get ERISA compliant now to avoid fines in 2019
Employers must furnish notices or face penalties
Employers providing group health insurance are required by the Department of Labor to furnish more than a dozen notices to employees, and fines for violations increased this year. Potential fines can surpass $1,500 per violation per day.
To avoid the potential for significant fines, HR leaders and business leaders should do a compliance check at the end of the year to ensure ERISA compliance in 2019.
Here's what employers need to know.
Which benefits notices are required by law?
Summary of Benefits & Coverage (SBC)
Notice of Special Enrollment Rights
Women’s Health and Cancer Rights Act
Employer CHIP Notice
Newborns’ Act Notice
Summary Plan Description (SPD)
Notice of Patient Protections
HIPPA Notice of Privacy
COBRA General Rights
Summary Annual Report (SAR)
Notice of Qualifying event
Medicare Part D - Notice of Creditable (or non-creditable) coverage disclosure notice
COBRA election notice
Medical Child Support Order Notice
See the list via the Department of Labor here.
Best practices for providing notices
- Review with an attorney
To ensure notices are accurate and compliant, take the time to consult with an ERISA or labor attorney.
- Use an HRIS
Look for HR software that includes a Notices feature. This makes it easy to distribute notices online, as well as require, track and store employee receipt and signature.
- Check the timing
The required timing of these notices varies. Some must be furnished to new hires, while others can be provided with Summary Plan Descriptions or in advance of enrollment. See deadlines here.
Bernard Health can help you optimize benefits for your business and employees. To learn more, click below.
Employers must furnish notices or face penalties Employers providing group health...