Employee Benefits Compliance
Let’s make sure your employee benefits are in order.
Ensuring that your employee benefits comply with state and federal laws, not to mention union agreements and other contracts, is complex. Your local Highstreet agent can help you understand state and federal regulations and provide guidance on reporting.
Protect your business from costly compliance missteps.
As rules and regulations change constantly, an accidental compliance violation could cost a fine or settlement, as well as hurt your reputation.
in civil settlements
and monetary penalties imposed through August 2023 by the Office of Civil Rights for 137 HIPAA cases following complaints against different types of entities —including group health plans and small provider offices.
per full-time employee
is the 2024 penalty for failing to offer Minimum Essential Coverage to 95% of your full-time employees if one employee receives a subsidy from the Health Insurance Marketplace and $4,460 per full-time employee that receives a subsidy at the Health Insurance Marketplace if the employer fails to offer Minimum Value or Affordable coverage to the full-time employee.
Your local Highstreet insurance agent can help you with:
- Staying on top of changing laws and regulations
- Day-to-day administration
- Plan policies, processes and governance.
- Compliance assessment
- Resolution of compliance issues
Frequently asked questions about employee benefits compliance.
The Employer Retirement Income Security Act (ERISA), The Affordable Care Act (ACA), Health Insurance Portability and Accountability Act (HIPAA), Section 125 Cafeteria Plans, The Consolidated Omnibus Budget Reconciliation Act (COBRA) and other state and federal laws and regulations are complex and under continuous change. Some businesses and organizations have robust human resources and legal teams who can manage compliance internally. Others don’t have the time or resources to keep up with all the details and reporting requirements. If you think you may be in the latter category, we suggest you talk to your local Highstreet agent about compliance options available to you.
By understanding the laws and regulations that govern your benefit plans, you can also better plan for upcoming legislative changes and evaluate potential modifications or enhancements of your current employment benefits. Your local Highstreet agent can help you determine if this applies to your current and future needs.