$13 Billion. That is the amount the Federal government budgeted to collect in fines when the Affordable Care Act (ACA) was passed. If you offer your employees a health insurance plan, most employers have a false sense of security about compliance with the ACA. Unfortunately, simply offering a medical insurance plan now comes with a long list of new responsibilities and liabilities. The Department of Labor and the Internal Revenue Service know that 95% of employers offering insurance programs to employees are not providing the correct documentation to employees and the fines accumulate per day.
“This is one area we can help our members become aware and protect their business”, states EDA’s staff attorney Natalie Higgins. EDA has just completed negotiations with Total Administrative Services Corporation (TASC) to offer ACA compliance services to EDA members at a significantly discounted rate. TASC’s programs are being offered through one of their largest national benefit consultant representatives, Visor, Inc. Visor can help members immediately identify compliance weaknesses and select the correct service module. Visor’s President, Bill Hill, explained that TASC is one of the few compliance companies in the country that will offer an audit guarantee and hold clients harmless in the event of an audit as long as the client follows TASC’s established guidelines.
Members should take a few moments to review current notification requirements. For a quick check, email firstname.lastname@example.org with ERISA in the subject line and Visor will send a publication from the Department of Labor listing all the notifications required when you offer a group health insurance plan. Many of the required notifications must be completed by the end of the year. Dealers are encouraged to ask for the publication. More information can also be found at www.erisaweb.com.