Regulatory Expertise and Solutions
We don’t need to tell you that managing employees and running a business in today’s world presents extraordinary challenges. One of the greatest advantages of working with us is that we are able to share our knowledge and provide practical solutions to help you comply with these complex laws and regulations. One of our first goals with a new client is to ensure that
you’re in compliance with the Health Insurance Portability & Accountability Act (HIPAA) and ACA. A member of our Account Management Team will sit down with you to review the requirements and give you all the documentation and tools necessary to minimize your risk.
Summary Plan Descriptions and Wrap Documents
Every employer is required to deliver a Summary Plan Description (SPD) to all participants in any company sponsored benefit plan. The SPD explains the plan’s benefits, claim review
procedures, and the participants’ ERISA rights. Many employers mistakenly believe that providing participants with the booklet issued by the insurance company fulfills their obligation to provide participants with an SPD. However, in most cases, the group needs to provide additional information regarding participants’ rights and obligations under the plan to satisfy ERISA requirements.
Failure to provide an SPD can result in a penalty of $110 per employee per day for up to 125 days. You may need to provide multiple SPDs based on the number of ERISA plans offered
to your employees such as a PPO, HMO, POS and other plans such as dental, vision, etc. BeneFlex can prepare these documents as well as a Wrap Document which bundles all benefits and SPDs into one. The Wrap Document is especially valuable for employers required to file Form 5500.
COBRA (20+ employees)
COBRA is a federal law that requires employers to comply with a complex set of regulations. Lack of compliance with these rules can result in lawsuits and fines to the employer. Towne Benefits provides full COBRA administration at no cost to you.
COBRA Services Include:
• Initial Global Rights Notice
• COBRA Election Package
• Enrollment Upon Election of COBRA Continuation
• Collect/Remit COBRA Premiums to Carriers
• Addressing Questions and Concerns with Participant
• Monthly Compliance Reports
• Staying Informed on All Legislative Changes
Education
With our NEWSLETTERS and the Client Resource Center you’ll receive updates on all aspects of employee benefits and the industry information you need. Plus, our timely seminars will ensure you’re up-to-date in the following areas:
• Health Care Reform (ACA)
• Health Insurance Portability & Accountability Act (HIPAA)
• Consolidated Omnibus Budget Reconciliation Act (COBRA)
• Family Medical Leave Act (FMLA)
• Employee Retirement Income Security Act (ERISA)
• Section 125 (Cafeteria Plans)
• Medicare Part D
• Legislative Updates
The Team Is Waiting To Help You!
In Tidewater, Peninsula, Central, Southside, and Roanoke Districts:
In Richmond, Northern VA., Roanoke, Piedmont, Central, and Valley Districts:
