At Auxiant, our compliance and legal department monitors laws and regulations pertaining to employee benefits so we can keep our clients informed. We perform compliance reviews, write and amend plan documents, and provide extensive guidance to help our clients ensure their benefit plans are consistent with current regulations.
A few of the areas in compliance we monitor include:
- Patient Protection and Affordable Care Act
- Medicare Part D
- Health and Human Services Issues
- IRS Regulations
- COBRA Laws
- Department of Labor Issues
- Section 125 Plans - HRA/HSA/Flex
The Employee Retirement Income Security Act (ERISA) requires plan administrators -- the people who run plans -- to give plan participants in writing the most important facts they need to know about their health benefit plans including plan rules, financial information, and documents on the operation and management of the plan.
One of the most important documents participants are entitled to receive automatically when becoming a participant of a health benefit plan or a beneficiary receiving benefits under such a plan, is a summary of the plan, called the Summary Plan Description or SPD. The plan administrator is legally obligated to provide the SPD to participants, free of charge. The Summary Plan Description is an important document that tells participants what the plan provides and how it operates. It provides information on when an employee can begin to participate in the plan, how service and benefits are calculated, when benefits become vested, when and in what form benefits are paid, and how to file a claim for benefits.
Our documents address, eligibility requirements, effective dates, medical benefits, dental benefits, vision benefits, short term disability benefits, excluded benefits, termination of benefits, extension of benefits, COBRA Continuation, Subrogation, and general plan information.
Our staff of experienced professionals has expertise in the area of plan document writing and benefit plan design analysis. We use a team approach during the benefit plan design process, which includes input from the Plan Sponsor, the agent, the stop loss carrier and Auxiant.
Each Plan Sponsor is able to set up benefits to best suit their needs. We dedicate a significant amount of time up front to discuss plan design issues, new industry changes, regulatory requirements, and language options,, resulting in the best plan for the Plan Sponsor.