Employee Benefits Compliance
Whether large or small, self-funded or fully insured, all private sector employers that sponsor health and welfare plans have obligations under Health Care Reform, Federal Mandates, and ERISA (Employee Retirement Income Security Act). Many employers are unaware of these obligations and are surprised to learn of their liability for penalties and judgments when these obligations are not met.
The VISICOR compliance solution is implemented in a three step process:
Step 1 – Health Care Reform Compliance and Risk Analysis
Starting January 1, 2015, employers will be exposed to the PPACA Employer Pay or Play Mandate. Upon completion of this custom report, you will have the answers to the following questions:
- What financial impact will Health Care Reform have on your organization?
- Does your current plan(s) meet the affordability and value standards?
- What are the organizational costs of offering vs. not offering coverage in 2015 and beyond?
- How does the decision to not expand Medicaid Eligibility in Texas create potential liabilities for your organization?
- What needs to be done between now and 2015 to limit your financial and compliance liabilities?
With these answers, you can start preparing for the future.
Step 2 – Compliance Dashboard Setup and Implementation
As a VISICOR client, all of your compliance obligations will be managed through a unique platform we call Compliance Dashboard. Compliance Dashboard is a customized web based tool that helps our clients understand their compliance obligations by giving them the information they need, when they need it. What’s more, it helps employers fulfill their compliance duties through an interactive email and follow-up system that monitors the progress of each compliance activity. A full reporting feature including a detailed audit trail is included for further protection. All of this is provided as a value added service for our clients and demonstrates our commitment to keep you and your organization in compliance in all critical areas. This compliance solution addresses all requirements within ERISA (including Cobra Administration), Federal Mandates, and Health Care Reform.
Step 3 – Compliance Administration
We know most Human Resources departments have a full plate of daily activities and although maintaining compliance is a top priority, finding the time to stay on top of the regulations, verify completion, and track the activities is extremely difficult. As a VISICOR client, we are not only going to get you setup with our custom Compliance Dashboard but we are going to be the administrator for you. We are going to shoulder the burden of Benefits Compliance and help you eliminate exposure and avoid non-compliance liability.