The benefits landscape is constantly evolving, and 2024 is no exception. As a broker or employer, staying on top of compliance regulations is crucial to avoid penalties, protect your business, and ensure your employees receive the best possible benefits experience. Here to guide you through the key compliance areas to watch in 2024:
Mental Health Parity: The Mental Health Parity and Addiction Equity Act (MHPAEA) is receiving increased scrutiny. Ensure your plans offer comparable coverage for mental health and substance use disorder benefits.
No Surprises Act (NSA): Understand the intricacies of the NSA, which aims to protect consumers from surprise medical bills. Ensure your plans and providers comply with its requirements.
Transparency in Coverage Rule: Be prepared to provide machine-readable files that detail plan costs and covered services, as mandated by this rule.
State-Specific Regulations: Stay informed about new or changing regulations in your state, as many states are enacting their own health care reforms.
There are also compliance areas that have been around but are often overlooked. Here is our recap of the top areas to be aware of:
COBRA Notices: Failing to provide timely and accurate COBRA notices to eligible employees and their dependents can result in costly penalties. Make sure you have a solid process in place for notifying terminated employees of their COBRA rights.
HIPAA Privacy and Security: Protecting employee health information isn't just about physical security; it's also about ensuring digital safeguards are in place. Review your data security measures and ensure compliance with HIPAA's Privacy and Security Rules.
Wellness Program Compliance: If your company offers wellness programs, be aware of specific rules under the Americans with Disabilities Act (ADA) and the Genetic Information Nondiscrimination Act (GINA). Ensure your program design and incentives don't inadvertently discriminate against employees.
PCORI Fees: Many employers forget about these annual Patient-Centered Outcomes Research Institute (PCORI) fees, required under the Affordable Care Act (ACA) for self-insured health plans. Ensure you're paying these fees on time to avoid penalties.
The world of benefits compliance can be daunting, but staying up to date can help keep your company prepared. Interested in learning more about how SAVVI can help improve your employee benefit experience? Click here to schedule a 15 minute chat now to discuss how SAVVI Financial might work for you. Or simply call us at 781-583-7017 or email us at sales@savvifi.com.