We’ll help you understand.
ERISA, HIPAA, COBRA and ACA compliance involves a complex set of laws that are jointly enforced by the Department of Labor and the Internal Revenue Service. At Byham’s Insurance Services, we find during our consultations that most employer plans are not prepared for audits, because they lack proper planning and understanding of the goals and importance of compliance. Byham’s Insurance Services can help you develop and administer plans that comply with all guidelines and regulations, local, state, and federal.
Mitigate the risk of non-compliance.
The costs of non-compliance can be staggering. When employers fail to provide plan documents, such as Summary Plan Descriptions, it can result in thousands of dollars in fines that accumulate daily – some can even carry jail terms! Failure to supply information about COBRA can result in fines and parties who sue are typically awarded attorney’s fees and interest in cases they win. And the failure to comply with HIPAA regulations can result in a whopping maximum penalty of $1.5 million – per violation! With so many standards for HIPAA compliance, the potential for errors and subsequent penalties can completely devastate businesses.
We take charge.
Byham’s Insurance Services can help you manage compliance issues by taking over the process and making sure the proper communications, forms, and record-keeping obligations are met. As part of our compliance services to our clients, Byham’s Insurance Services:
- Provides you with the required notices for Medicare Part D for your employees.
- Issues the Healthcare Reform notices that you are required to provide under Patient Protection and Affordable Care Act and Public Health Service Act mandates.
- Prepares your Summary of Materials Modification (SMM) and Summary Annual Report (SAR) if they are required.
- Facilitates your maintenance of all the required records for the mandated amount of time for compliance.
- Provides instruction and guidance to you regarding your required on-site record keeping.
- Completes all your required forms accurately and punctually.
- Prepares your required Plan Document and the Summary Plan Description so you can keep your employees informed.
- Provides your guidelines for disclosure of required information to your employees.
- Prepares and completes all applicable forms and schedules
- Obtains the necessary information from your insurance carriers to prepare your required forms and filings.
Contact Byham’s Insurance Services today for a no-obligation consultation, and let us make your compliance worries disappear.