Is your Small Group Compliant?

The need for Georgia businesses to comply with government regulations concerning employee benefits is a reality. Failure to comply can cost your company a lot of money. Georgia Health Insurance, Inc. will ensure that you have the tools you need to stay compliant with ERISA and ACA requirements.

ERISA WRAP SPD Plan Document

If you offer group health insurance or other benefits then you must provide a WRAP, “Summary Plan Description” Plan Document (Wrap Doc). This document must disclose certain things about your plan. It is the responsibility of your business, not the insurance company, to provide this document. This Wrap SPD document is not the same as the Summary of Benefits Coverage or SBC that the insurance company provides. When the Department of Labor comes knocking, they are not going to hold the insurance company, your broker or anyone else accountable for not having the required documents. The company is the one who is responsible for providing these documents to their employees.

Warning: If you do not create and supply this document to your employees within 120 days of the plan effective date, you can face fines of $110 a day per employee.
Not having the Wrap Doc can also trigger an audit by the Department of Labor.

Question: “But how will the Department of Labor know if I am providing these documents on not?”

Answer: Most likely? They will never know one way or the other. We are currently in a environment of passive regulation. The DOL is not beating down peoples doors to audit them for WRAP DOCS and other required paperwork. HOWEVER if a employee ever complains to the DOL about your company not following the regulations they WILL come and ask to see your documents. The current DOL enforcement is REACTIVE instead of PROACTIVE. Although this is the case, the reality is that it could change at any time…especially if we have administration changes on the federal level.

Why risk it? Getting Georgia Health Insurance to create this document for you is hassle free and cheap!

Source: https://www.dol.gov/general/topic/health-plans/planinformation

Section 125 Premium Only Plan (POP)

Did you know that your employee’s contributions can be taken out of their paychecks pre-tax? This saves employees millions of dollars every year! The Premium Only Plan (POP plan) is a simple document that an employer is required to create and maintain on file in order to pre-tax employee insurance premiums. Failure to have this document on file while taking pre-tax premiums is a violation of tax law.
Now for the good news…

Georgia Health Insurance will create and maintain your WRAP DOC and POP Plan!

Call or email us today to take advantage of this opportunity to protect your business!
Click here to schedule an appointment with Daniel Potter.

Learn More: https://ga-health-insurance.com/Group-Insurance/