A Texas benefit consultant at BenefitCorp recently created an employee benefits compliance checklist for 2020.
Dallas, Texas (powerhomebiz) March 20, 2020 – A Texas benefit consultant at BenefitCorp recently created an employee benefits compliance checklist for 2020. As these regulations change frequently, it’s important to stay up to date on the latest changes in order to remain compliant and avoid paying penalties.
Large companies will need to take note of several changes. They must offer minimum essential coverage that is affordable and meets minimum value requirements for their full-time employees. Coverage must be offered to at least 95% of employees and their dependents. New regulations on how to determine whether your company must follow this rule have been released to assist you. Various new government regulations, including the withdrawal of a prescription drug rebate plan, may also affect the amount your company will need to pay to ensure adequate coverage. Failing to comply with regulations requiring minimum essential coverage carries steep penalties. Monthly fines for 2020 have not yet been announced, though they typically increase based on the number of employees at your company. It is therefore particularly important for larger companies to keep their employee benefits up to date each year.
All employers must report the cost of employer-provided health benefits to employees, including medical, dental, and vision coverage, and larger companies must give an additional annual report to the IRS. Carefully review your health plan coverage, the cost to employees, the type of services covered, and other important healthcare information to ensure compliance with the latest regulations. Not only will this help you avoid paying heavy fines, but it will also create a healthier workforce and more satisfied employees in the workplace. This allows you to attract and retain high performing employees while effectively managing your funds and providing your company with the resources it needs to continue growing.
Speak with the compliance specialists at BenefitCorp for more information about employee benefits compliance. The firm’s experienced consultants provide comprehensive solutions through PEO, insurance, and retirement plan consulting designed to meet your organization’s specific needs. BenefitCorp can be contacted online at https://benefitcorp.com or by phone at 972-737-7875. Its headquarters are located at 12655 N. Central Expressway, Suite 810, Dallas, Texas 75243.