As if healthcare reform wasn't enough for employers to concern themselves with in 2012 and beyond, the passing of this historic law has now awoken a sleeping giant, namely, the U.S. Government.
As of the beginning of 2012, HHS has started a HIPAA audit "pilot program," the DOL has revised its audit requirements applicable to health and welfare plans, and the IRS has issued new guidance for auditing compliance with COBRA.
HOW DOES THIS AFFECT YOU AS AN EMPLOYER?
The potential for health and welfare plan audits is now a far more realistic possibility. The government is looking to increase revenue and it is now relying on employers not complying with the laws applicable to health and welfare plans to do so. Because of the various excise taxes and penalties associated with non-compliance with these laws, it becomes essential that employers have their health and welfare plans reviewed by qualified professionals before the government comes knocking. The turnaround times to present requested materials to the government are generally short (usually 10 days), so reviewing your health and welfare plans to ensure compliance before an audit becomes essential to an employer's piece of mind and checkbook.
WHAT SHOULD I DO NEXT?
We ask that you review the guidance set forth below with your representative at Corporate Synergies and then make sure that your company has all of the documents and procedures in place to avoid penalties and taxes. The only way to prevent unnecessary liability is to prepare before it is too late.
Sample DOL Audit Letter:
If you have any additional questions regarding the information within this eCommunication, please call Corporate Synergies at 1.866.CSG.1719 or CLICK HERE to contact us today.
Corporate Synergies is pleased to provide regular updates on issues affecting group benefits insurance. As an insurance broker and consultant, Corporate Synergies is proactive in monitoring federal and state legislative and regulatory activity to ensure that you stay informed. Our customers call us their "Dedicated Advocates." We work on your behalf.