August 22, 2014
One of the most common complaints we hear about the new healthcare reform laws, is the massive influx of human resource documents that businesses are now required to provide. Aside from knowing which ones are needed and filling them out properly, the mere act of finding the most current and legally-verified versions of these forms and documents can be a real challenge.
Here are a few things to keep in mind when understanding and preparing HR-related documentation under the Affordable Care Act.
New HR Documents are Constantly Being Updated
You don’t need us to remind you that the Affordable Care Act has been a constantly-evolving work in progress. As a result many of the forms and documents which businesses are required to provide, go through their fair share of changes and updates. Submitting a form that is not current could technically be regarded a type of non-compliance, only adding to the already endless supply of HR-inspired headaches. Making sure that you have access to the most current healthcare reform documents is imperative under the new system.
Many Documents May be Brand New to Your Company
If you're getting all of your information on healthcare reform from the evening news, you might not be as up-to-date as you think. Many of the less sensational topics rarely find their way into the headlines, and let's be honest, talking about healthcare-related HR documents is something that most newscasts aren’t going to jump on. Under the best case scenario, your agent will be bringing these to your attention on a regular basis. If they are not, then it ultimately falls to you to make sure that you're aware of documents like SPD wraps, Pay or Play forms, reporting statements and various others.
Work with a Broker Who Understands the New Laws
If you and your health insurance broker are not having at least once-monthly discussions about how new healthcare reform HR document requirements will affect your business, it's time to reevaluate your relationship. The role of the health insurance agent has changed significantly over the past year, and today it is far more centered on keeping clients up to date on what is demanded of them under the new system.
Here at Premier Financial Insurance, for example, we have greatly changed our business model to help our clients properly address the many HR changes that are taking place under the Affordable Care Act. This includes providing free access to legally-verified HR documents, healthcare reform updates, compliance checklists, benchmark reviews and many other complementary HR support services.
If you're confused on what is expected of your company regarding group plan renewal or open enrollment, and would like to speak with a highly knowledgeable agent for free, we invite you to contact Premier at your convenience.