By Angel Hower, Security & Compliance Officer
Major changes are coming our way, from Dependent Age Increases to W-2 Reporting to Annual/Lifetime Limit regulations. Employers need to be aware of the changes they will be required to make to accommodate the Health Care Reform package.
Staying on top of the new regulations is going to be a challenge for employers. Working closely with carriers, third party administrators and other benefits partners will help to ensure employers remain in regulatory compliance.
Where to start:
- Work with your carrier to determine if they allow dependents to remain on your company’s plan up to age 26 even prior to the required deadline (for plan years that begin after 9/23/10).
- Determine if your plan is considered a “Grandfathered Plan”. There are several items that do not immediately pertain to “Grandfathered Plans”. Also, to retain Grandfathered status certain criteria must be met, be sure you are aware of those requirements.
- Make sure that your plan is updated to comply with the requirements that will be required for the new plan year. This includes no pre-existing condition exclusions for children under 18, no annual or lifetime limits and no rescissions.
Businessolver is working diligently stay on top of the regulations and keep our clients informed.
