When to Put the Cart Before the Horse
The stakes are high, details limited, and we’ve been tackling healthcare reform issues early
Healthcare reform is in full swing, with two years to go until the heftiest of legislation is enforced. Many organizations have opted to wait for the outcome of this year’s election. Not Businessolver. We know the stakes are high for our clients, and have stayed ahead of the curve implementing the latest requirements.
Businessolver has been working for more than a year on W-2 and Summary of Benefits and Coverage reporting to make sure we deliver more than what’s required and exceed our clients’ expectations. We strongly believe that part of our mission as a benefits administration partner is to help our clients navigate the often confusing requirements of the PPACA. Businessolver provides these enhancements as a value-add to our clients:
W-2 Reporting. Under this provision, employers must report the value of employer-sponsored health coverage on employee W-2 forms. Businessolver created a cumulative monthly report that aggregates this information. We have included dental and vision coverages in the W-2 reporting, even though it is not required. If our clients don’t want to include dental and vision in their reporting, they can filter them out.
SBC. Employers are required to provide participants a HHS-approved Summary of Benefits and Coverage (SBC) explanation. We could have taken the easy route and simply posted our clients’ SBCs on our site. While we have posted the documents, we’ve also incorporated SBC information as part of the decision support tools the employee uses while enrolling. This creates a more meaningful experience and helps them make more educated choices. We have also included the required glossary of terms into the documents themselves, rather than as a separate attachment, making it easier for users to understand complex terminology.
Businessolver is already at work implementing changes required in 2013 and 2014.
- Exchange Notification, which requires the employer to provide employees written notice informing them of the existence of an exchange and the employee’s eligibility for exchanges.
- Automatic Enrollment, where large employers will be required to automatically enroll employees in a plan.
- Coverage of Part-Time Employees, which requires employers to offer affordable coverage to employees who work more than 30 hours a week.
What are you doing to stay ahead of new requirements? If you’re looking for a partner that is focused on working with you to develop technological solutions and service to support it, then contact Businessolver today.