Hands reaching over a tablet on a table and holding a pen

Year-End Compliance Reminders for Employee Benefit Plans

12/14/2023 Written by: AP Employee Benefits

As HR teams prepare to close out the 2023 plan year, there are a few things employers need to keep in mind, specifically when it comes to maintaining a compliant benefits program.

  • Submitting the Gag Clause Attestation for your health plans. If you are utilizing a third-party-administrator (TPA), they may be completing this on your organization’s behalf. It is important to communicate and confirm final submission with them. The first submission is due by December 31, 2023 (attesting to compliance for 2021-2023).
  • Reviewing and amending any plan documents for discretionary changes made in 2023;
  • Ensuring that annual notices have been provided, including the Children’s Health Insurance Plan (CHIP) notice;
  • Conducting non-discrimination testing

As your team begins to prepare for 2024 compliance items, now is a great time to consider:

  • Conducting affordability testing
  • Revising and updating communications regarding benefit plan limits
  • Reviewing and automating benefits related to employee communications

For a more comprehensive year-end compliance checklist, click here. As always, your AssuredPartners Account Team is a great resource as your organization wraps up any outstanding 2023 compliance tasks.

Caregiver-conscious Benefits: An Interview with the Hazelden Betty Ford Foundation
Employee Benefits07/18/2024

An organization’s overall wellness program reaches not only their employees. It reaches an employee’s loved ones, including their spouses and their dependents. This is why it is essential to think...

Pharmacy's Role in Your Small Business Benefits Budget
Employee Benefits07/16/2024

Employers across the nation are trying to find new ways to contain the rising costs of prescription drugs. For many small businesses, employee benefits can be a key way to attract and retain top...

The Relationship Between Pharmacies and Reference-Based Pricing
Employee Benefits07/09/2024

Pharmacies-and-Reference-Based-Pricing Health care costs continue to rise, a longtime trend that pushes organizations to lower expenses at every opportunity, though confronting the affordability...