Making Benefits Compliance Easier During Renewal
Benefits renewal comes with plenty of decisions for employers, from reviewing plan offerings to preparing for the year ahead. Compliance is another important part of that process, but understanding which requirements apply isn’t always straightforward.
That’s why Ameriflex is making it easier for employers to identify potential compliance needs as part of the renewal experience.
Bringing Compliance Into the Renewal Process
Rather than treating compliance as a completely separate conversation, Ameriflex incorporates compliance solutions into the sales process for both new and renewing groups.
During renewal, clients will answer three questions designed to help determine whether certain compliance services may be required for their organization. When applicable, those services will be available for purchase directly during the renewal process.
This gives employers an opportunity to identify potential needs while they’re already reviewing their benefits and helps brokers prepare their clients for compliance conversations ahead of time.
What Compliance Services Are Available?
Depending on an employer’s needs, available services may include:
ERISA Wrap & SPD Documents
Employers subject to ERISA have specific requirements around documenting and communicating their health and welfare benefits. ERISA Wrap and Summary Plan Description (SPD) documents can help bring information from multiple benefit plans together into formal documentation that helps employers meet these responsibilities.
Federal Notices
Employers may also be responsible for distributing a variety of required notices related to their employee benefits. Ameriflex’s Federal Notices solution helps employers address notices covering requirements such as COBRA, HIPAA, FMLA, USERRA, GINA, and more.
What Happens After Renewal?
For clients who purchase compliance services, the next steps are built into the process.
After completing their Flex or COBRA renewal and compliance survey, clients purchasing a compliance service will complete the applicable intake forms and provide payment. Once the necessary information has been submitted, the Ameriflex Operations team will prepare draft documents for review before finalizing and delivering the completed materials.
The goal is to create a clearer path from identifying a potential compliance need to getting the appropriate documentation in place.
Prepare for Your Ameriflex Renewal
Knowing what to expect before renewal begins can make the process easier.
Plan administrators can visit the Ameriflex Help Center for additional guidance, including:
- Your Ameriflex Renewal Journey: Overview for a look at the overall renewal experience.
- How to Process a Flex Renewal: Start to Finish for step-by-step guidance through the Flex renewal process.
Employers can also explore Ameriflex’s compliance resources, including the SPD Wrap Ultimate Guide, Compliance Checklist, Wrap Document 101, and Compliance Services Ultimate Guide, for more information about common benefits compliance responsibilities.
By bringing benefits administration and compliance resources closer together, Ameriflex is helping employers better understand what may be required and take the next step as part of their existing renewal experience. Still have questions? Contact us today.