A good, well-rounded benefits package is one of your strongest assets for employee retention and recruitment. But it also means there is some upkeep and organization requirements at the start of the year.
Here are some quick tips for keeping your company’s health care organized in 2020:
Provide a Summary of Benefits and Coverage
If your company recently renewed your health care plan or moved to a new plan effective January 1, 2020, make sure you distribute a Summary of Benefits and Coverage (SBC) to all employees on the plan. This document from the insurer provides a detailed breakdown of the company’s medical plan. We recommend keeping a list of those employees who received this documentation or keeping read receipts and confirmations if you send the documents via email.
Many companies also meet with their employees to briefly run through the plan and any items that may be changing moving forward. Be sure to keep a sign-in sheet for the presentation as a reference.
Have Your Employees Fill Out a Benefits Election Form
A benefits election form lists the health care benefits being offered to your employees. Employees then sign off on whether they are electing or declining the coverage offered to them. This form is helpful to employers as a reference should the employees have questions about the benefits that they elected. The best part? We can put it together for you.
Because these forms are completed by employees, it’s good to communicate any changes to your payroll company since it could change your employees’ payroll deduction.
Stay Abreast of All Compliance Deadlines
There are a number of compliance deadlines that you need to keep track of throughout the year. For example, did you know you have 30 days from your renewal effective date to make changes to your plan, like taking employees off the plan, adding employees to the plan, etc.? If you miss that window, you will need to wait until the next open enrollment period. Speak with your ARC Client Relations Advisor to find out what compliance deadlines you should be aware of throughout the year.
At ARC Benefit Solutions, our team can help you develop a system that works well for you and your company. We want you to have everything you need so you feel organized and on top of your benefits for 2020 and beyond. Contact us today with any questions you may have.