Employers all around the nation must ensure they are aware of the wide array of federal compliance topics regarding healthcare and health benefits plans. As you can imagine, the complex landscape of federal healthcare legislation, regulation, and reform far outweigh the in-house capacity of most human resources teams or departments. The good news is that by working with LHD, your company gains a strong competitive advantage because our account teams keep track of everything for you. We are always ahead of the curve on federal regulatory compliance topics and provide all the compliance support for your company’s health plan you’ll ever need.
Federal Regulation Compliance for Employer Health Plans
You’ve no doubt heard the catchphrase change happens. In the fast-paced world of the twenty-first century, the pace of change continues to accelerate. By the time you digest and deal with one important healthcare or health benefits federal regulation compliance topic, three more have sprung up to take its place. That is something that is not going to change anytime soon— the constant shift of compliance topics in the healthcare insurance industry. There’s no way for small, medium, or even large employers to stay on top of it all with in-house resources. You don’t have to, instead, take advantage of LHD’s compliance service to ensure your company’s health plans are always compliant with all applicable federal regulations.
The LHD Blog and Compliance Topics
We recommend you at least stay aware of what’s happening in compliance so that you’re not blindsided by big changes when they occur. If you go to the LHD website and click on the link to our blog page, you’ll notice you can filter the entries by several different categories, one of which is compliance. In any given year, you’ll find anywhere from 40–50+ individual blog posts with deep dives into specific compliance topics as well as compliance recaps that give a big-picture overview of recent compliance topics, issues, and information you should know about. It’s a great resource we offer for anyone who wants to learn about what’s happening on the compliance front. Here’s one of our most recent topics:
HSA/HDHP Limits Increase for 2023: On April 29, 2022, the IRS released Revenue Procedure 2022-24 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2023. The IRS is required to publish these limits by June 1 of each year.
Each brief article like the one above summarizes the most important details of the policy changes. These also include an Action Steps section to summarize exactly what employers should do in response to the compliance topic. The above article included the following:
Action Steps: Employers that sponsor HDHPs should review their plan’s cost-sharing limits (minimum deductibles and maximum out-of-pocket expense limit) when preparing for the plan year beginning in 2023. Also, employers that allow employees to make pre-tax HSA contributions should update their plan communications for the increased contribution limits. Businesses wanting a more in-depth treatment of different compliance topics can filter our blog page to see the kinds of webinar presentations we have each month. Attending these webinars does require paying a registration fee, but many have found them to be a timely, relevant resource they come to rely on. Below is a sampling of recent webinar topics:
● HIPAA Privacy & Security | What Employers Need to Know
● Getting a Handle on Health & Welfare Plan Nondiscrimination Testing
● Employee Benefits Administration During Leave of Absence
● 2022 Compliance Hot Topics: What You Need to Know
● Preparing for a Department of Labor Audit in 2022
Our webinars are almost always submitted to the Human Resource Certification Institute and the Society for Human Resource Management and count as one recertification hour, which is useful for any HR staff who maintains either one of those certifications. After they have taken place, the recording of each webinar and its slides are both made freely available through our blog page.
LHD: Achieving High Performing Health Benefit Plans for Every Client
Health plan regulatory compliance at the state isn’t something that should keep you up at night, and it won’t if you’ve got LHD in your corner. We keep up with all the ever-changing federal regulatory compliance topics that appear on a constant basis. The LHD compliance service is just one of a whole host of services that make us a preferred one-stop shop for employer health plans. Whatever your industry or size, if you’re ready to achieve strategic, effective, high-performing health benefits plans that treat employees right without decimating your bottom line, LHD can help.
It’s always worth remembering you should view your company’s health benefits plan as an investment into the well-being of your workforce. Healthier employees miss less work, are more productive, and have higher morale and loyalty when they see their employer is willing to invest in their health. This leads to higher retention and less turnover. Those all have real-world positive impacts on your bottom line, which means you’ll earn a healthy return on investment for improving workforce wellbeing. Meanwhile, we also have the knowledge and experience to find ways of containing costs as much as possible, which is important given the relentless upward march of healthcare costs.
If it’s time for your business to get serious about being strategic when it comes to health benefit plans, LHD is ready to assist you. Get in touch through the Contact page of our website, by telephone at 371.751.7049, or by email at firstname.lastname@example.org.