What it means to have employees has become increasingly complex since the PPACA was enacted. As portions of the law have slowly come into effect, employers can be left unaware of the regulations that now apply to them. To help our clients manage the new employee health benefits requirements, The Wharton Insurance & Financial Services Team has partnered with BenefitNext, a company dedicated to making ACA compliance easier.
“BenefitNext offers powerful tools that allow us to help our clients make informed decisions about employee health benefits,” said Scott Wharton, WIFS President & Founder. “We are able to guide them through the implications of their options with hard numbers, evaluating the costs of offering a plan, moving their employees to the community-rated marketplace, calculating subsidies, proposing cost sharing reductions, and uncovering penalties.”
These tools have become even more necessary as the cost of ACA non-compliance has risen. Click here to read more about how the ACA penalties are assessed. Through BenefitNext, the WIFS Team can easily determine an employer’s compliance with 27 federal rules and regulations, uncovering any exposures.
Our partnership with BenefitNext also allows us to:
- Create a real-time picture of our client’s employee base, providing an accurate assessment of the costs and tax implications of employee health coverage – for both the employer and the employee.
- Assist employees in choosing an appropriate ACA marketplace plan if an employer-based group health plan is no longer available.
- Evaluate subsidy and cost-sharing eligibility as well as Medicare eligibility, discover available insurance plans, determine affordability of an employer-based plan, and estimate employer and individual penalties if no plan is selected.
- Provide accurate and cost-effective HR compliance services, including filing for Welfare Plans, Summary Plan Descriptions, and Non-Discrimination Testing.
Now is the time to be evaluating your employee health benefits for 2016, and the WIFS Team can help. Send us an email or give us a call to make an appointment.
