Assessments for Your Wellness Plan
New regulations have come into play when it comes to creating a wellness plan for your employees. That means your old wellness plan may no longer be up-to-date. To ensure you are providing your employees with everything required by the law, EB Compliance Strategies is here to provide you with wellness plan assessments.
The wellness plan assessments we offer are designed to help you get a complete understanding of your current wellness plan, including showing you areas that need to be updated to become compliant. Our compliance strategy consulting firm provides you with experienced specialists ready to help you get the results you are after.
Regulation Updates to Wellness Plans
Effective on January 1, 2014, the Affordable Care Act (ACA) changed the rules regarding nondiscriminatory wellness plan incentives. These new rules state that if the wellness reward was greater than the maximum permitted for a health-contingent program and no alternatives were offered, then you could end up being fined. These rules also state that if your wellness plan fails to meet any of the other requirements of special exception to HIPAA’s nondiscrimination rules, your penalties could be:
- IRS Code - Excise Taxes of $100/Day for Each Individual to whom the Failure Relates
- ERISA – Department of Labor Civil Enforcement
- PHSA - Penalties of up to $100/Day for Each Affected Individual
Getting Your Wellness Plan Properly Assessed
With so many potential liabilities to your wellness system, including issues with COBRA, ADA, GINA, Section 125, and tax treatment or penalties, it is more important than ever before to have your wellness plan assessed by our consultants. We are familiar with all of the HIPAA nondiscrimination requirements for wellness plans under the Affordable Care Act and can ensure that you are meeting everything required to stay in regulation.
There are a number of different types of wellness plans we are able to assess for you. Speak to one of our compliance strategy specialists to receive your wellness plan assessment for:
- Participatory Wellness Programs
- Health-Contingent Wellness Programs (Includes: Activity Only Wellness Plans, Contingent/Outcome Based Wellness Programs, & Five Requirements of Health-Contingent Programs
- Federal Income Tax Treatment of Certain Wellness Rewards
- COBRA Compliance & Administration Issues
- Section 125 Compliance Issues
- Genetic Information Nondiscrimination Act (GINA)
- Wellness Participant Disclosure Requirements (If Needed)
- Wellness Plan Document & SPD Review
- Review of Participant Communication Material
Contact us to begin an assessment on your wellness policy. Our consulting firm is ready to assist clients located in the Grand Rapids area as well as throughout the entire state of Michigan.
