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Employers Feeling the Weight of PPACA Requirements

Employers Still Feeling the Weight of Affordable Care Act Communication Requirements 2013 HighRoads Compliance Survey While many employers measure the success of their efforts by year-over-year cost reduction, compliance teams appear to be getting larger and organizations continue to have a vague picture of the aggregate costs of writing, production, and distributing compliance documents. 2/3 1/3 Only two-thirds of respondents HAVE A FORMAL COMPLIANCE STRATEGY, of which 69% have a dedicated governance and/or Despite the risks associated, one- third of respondents HAVE NO FORMAL STRATEGY regarding compliance team, and 31% do not. compliance. BIGGEST CHALLENGES FACED IN PRODUCING COMPLIANCE MATERIALS 38% $4 31% RESOURCES MANAGING THE (time, staff, and budget) REVIEW PROCESS (getting reviewers to meet deadlines, reaching consensus on edits, etc.) as many from the previous year said WRITING CONTENT was 2x a challenge (having both benefits knowledge and writing skills) PRODUCING, UPDATING, AND DISTRIBUTING SBCS/SPDS WHO IS PRODUCING SBCS 56% 4% FOR SELF INSURED PLANS: Medical carrier and/or TPAS Consulting firm Creating in-house of respondents stated they USE THEIR SPDS AS A PLAN 36 DOCUMENT. 40 Not sure However, respondents The number of respondents who planned to have their carriers handle SBC production is far fewer than the previous year (36, down from 53%) *tthnot theam, and employers are uing plan documents aSPO thiss anareof conoem may be confusing this with the concept of a wrap plan document, which is a plan document that incorporates, or wraps around, one or more SPDS. 20% ONLY ABOUT A A plan document is typically written in very legal language as itis meant to serve as the "manua" for administering the plan. Conversely ERISA specifies that an SPD "be written in a manner calculated to be understood by the average plan participant" In cases where an SPD (but not plan document) exists, it can fall to the courts to determine whether the requirements of the plan document and SPD are met. In some cases, courts have ruled that plans are not in compliance, as a plan document cannot summarize itself in the same document. QUARTER (26%) of respondents update and distribute SPDS to their active employees every year. IN CONCLUSION •.• When asked what compliance issues keep them up at night, MORE THAN HALF cited the ACA (e.g, "Just keeping up with current and new amendments that may require communications and keeping the timelines straight"). Because of this, a whopping 85% of respondents are CONSIDERING MOVING INTO A PRIVATE EXCHANGE within the next five years. Source data: Infographic THE brought to you by: A "A.I.GR OUP 2013 HighRoads Compliance Survey AN EMPLOVEE BENEFITS COMPANY

Employers Feeling the Weight of PPACA Requirements

shared by cbiddle on Feb 21
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Infographic based on the 2013 HighRoads Compliance Survey.

Publisher

The A.I. Group

Designer

cbiddle

Category

Business
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