Employers and their human resource departments have a lot to deal with when it comes to providing employees with benefits, which is why it seems that documenting plans for the government may seem to be the least of their worries. However, both existing laws and new additions to insurance codes have made it more important than ever to ensure that organizations are following the proper protocols.
For example, the federal government imposes a fine of $1,100 every day for each plan that goes unreported to the proper agencies. Therefore, a company that offers health, dental and vision plans to employees would be charged $49,500 for each worker if the proper documents were only 15 days late. This is a cost that most companies simply cannot afford.
Fortunately, employee benefit specialists can help to make sure that all the right forms and reports have been filed. In addition to a wealth of experience that makes them well-qualified to help select and organize affordable and valuable employee benefits, these consultants know which papers are crucial, where they need to be sent and, perhaps most importantly, they can take responsibility for furnishing them to the appropriate government agencies.
