The two time-sensitive issues that top the list of employers’ mind this month are healthcare reform insurance rebates and Department of Labor retirement plan fee disclosure requirements. The employers must follow the new laws that govern their responsibilities to the employees on complex issues. CliftonLarsonAllen LL has released the whitepaper namely Medical Loss Ratio Rebates on health care reform insurance rebates. The nation’s top 10 certified public accounting and consulting firms, CLA also uses its exclusive health insurance and penalty calculator and other resources to serve more than 2,300 employees with benefit plans and more than 4,800 healthcare clients nationwide.
Health insurer rebates
Some employers have already received rebates from insurers under new Patient Protection and Affordable Care Act requirements. The rebates satisfy a medical loss ratio standard that requires insurance companies in the individual and small group health insurance markets to spend atleast 80% of premium dollars on medical care and quality improvement. Employers who sponsor group health plans and receive MLR rebates should comply with DOL and Employee Retirement Security Act regulations in handling rebates.
DOL fee disclosures
In 2011, the DOL issued a new fee disclosure regulations designed to help the employees make informed decisions about their retirement plan accounts. Under ERISA, plan sponsors are required to receive the fee disclosures from their plan providers by July 1, 2012 and disclose the expenses and fees deducted from plan participants, accounts by August 30, 2012. The plan sponsors also have the responsibility to determine whether the plan fees are reasonable and the investment choices are in the best interest of employee plan participants.
CliftonLarsonAllen is a certified public accounting and consulting companies. It has been structured to provide clients with highly specialized industry insight. The company delivers its audit, accounting, tax, consulting and advisory capabilities from industry-specific perspectives.