How SimplyHRA Ensures Compliance with Healthcare Regulations

Navigating the maze of healthcare regulations can be a headache for small businesses. From HIPAA to the Affordable Care Act (ACA), keeping up with ever-changing rules is no small feat. The stakes are high—non-compliance can lead to hefty fines and legal troubles. That’s where SimplyHRA comes in. We handle the compliance details so you can focus on growing your business. But how exactly do we ensure you stay on the right side of the law? Let’s dive in.

Why Compliance Matters for Small Businesses

Staying compliant isn’t just about avoiding fines—it’s about safeguarding your employees’ well-being and your company’s reputation. Non-compliance can lead to:

• Hefty Penalties: The IRS can impose fines of up to $100 per day per affected individual for ACA non-compliance.
• Legal Liabilities: Employees could sue for benefits mismanagement, leading to costly legal battles.
• Employee Dissatisfaction: Compliance ensures employees receive their entitled benefits, boosting morale and retention.

SimplyHRA understands these stakes and takes a proactive approach to keep your business compliant and your employees happy.

How SimplyHRA Ensures Compliance

ACA Compliance Made Simple

The Affordable Care Act (ACA) sets strict rules for employer-sponsored health benefits, including ICHRAs. Non-compliance can result in significant penalties. Here’s how SimplyHRA makes ACA compliance a breeze:

• Automatic Affordability Checks: We calculate employee affordability automatically, ensuring your ICHRA meets ACA guidelines.
• IRS Reporting: SimplyHRA handles the required IRS Forms 1094-C and 1095-C, so you don’t have to worry about paperwork.
• Eligibility Tracking: We keep track of employee eligibility and status changes, reducing administrative burden.

This automated approach minimizes human error and keeps your business compliant without the headache.

HIPAA Compliance for Data Security

Handling employee health information requires strict adherence to the Health Insurance Portability and Accountability Act (HIPAA). SimplyHRA safeguards your data by:

• Secure Data Storage: All employee health information is encrypted and stored securely, protecting against breaches.
• Restricted Access: Only authorized personnel have access to sensitive information, reducing the risk of data leaks.
• Employee Training: Our team is trained in HIPAA compliance, ensuring data is handled responsibly and securely.

These security measures not only keep your business compliant but also protect employee privacy.

ERISA Compliance and Plan Documentation

The Employee Retirement Income Security Act (ERISA) requires that health reimbursement arrangements have proper plan documents and disclosures. SimplyHRA ensures compliance by:

• Custom Plan Documents: We provide legally compliant plan documents tailored to your business.
• Summary Plan Descriptions (SPDs): Employees receive easy-to-understand SPDs, fulfilling ERISA disclosure requirements.
• Ongoing Updates: Our team keeps your documents up-to-date with the latest legal changes, ensuring continuous compliance.

This thorough documentation process minimizes legal risks and keeps your ICHRA in line with ERISA rules.

COBRA Administration Made Easy

If your business has 20 or more employees, you’re required to offer COBRA continuation coverage. SimplyHRA simplifies this by:

• Automated Notifications: Employees receive timely COBRA notifications when they qualify for continuation coverage.
• Premium Collection: We manage premium payments directly from employees, reducing administrative hassle.
• Compliance Tracking: Our system tracks eligibility and deadlines, ensuring compliance with federal COBRA rules.

This streamlined process keeps your business compliant while maintaining positive employee relations.

Staying Ahead with Regulatory Updates

Healthcare regulations are constantly changing, and staying informed can be overwhelming. SimplyHRA keeps you ahead by:

• Real-Time Alerts: We monitor regulatory changes and update our platform to reflect new laws.
• Expert Guidance: Our compliance experts are available to answer questions and guide you through complex regulations.
• Continuous Education: We provide educational resources to keep you and your team informed about compliance requirements.

This proactive approach helps you avoid compliance pitfalls before they become costly issues.

Why SimplyHRA Is Your Compliance Partner

Navigating healthcare regulations can be complex, but it doesn’t have to be. SimplyHRA takes the burden off your shoulders by:

• Automating Compliance Checks: Our software automatically checks for ACA affordability, HIPAA security, ERISA documentation, and COBRA eligibility.
• Expert Support: Our compliance team stays updated on regulatory changes so you don’t have to.
• Cost-Effective Solutions: No need for expensive legal teams—SimplyHRA keeps you compliant without breaking the bank.

With SimplyHRA, you can confidently offer ICHRA benefits while staying fully compliant with federal and state regulations.

Ready to Simplify Compliance?

Compliance doesn’t have to be complicated. SimplyHRA makes it easy for small businesses to offer flexible, affordable health benefits without the legal headaches. From ACA affordability checks to HIPAA security and COBRA administration, we’ve got you covered.

Want to learn more about how SimplyHRA can keep your business compliant? Schedule a demo or sign up for an employer account today!

SimplyHRA—making health benefits simple, affordable, and 100% compliant.

Frequently Asked Questions (FAQs) about SimplyHRA Compliance with Healthcare Regulations:

Q: Does SimplyHRA provide guidance on compliance with the Affordable Care Act (ACA)?

A: Yes, SimplyHRA offers comprehensive support to ensure compliance with the ACA, including tracking employee eligibility, generating required IRS forms like 1095-C, and staying updated on changes in ACA regulations. Our platform makes it easy to manage ACA requirements without additional administrative burden.

Q: How does SimplyHRA help with non-discrimination testing for HRAs?

A: SimplyHRA automatically performs non-discrimination testing to ensure that your HRA benefits are offered fairly to all eligible employees, regardless of income level or position. This helps avoid legal issues and maintains compliance with IRS rules.

Q: Can SimplyHRA accommodate changes in employee status, like part-time to full-time transitions?

A: Absolutely. SimplyHRA’s platform automatically adjusts benefit eligibility and compliance requirements based on changes in employee status, such as moving from part-time to full-time, ensuring continued regulatory compliance.

Q: How does SimplyHRA handle COBRA compliance for HRAs?

A: SimplyHRA integrates COBRA compliance by tracking qualifying events, calculating premium payments, and managing notifications to ensure compliance with federal COBRA regulations for former employees.

Q: Is SimplyHRA compliant with ERISA requirements?

A: Yes, SimplyHRA is fully compliant with ERISA (Employee Retirement Income Security Act) requirements. Our platform ensures that all necessary plan documents, summary plan descriptions, and disclosures are provided to employees, keeping your business compliant with federal regulations.

Q: Does SimplyHRA provide state-specific compliance support?

A: Yes, SimplyHRA is tailored to meet state-specific healthcare regulations, ensuring compliance no matter where your employees are located. This includes state-mandated health benefits and reporting requirements.

Q: How frequently does SimplyHRA update its compliance features?

A: SimplyHRA continuously monitors federal and state regulatory changes. Our platform is updated in real-time to reflect new compliance requirements, ensuring your HRA plan remains up-to-date and compliant.

Q: What resources does SimplyHRA provide for staying informed about compliance?

A: SimplyHRA offers educational resources, including webinars, compliance guides, and personalized support from our compliance team, helping employers stay informed about the latest healthcare regulations.

Q: Can SimplyHRA integrate with other HR or payroll systems for better compliance management?

A: Yes, SimplyHRA integrates seamlessly with popular HR and payroll systems, ensuring accurate data synchronization and streamlined compliance reporting. This reduces manual data entry errors and simplifies regulatory audits.

Q: What happens if a compliance issue arises?

A: If a compliance issue is detected, SimplyHRA provides proactive alerts and guidance on corrective actions. Our support team is also available to assist in resolving compliance concerns efficiently.