Open insurance enrollment season is just around the corner. During open enrollment, employees on your health plan can change their plan, add or remove family members, and make other necessary changes to their insurance. To successfully handle open enrollment, businesses must meet certain compliance requirements. Here’s where to begin planning your open enrollment season for the coming year.
Compliance Issues During Open Enrollment
Compliance issues to consider during your open enrollment period include:
- Plan limits. Ensure that plans include the minimum required coverage under the Affordable Care Act.
- HSA and FSA contributions. The total tax-free contribution amount for an HSA or FSA increases each year. Make sure both you and your employees know what the new limits are for 2024 if these plans are part of your coverage.
- Required notices. Employees must receive several notices of their legal rights as part of plan coverage. Make sure these notices are up0to-date and easily accessible.
- Affordability standards. Companies whose plans do not meet the ACA’s affordability, minimum-value standards may risk paying a penalty. Ensure your plan meets current requirements.
Changes in 2024’s Open Insurance Enrollment Process
Some changes, such as the contribution limits for HSAs, occur every year. Other changes occur periodically or sporadically as the result of government action or court decisions.
Plan designs can also change. Employers must communicate changes in plan designs to their employees during the open enrollment process. Make sure you communicate these to every employee, whether or not the employee has indicated that they intend to enroll, leave, or change plans.
Currently, the ACA’s affordability percentage numbers have not been released. Since this marks one of the biggest changes to consider during open enrollment, it’s important to closely monitor developments in this area. Once numbers are released, confirm that at least one plan offered to your full-time workers meets the affordability standard.
Checking Your Compliance: A Quick-Start Guide
Areas to review in your health insurance offerings include:
- ACA Affordability Standards
- HSA contribution limits
- Out-of-pocket maximum limits
- Preventative care benefits
- Coverage for COVID-19 vaccines, testing, and treatment
- Open enrollment notices
- Summaries of benefits and coverage
- Medicare Part D notices
Need more information on this year’s open insurance enrollment? Contact our team at Odell Studner today!
