As we approach the end of 2024, it's crucial for employers to stay ahead of their compliance requirements for employee benefit plans. Here’s a quick checklist to ensure you’re ready for 2025:

(Note: to read more on the following, please click on the PDF below)

Key Compliance Steps for Employers

Year-End Tasks for 2024

• Gag Clause Attestation: Employers must submit an attestation confirming compliance with the prohibition on gag clauses by December 31, 2024.
• Annual Notices: Ensure that all required annual notices, such as the Children’s Health Insurance Plan (CHIP) notice, have been provided.
• Plan Document Amendments: Update plan documents to reflect any discretionary changes made during 2024.
• Unused Funds Reminders: Inform employees about the status of unused funds in flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs), including deadlines for claims submission.
• Nondiscrimination Testing: Complete necessary nondiscrimination testing for employee benefit plans.

Preparation for 2025

• Health Plan Affordability: Applicable large employers (ALEs) must ensure that health coverage is affordable, with the adjusted affordability percentage set at 9.02% for 2025.
• Update Benefit Limits: Revise employee benefit limits for 2025, including Health Savings Account (HSA) contributions and high deductible health plan (HDHP) coverage limits.
• Employee Communications: Update summary plan descriptions (SPDs) and communicate any changes in benefits to employees.
• Mental Health Parity Compliance: Confirm that a comparative analysis of nonquantitative treatment limitations (NQTLs) is available to comply with the Mental Health Parity and Addiction Equity Act (MHPAEA).
• ACA Reporting Preparation: Prepare for Affordable Care Act (ACA) reporting requirements for coverage provided in 2024, including filing deadlines.

These steps are crucial for maintaining compliance with federal regulations and ensuring that employee benefits are managed effectively as the year transitions. Stay compliant and keep your employees informed! For personalized guidance, reach out to us today!

As your trusted insurance broker, we want to ensure that you are fully prepared for the upcoming 2025 employee benefits communication and compliance requirements. Here’s a clear checklist to help you get ready:

Key Compliance Updates:

• ACA Affordability Standard: Ensure at least one health plan meets the new affordability percentage of 9.02% for employee contributions.
• Out-of-Pocket Maximums: Confirm limits are set at $9,200 for individual coverage and $18,400 for family coverage.
• Preventive Care Coverage: Make sure your plan covers the latest preventive services without cost-sharing.

Required Notices:

• Summary of Benefits and Coverage (SBC): Include an updated SBC with your open enrollment materials.
• Medicare Part D Notices: Inform Medicare-eligible participants whether their prescription coverage is creditable.
• COBRA Notices: Provide initial COBRA notices to new participants within 90 days of coverage.

Communication Strategies:

• Update your Summary Plan Description (SPD) or Summary of Material Modifications (SMM) to reflect any changes in benefits.
• Clearly communicate any changes to health FSA and HSA contribution limits as soon as they are available.

🔍 Need Assistance? We’re here to help you navigate these changes and ensure your open enrollment materials are compliant and effective.Contact us today to make sure your 2025 benefits communication is seamless and ready for your employees!

Click on the documents below to view a comprehensive checklist: