At Colony Health & Benefit Solutions, it is our goal to ensure that we provide the most up-to-date information to keep our clients both federally and state compliant. When you work with us, you won’t have to wonder or worry about whether your insurance is within compliance. We stay abreast of any updates and keep you informed with all of the necessary information.
Need Help Staying in Compliance?
We are more than just another insurance agency. Part of our service model includes the development and creation of various compliance documents for your business. These documents are required by the Department of Labor and are prepared as a fee for service:
Summary Plan Descriptions (SPD’s) and Wrap Documents
A summary plan description is a summary of the plan document required to be written in such a way that the participants of the benefits plan can easily understand it. A wrap document “wraps” around the insurance policy, coverage certificate, or plan booklet. Using a wrap document is an easy, cost-effective way for employers to show auditors that they are attentive to their health and welfare benefits plans and in compliance with ERISA and other laws affecting the employee benefits they offer.
A pretax document legally allows the company to pre-tax employees premiums during payroll. This includes federal, state, and FICA taxes. The employer also benefits from reduced matching FICA taxes.
Cobra eligibility and Continuation of Coverage Benefits
As your broker, it is our responsibility to keep our small businesses (2-19 employees), compliant regarding continuation of coverage rules and implementation. When an employee terminates their employment they can continue their coverage for up to12 months if needed.
We partner with Choice Financial to provide Cobra administration for groups with 20 or more employees. This fee for service ensures employers are in compliance with communication and implementation of their COBRAbenefitswhen a terminating employee chooses to continue their benefits.
Ready to protect your Self?
As your broker, it is our responsibility to keep you and your business protected.
To discuss our compliance service please completed the form below and we will be in touch