Get Your Health Care House In Order
Deadline looms for businesses
As the Nov. 15 deadline for filing the Fair Share Contribution (FSC) and Health Insurance Responsibility Disclosure (HIRD) reports looms for businesses, the complex instructions and prospect of stiff penalties for non-compliance have some business owners sweating bullets.
It doesn't have to be that way though, says Vanessa Costa, principal of Advantage Benefits Group Inc. of Worcester, a company that handles the administration of businesses health insurance and other benefits packages.
As with most things, a little preparation and organization goes a long way, Costa said.
The Basics
The Fair Share Contribution filing is at the pointy end of the state's stick to get all businesses to provide for the health care coverage of their employees, at least nominally. If, after filing their FSC and HIRD, the state determines a company has not made a "fair and reasonable" contribution to employees' health coverage, it can be held liable for up to a $295 fee per employee not adequately covered.
Costa said the filing can be easy if business owners follow a few simple steps.
First, look at your company's eligible population for health coverage. If you have 30 employees eligible for health coverage, and only 20 are participating in your company's plan, make sure you have documentation that proves those 10 employees were at least offered health coverage through your company.
Second, analyze your company's contribution plan to ensure you're not offering different benefits to higher-paid employees.
Lastly, make sure the company is meeting the minimum requirements for fair coverage, as determined by the state.
"Really, just having your house in order is the best thing," Costa said. "Have your policies in writing, right up front, and do it across the board."
The best way to avoid mistakes is to plan well in advance, especially for smaller companies that may lack a dedicated HR department, Costa said.
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