Compliance with ERISA & HIPAA

Providing group benefits to your employees means you are required to comply with ERISA law. ERISA (Employee Retirement Income Security Act) has been around since 1974 to regulate group-sponsored employee benefits. The law has strict deadlines for employers to comply with for disclosing plan information to their eligible employees, and the employer (as the plan sponsor) must follow a strict fiduciary code of conduct. Failure to provide a Wrap summary plan description (SPD) to employees in a timely manner may trigger fines or even an audit by the Department of Labor. The insurance company’s master contract, certificate of coverage or summary of plan benefits does not qualify as a Wrap SPD.

HIPAA (the Health Insurance Portability & Accountability Act) requires the protection of identifiable health information or PHI (protected health information). To remain in compliance, all employers must have certain policies and procedures in place to safeguard the security of electronically transmitted or stored PHI of employees and must provide the necessary HIPAA Privacy notices to employees.

Having the proper written plan documents will help you get in compliance. Follow this flow chart to see if you need to get in compliance and let MDIS help you do so. 

For more information regarding this coverage, email or call MDIS at 800-944-7550.

For more information regarding any coverages listed on this site, email or call 800-944-7550. This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice to your situation. Request of a quote for coverage does not guarantee that coverage can be provided. Any misstatements or omissions of relevant information from a client can result in a price variation or even declination or rescission of coverage.