Compliance
It’s our privilege to shoulder the weight of researching federal, state, and local laws so you don’t have to. We provide comprehensive compliance guidance to help your business meets regulatory requirements.
What’s the deal with Fully-Insured vs. Self-Funded Plans?
We specialize in navigating the complexities of both fully-insured and self-funded plans, offering guidance and support tailored to your specific needs. So where do we start?
Fully-insured plans require minimal Employer management, as the company pays premiums in exchange for the insurance carrier to handle all claims. However, these plans are generally more expensive and can leave companies vulnerable to the financial fluctuations of the market. In contrast, self-funded plans mean the Employer assumes the financial risk of providing healthcare benefits to employees which allows for more flexibility and potential year-over-year financial upside.
Self-funded plans necessitate rigorous compliance efforts, including adherence to ERISA guidelines, detailed reporting, and managing fiduciary responsibilities. That’s where we come in- ensuring all regulatory requirements are met, reducing risks and providing peace of mind. They require higher engagement with claims and issues, but often hold the greatest possibility for company-wide wealth management.
Regulatory Support
Because benefits plans come with so many complexities, we offer robust regulatory support services to help businesses navigate healthcare laws. Our expertise ensures compliance with all relevant regulations, reducing legal risks and administrative burdens.
Areas of Expertise:
- ERISA (Employee Retirement Income Security Act): Ensuring compliance with federal requirements for employee benefit plans.
- ACA (Affordable Care Act): Helping businesses meet ACA mandates to avoid penalties and ensure proper coverage.
- HIPAA (Health Insurance Portability and Accountability Act): Protecting employee health information and maintaining privacy compliance.
- COBRA (Consolidated Omnibus Budget Reconciliation Act): Managing the continuation of health coverage for employees who lose their jobs or have reduced work hours.
Over the years, the Altus Team has been extremely satisfied with Amber and Andy’s ability to manage cost by implementing unique ideas and strategies. Their abilities are comparable to the large firms, but offer the uniqueness of a local relationship. We are so fortunate to have them as a partner.
Peter Polimino, Altus Capital Partners, CFO
As TPI has grown and expanded across the Southeast, Andy and his team have grown with us and we consider them a true Partner. When issues arise, they respond quickly. Not only do they keep our management team happy with their abilities to manage cost, but they keep our employees happy with their service standards. The Hickman Knox team CARES!
Tom Gillcrist, Thomson Plastics, Inc., CFO
Over the last 10+ years RW Allen has enjoyed working with the H&K team. They do what they say and do it with urgency. We also appreciate the fact that their firm is committed to being locally owned and operated. This gives us comfort that their service standards will remain the same and their commitment is to us, not shareholders that we don’t know.
Connie Melear, RW Allen Inc., CFO
...I am delighted to share our exceptional experience with Hickman & Knox over the past 15 years. Their team has consistently gone above and beyond to meet our needs, providing unparalleled service and expertise. Hickman & Knox has demonstrated a deep understanding of our industry and tailored their solutions to perfectly fit our requirements.
Anissa Cooper, Augusta Urology Associates, LLC, Practice Administrator
Team with Compliance Expertise
Our team is passionate and ready to help you about making employee benefits simple, accessible, and tailored to your needs.