Recent Department of Labor guidelines expanded reporting obligations for health plan providers, instructing them to distribute Form 5500 information for all direct commissions to brokers and consultants, as well as for other monetary and non-monetary exchanges of $25 or more.

Penalties for non-compliance are increasingly common and associated negative publicity can severely damage credibility and goodwill.

Despite these potential repercussions, many health plan providers do not yet have a process or system in place that ensures compliance, often because necessary IT resources are overtaxed.

The ActiveStrategy Compliance Solution (ACS) was designed to bring your health plan providers into compliance with these ERISA requirements quickly, with only minimal IT involvement. ACS is a fully secure, hosted system that provides a long-term outsourced solution, though its simplicity and affordability make it a viable interim solution as well (to rapidly bring an organization into compliance while designing long-term internal systems).

• No servers to buy, no software to install, no large IT project to manage.
• Quick implementation. You can be in compliance within weeks.
• Accessed via an easy-to-use web portal that lets salespeople quickly record non-monetary expenses provided to brokers or consultants.
• Easy for users to get started, without requiring in-depth or on-site training.
• Scaleable to national, multi-regional providers with tens of thousands of plans.
• Tracks commission and bonus payments, checks for errors, and summarizes all reportable monetary and non-monetary payments and events by plan and broker. All events (reportable and non-reportable) are archived to prove compliance.
• Built-in advanced features, such as allocation across book-of-business, posting of policy and procedures, management review and approval, and email reminders. Sales personnel need only spend a few minutes each month to ensure this important information has been correctly collected and allocated.
• Optional integrated fulfillment service prepares, prints, and mails Form 5500 reporting information to each plan with copies to brokers as appropriate.

Request an Online Demo of ActiveStrategy Compliance Solution