Health & Welfare Plans
Health and welfare plans are one of the most complex types of audit engagements. There are many unique challenges this industry continues to face, such as, the continuing escalation of health care cost. As a result, the trustees of many plans are discovering that the plan has to change its benefits structure because it does not have adequate funds to provide the current level of benefits to its participants.
Health and welfare plans include the following:
- Hospital, medical, dental, prescription and optical benefits
- Life insurance, disability, accidental death and dismemberment benefits
- Vacation and holiday benefits
- Apprenticeship, training, tuition assistance and scholarship benefits
- Supplemental unemployment benefits
- Flexible spending account arrangements
An annual audit is required for plans that have more than 100 participants. In addition, the plan is required to file its Form 5500 annual report.
Our accounting offices work with health and welfare plans in New York, New Jersey, Maryland, Virginia and Washington, D.C., as well as throughout the United States.
Simplifying the Complex
Since there are many different ways that a health and welfare plan can operate, an audit of this nature can be extremely complicated. Plans sometimes outsource certain functions to third parties, which might be insurance companies or health networks.
Whatever your situation, our CPAs have extensive experience in this area and are well aware of the regulatory environment and its changes. We are constantly keeping abreast of the mandates from the Department of Labor and are knowledgeable about the Affordable Care Act. We can help keep your plan in compliance.
Our audits are timely and cost-effective. A quality audit is key to protecting the integrity of your plan so your participants receive their benefits when they need them.