ARLINGTON, Va., March 20, 2012 /PRNewswire-USNewswire/ -- Final regulations on the "Summary of Benefits and Coverage" (SBC) that group health plans and insurers must provide under the Patient Protection and Affordable Care Act were issued in February by the Departments of Labor, Treasury, and Health and Human Services. The new requirements go into effect September 23, 2012.
Employers must be ready to comply in time for their first open enrollment following the September 23, 2012 effective date (and potentially before that first open enrollment period for certain classes of eligible enrollees). Employers need to understand the rules and coordinate with their health insurers and/or third party providers to develop SBC content and make sure that SBC rules are followed in providing proper information to employees. In addition, employers should consider how the new SBC disclosures will be received by employees and their beneficiaries and what additional administrative issues may arise as a result.
Bloomberg BNA will offer a new webinar on April 10, 2012 at 2:00 p.m. EDT, led by Jeffrey R. Capwell, James P. McElligott, Jr., and Felicia Mitchell of the law firm McGuireWoods LLP, to help employers understand the details of the new rules, including:
- When the rules take effect and what adjustments will need to be made to current administrative practices to comply by the effective date
- The specific content requirements for the SBC
- The special formatting requirements for the SBC
- How and when employees must receive the SBC, and how delivery may differ for those who are already participating in the plan versus those who are eligible but not yet participating
- The penalties for noncompliance
- How deductibles, co-insurance, and co-payments must be explained
- The practical considerations associated with electronic delivery of the SBC
- How to use the SBC Template and SBC Uniform Glossary
- The connection between SBC disclosures and health plan Summary Plan Descriptions (SPDs)
- The notices required for material plan changes
- How the Supreme Court's Amara decision impacts an employer's liability for misstatements in SBC disclosures
- How the SBC can be used as a tool to enhance effective delivery of an employer's overall employee benefits program
Register quickly and easily online to secure your space now.
Media wishing to participate in the conference, please contact: Matthew Sottong at (703) 341-3811 or [email protected]
Or, please call 1-800-372-1033 option 6, then sub-menu option 1, and refer to date and title of conference.
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SOURCE Bloomberg BNA