It’s the Affordable Care Act (ACA) provision that keeps coming and going. Now it appears that summaries of benefits and coverage (SBC) are here to stay (unless the Supreme Court overturns the law).
Final regulations for implementing the ACA now require all group health plans to provide employees and beneficiaries with an SBC and a uniform glossary of basic health benefit terms by Sept. 23. The summaries had been on hold while regulators drew up the final rules.
Compliance is largely up to your insurance provider, but you must make sure your employees receive their SBCs. Work with your carrier or broker to ensure they do.
The Department of Labor offers a template of approved SBC language. Find links and learn more about the SBC requirements at www.theHRSpecialist.com/SBC_regulations.