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Posts Tagged 'Summary of Benefits and Coverage'

DOL Increases Penalties for Health Plan Violations

The Department of Labor (DOL) recently issued an interim final rule that increases the penalty amounts that may be imposed under the Employee Retirement Income Security Act (ERISA). These increases, which were designed to account for inflation, are associated with penalties for: Failing to file an annual Form 5500 Failing to provide the annual notice […]

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Posted in: Benefits and Insurance, Human Resources, Legislation

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Final Summary of Benefits and Coverage (SBC) Template Released for 2017

On April 6th, 2016, the Departments of Labor (DOL) and Health and Human Services (HHS) issued the final revised template and related materials for the summary of benefits and coverage (SBC) document. Please click here to view a PDF copy of the updated template. Here is a brief overview of what you may need to […]

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Posted in: Benefits and Insurance, Human Resources, Legislation

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Final Rules Revise Summary of Benefits and Coverage (SBC) Requirements

On June 16, 2015, final regulations were published on the Summary of Benefits and Coverage (SBC) requirement under the Affordable Care Act (ACA). The ACA established a penalty of up to $1,000 for each willful failure to provide the SBC. Also, failing to provide the SBC may trigger an excise tax of $100 per individual for each […]

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Proposed Regulations Issued on Summary of Benefits and Coverage

Under the Affordable Care Act, group health plans and issuers are required to provide a Summary of Benefits and Coverage (SBC) document to applicants and enrollees. To help ensure that the SBC document truly makes it easier for consumers to access important health care information and understand their plan options, a set of proposed regulations […]

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Posted in: Benefits and Insurance, Human Resources

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