SBC Template and Required Addendums for Covered Entities under ACA Section 1557

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Updated March 2017 A Summary of Benefits and Coverage (SBC) is four page (double-sided) communication required by the federal government. It must contain specific information, in a specific order, and with a minimum size type, about a group health benefit’s coverage and limitations. If an employer providing an SBC is a covered entity under the […]

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Compliance Recap // January 2017

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January was a significant month in the employee benefits world because the new U.S. administration issued an Executive Order announcing its intent to repeal the Patient Protection and Affordable Care Act (ACA). However, January was a relatively inactive month for new laws and administrative rulemaking because the new administration placed a freeze on rulemaking until […]

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Seats are filling up fast! Team BIM Webinar – Plan Documents: ERISA, Section 125, SPDs, and Wraps, Oh My!

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Benefit Insurance Marketing is pleased to extend an invitation to attend our upcoming monthly compliance Webinar. In conjunction with our alliance with United Benefit Advisors, you have the opportunity to learn more about the latest compliance trends and regulations from one of the nation’s leading employment and benefit law firms, Fisher Phillips. Best of all, you can take […]

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Final Summary of Benefits and Coverage Template and Updates

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A Summary of Benefits and Coverage (SBC) is two-and-a-half page (double-sided) communication required by the federal government. It must contain specific information, in a specific order, and with a minimum size type, about a group health benefit’s coverage and limitations. On April 6, 2016, the Centers for Medicare and Medicaid Services (CMS), the Department of […]

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Interim Final Rule Updating the Penalties for Certain ERISA Violations

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On July 1, 2016, the Department of Labor (DOL) issued an interim final rule, effective August 1, 2016, to adjust the amounts of civil penalties as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. In order to improve the effectiveness of civil monetary penalties, maintain their deterrent effects, keep pace […]

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Compliance Recap // March 2016

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The government was busy during the month of March, issuing the massive Benefit Payment and Parameters rule in addition to numerous other updates. The IRS has added filing errors relating to Form 5500 to its project list, and multiple federal agencies confirmed that the just-announced templates relating to the Summary of Benefits and Coverage will […]

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Compliance Recap // February 2016

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Despite having an extra day, February 2016 remained relatively quiet in regard to compliance and employee benefit plans. The Department of Labor (DOL) issued the awaited proposed revisions to the Summary of Benefits and Coverage (SBC) template and its instructions. The 2016 poverty guidelines (also referred to as the FPL) were released by the Department […]

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Proposed Summary of Benefits and Coverage Template and Updates

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Proposed Summary of Benefits and Coverage Template and Updates A Summary of Benefits and Coverage (SBC) is four-page (double-sided) communication required by the federal government. It must contain specific information, in a specific order and with a minimum size type, about a group health benefit’s coverage and limitations. In February 2016, the Department of Labor […]

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