HighRoads, an SaaS-enabled employer health care compliance and benefits management company, and bswift, a software and services provider for employee benefits administration, have teamed up to automate the creation of and change management for required Summary of Benefits and Coverage, and Summary Plan Description documents to assure compliance with the Employee Retirement Income Security Act and Patient Protection and Affordable Care Act.
SBCs are newly mandated documents required by health care reform that provide consumers with a specific and concise summary of their plan benefits. SPDs also are a federally required summary of plan benefits that must be distributed to employees, retirees and beneficiaries. These documents are required materials for employees reviewing their benefits plans and making critical decisions on whether to change their coverage. The PPACA and the Department of Labor hold employers of all sizes equally accountable for complying with SBC and SPD requirements.
"The increased regulatory environment as a result of health care reform impacts small, midsize, and large employers equally," said Michael Byers, CEO, HighRoads. "However, most smaller employers are out of compliance due to lack of resources. The HighRoads partnership with bswift now makes SBC and SPD compliance accessible and easy for small and mid-sized companies that may not have the in-house resources to develop the compliant materials that are required of them."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.