With upcoming health care reform changes coming this fall, employers are facing a couple of major changes, and they should start preparing for these new provisions now.
In particular, the Summary of Benefits and Coverage requirement is expected to provide some preparation challenges to employers, says Katy Stowers, advisor and general counsel of FirstPerson, an employee benefits firm in Indianapolis. Under the new SBC requirement, employers must distribute the SBC document to all employees who are eligible to participate in an employer plan for those beginning Oct. 1 and beyond.
However, employers cannot simply look at the plan year rule because these summaries must be distributed on the first day of open enrollment.
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