Failure to comply with requirements for the Summary of Benefits and Coverage can result in a daily penalty of up to how much per participant?
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A) $1,000
Correct!
The Summary of Benefits and Coverage is a four-page document that is intended to clearly inform plan participants and interested participants of the benefits they're getting.
The SBC is a joint responsibility between the insurer and the employer. It must be ready beginning on or after Sept. 23, 2012 for open enrollment or re-enrollment. It also must be available for newly eligible and special enrollees on the first day of the plan year beginning on Sept. 23.
For noncompliance, employers may be assessed a $1,000 penalty per day for each willful failure to provide an SBC. Additionally, HHS may impose a penalty of $100 per individual.
B) $2,000
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C) $5,000
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D) $7,000
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