Good news: The major changes the feds recently proposed to the Summary of Benefits and Coverage (SBC) statements won’t be finalized until at least 2016.
And that means employers have a good amount of breathing room until they must comply with the wholesale changes to the SBCs.
As HR pros know, the Affordable Care Act’s Summary of Benefits and Coverage (SBC) statements rule require all health plans (grandfathered and non-grandfathered alike) to supply plan participants with SBCs and a glossary of commonly used terms during their open enrollment period.
These SBCs were created to help simplify health info for employees, but they’ve also caused HR and Benefits pros as well as plan administrators some major headaches since the regs took effect.
So when the feds essentially proposed an overhaul to the SBCs that employers were finally getting used to, you can imagine not everybody was thrilled.
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