September 2011 Compliance Chronicles – Guidance Issued on Summary of Benefits and Coverage, Tuesday, September 6, 2011
Posted September 13, 2011 by admin
A new edition of the Compliance Chronicles has been posted in the Compliance Chronicles section of the AP Benefit Advisors, LLC website. This month’s edition discusses the new, required Summary of Benefits and Coverage that plans must distribute to comply with PPACA. The article begins with:
The Affordable Care Act requires group health plans to provide a standardized 4-page summary of benefits beginning in 2012 (on/after 03/23/2012), and to provide updates to that summary no later than 60 days prior to the effective date of any changes made. By requiring coverage information in a standardized format, the reform allows consumers and plan participants to make direct comparisons between the coverage available under different policies or coverage options.
The article provides details, examples and links. It also reviews what steps you need to consider taking to avoid the potential $1,000 fine per plan beneficiary.
To read the full Compliance Chronicles edition and to sign up to receive AP Benefit Advisors’ Compliance Chronicles updates, enter your email address in the Compliance Chronicles box on the right hand side of this website.