05 Feb Compliance Alert: SBC Advisory
Keeping You Compliant With The Latest Government Regulations!
Prestige is working diligently in 2013 to ensure our clients stay in compliance with all the new laws and regulations affecting small to medium size businesses.
GOVERNMENT REGULATION
Summary of Benefits Coverage
As of September 23, 2012 or soon after, health insurance issuers and group health plans are required to provide you with an easy-to-understand summary about a health plan’s benefits and coverage. The new regulation is designed to help people better understand and evaluate their health insurance choices.
The new forms include:
- A short, plain language Summary of Benefits and Coverage, or SBC
- A uniform glossary of terms commonly used in health insurance coverage, such as “deductible” and “copayment”
All insurance companies and group health plans must use the same standard SBC form to help you compare health plans. The SBC form also includes details, called “coverage examples,” which are comparison tools that allow you to see what the plan would generally cover in two common medical situations. You have the right to receive the SBC when shopping for or enrolling in coverage or if you request a copy from your issuer or group health plan.
PRESTIGE SOLUTION
What Prestige Is Doing To Keep You Compliant!
Prestige Employee Administrators, Inc. is helping our clients access the SBC’s on-line or in print form to make things easier.
- Prestige is automating the process and saving our clients time and money by giving an option for employees to review the SBC forms electronically.
- A memo is being sent to each employee asking if they have internet access in order to access the SBC forms on-line or to call for a printed copy.
- If an employee does not have internet access, then Prestige will be mailing the forms upon request.
Prestige is working hard to ensure the process is seamless and does not create chaos for our clients. By automating the process and giving options to employees, Prestige is streamlining the process to keep things flowing smoothly in the new year. To access the SBC forms, clients can visit https://www.prestigelogon.com/. Prestige is committed to keeping our clients compliant in 2013 and will continue to send compliance alerts.