At this time of year, employers are preparing for the start of their annual benefits election or, Open Enrollment.
Part of this process includes a requirement that employees receive certain disclosures. From our virtual Human Resources library – HR 360 – here are the top five notices:
- Summary Plan Description (SPD)
- Summary of Benefits & Coverage (SBC)
- CHIP Notice (deals with Medicaid premium assistance under the Children’s Health Insurance Program – more detail at this link)
- Notice of Special Enrollment Rights
- Medicare Part D Creditable Coverage Notice
Smaller businesses look to their health insurance companies to prepare these notices. And in many cases, they are included in the renewal packet. It is up to the employer however, to distribute the relevant contents of those packets to their employees.
Having fun yet?