Good news: More time to comply with Obamacare benefits reporting
There are major changes ahead for what the feds want in Summary of Benefits and Coverage (SBC) statements.
The good news? The SBC reg won’t be finalized until at least 2016.
That gives employers like yours a good amount of breathing room until you must comply with the wholesale changes to the SBCs.
Guidelines will be finalized in 2016
If you remember, the feds issued a new proposed SBC rule right at the end of 2014.
This included reg changes as well as wholesale amendments to the proposed templates of the SBCs, a revised instruction guide and a revised uniform glossary.
Originally when the feds rolled out the proposed SBC reg, they said the changes would take effect for healthcare coverage beginning on or after September 1, 2015.
Now according to a new FAQ on the Department of Labor’s website, the new SBC templates and documents are expected to be finalized by the Obamacare agencies in January of 2016.
The new forms will then apply to insurance coverage that renews or kicks in on or after Jan. 1, 2017. So this is quite an extension – one that businesses will appreciate.
To view a Labor Department FAQ on SBCS, click here.
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