Looking ahead to your 2018 ACA open enrollment deadline? This year, businesses will need to incorporate updates to the Summary of Benefits and Coverage form they distribute to employees—and the changes are significant.
In this post, we'll take a look at the major changes to the form and give you some tips on how to get rid of your compliance headaches for good.Major Changes to The 2018 SBC Form
Changes to the form include wording revisions, additional accommodations for non-English speakers, and modification of examples. Let’s take a look:
- Revisions to Page 1 questions
- Changes to “Why This Matters” answers depending on the details of your plan
- Specific detail requirements in the section discussing “Common Medical Events”
- Revisions to the cost data for example coverage
- Requirement to add a third coverage example (simple fracture with emergency room treatment)
- Modifications to assumptions for coverage examples
- Section 1557 requirement to include a nondiscrimination notice and language-assistance taglines
Changes must take effect by the first day of open enrollment. If your coverage begins on January 1st, you will need to distribute the new template during your November open enrollment period.
Forget the Open Enrollment Deadline – How Can You Nix Your Compliance Headaches for Good?
If you’re like most small business owners, compliance issues creates major headaches every year. It takes a lot of time and research to stay on top of regulations and make sure every form meets regulatory requirements.
That’s where a PEO can make your life easier. PEOs handle all those compliance concerns for you, and they’ll be responsible for updating forms, filing on time, and keeping all your ducks in a row. Here are a few additional regulatory issues your PEO can help you solve:
- Overtime regulations
- Workman’s compensation requirements
- ACA guidelines, forms, and implementation
- State regulations
- Safety and risk management
- Discrimination and harassment laws
- Wage and hour regulations
- Tax preparation and filing
Staying current on compliance isn’t easy. As your co-employment partner, a PEO bears the burden of regulatory compliance so you can focus your attention on the growth and productivity of your business.
Isn’t it time to nix your compliance headaches for good?