In response to the release of final rules governing the Summary of Benefits and Coverage (SBC) that will be required for health plans under the Patient Protection and Affordable Care Act, The American Benefits Council (ABC) has indicated an extension should be granted so that businesses can ensure HR compliance with the new rules.
The U.S. Departments of the Treasury, Labor and Health and Human Services collaborated to release information on the SBC, which will have a significant impact on employee benefit plan administration as it is meant to be a primary tool for those choosing between health plans. The ABC suggested the effective deadline of SBC rule compliance be delayed by 12 months, or that the federal government institute a transition rule to allow companies to adapt to the changes with less disruption.
"Disclosure and communications regarding health benefits are an important component of benefit plan administration and design, and we appreciate the daunting task the agencies face in implementing the new law," said ABC president James Klein.
He noted, however, that plan sponsors and administrators have only six months to prepare, suggesting that the ABC still holds the opinion that more time would be appropriate given the scope of the changes.
