The Departments of Labor, Treasury and Health/Human Services have jointly issued final regulations on the SBCs that all employers are required to provide their employees to outline the features of the medical insurance plans they offer. New rules are:

 

  1. An SBC may be issued prior to enrollment – no subsequent notice is required
  2. If an entity contracts with a third party to provide SBCs, they must monitor the third party
  3. Where multiple products are offered, the group health administrator must issue the SBC
  4. Until the new template is issued, plans and issuers may use SBC under 2013 guidelines
  5. SBC may be provided electronically in connection with their online enrollment or renewal
  6. Willful failure to provide required information is subject to a fine
  7. Final regulations effective September 1, 2015