HighRoads, an SaaS-enabled employer health care compliance and benefits management company, and bswift, a software and services provider for employee benefits administration, have teamed up to automate the creation of and change management for required Summary of Benefits and Coverage, and Summary Plan Description documents to assure compliance with the Employee Retirement Income Security Act and Patient Protection and Affordable Care Act.
SBCs are newly mandated documents required by health care reform that provide consumers with a specific and concise summary of their plan benefits. SPDs also are a federally required summary of plan benefits that must be distributed to employees, retirees and beneficiaries. These documents are required materials for employees reviewing their benefits plans and making critical decisions on whether to change their coverage. The PPACA and the Department of Labor hold employers of all sizes equally accountable for complying with SBC and SPD requirements.
"The increased regulatory environment as a result of health care reform impacts small, midsize, and large employers equally," said Michael Byers, CEO, HighRoads. "However, most smaller employers are out of compliance due to lack of resources. The HighRoads partnership with bswift now makes SBC and SPD compliance accessible and easy for small and mid-sized companies that may not have the in-house resources to develop the compliant materials that are required of them."