Benefits Think

The Summary of Benefits and Coverage document has undergone its first major restructuring since 2012 and may have some employers questioning if they are in compliance with group health plan standards, says attorney Carl C. Lammers.

A recent trend has seen DB plan sponsors transferring a portion of their plan obligations to insurance companies through the purchase of annuity contracts for the benefit of affected participants.

Assessing and monitoring family history and lifestyle-based risk factors and giving employees access to experienced specialists are among the underused tactics companies should embrace.

Relying solely on software platforms to choose health plans and enroll employees without expert interaction can cost time and money, and can even lead to compliance issues.

Coaches can address risk factors and prevent the future health problems of employees who struggle with stress, sleep issues or lack of exercise.

Instead of debating insurance marketplaces, U.S. lawmakers should focus on comparing the price of prescription drugs in Canada, suggest Perry Braun.

ERISA reporting must be filed by July 31 or an extension must be filed on the same date by employers to avoid penalties.

Relying solely on software platforms to choose health plans and enroll employees without expert interaction can cost time and money, and can even lead to compliance issues.

Comprehensive onboarding, employee recognition programs, company events and mentoring are key.

To improve their clients’ experience, advisers should focus on outcomes — not technology.