Core Documents, Inc

Description

We have been asked by Employers and their Agents if we will prepare an SBC for their HRA or FSA. Because it is not possible to be sure that an SBC that we provide would be considered “compliant”, we are not providing that service at this time. We asked our local DOL office if it would be possible to review a “sample” SBC for any type of HRA and let us know whether it would be compliant, but we were told that they do not have anyone that can review a sample for us.

HRA and FSA Summary of Benefits and Coverage (SBC) SBC Sample by Core Documents, Inc Healthcare Reform requires that most Employers with HRAs provide a Summary of Benefits and Coverage (SBC) to each of their employees. The intent of the SBC is to provide a convenient and consistent way for consumers to compare the benefits and costs of different insurance coverages so that they can make an informed decision. Since the HRA is provided by the Employer, free of cost to the Employee, we have a hard time understanding why the Employer is required to provide the SBC for their HRA and feel that it may be an unnecessary burden, especially for the Small Business Owner that cannot afford a group insurance benefit, but wants to provide an affordable tax-free Health benefit to their employees.

Every employee should receive a copy of the Section 125 Summary Plan Description and an Election Form. Election Forms should be signed by employees for specific approved deductions and kept on file. For your convenience we provide you with a one page summary of all Section 125 Plan Sponsor responsibilities. The document does not have to be filed with the IRS or the DOL, or any other government entity. Annual 5500 reporting was suspended in 2002 and no longer required.

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