Q.- Do we have to provide a Summary of Material Modifications during Open Enrollment?
A.- Employers generally do not have to provide employees an SMM during open enrollment, but you may be confusing a Summary of Material Modifications with a Summary of Benefits and Coverage (SBC). An SBC provides information about a health plan's coverage, including details about costs, coverage limits, and examples of how the plan covers certain medical issues. The SBC is typically required to be distributed during open enrollment.
Benefit Allocation Systems (BAS) provides best-in-class, online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
MyEnroll360 can Integrate with any insurance carrier for enrollment eligibility management (e.g., Blue Cross, Blue Shield, Aetna, United Health Care, Kaiser, CIGNA and many others), and integrate with any payroll system for enrollment deduction management (e.g., Workday, ADP, Paylocity, PayCor, UKG, and many others).
