Payers Look to HighRoads to Navigate SBC Changes
BURLINGTON, Mass. (March 27, 2015) — HighRoads®, the industry leader in plan management and benefits compliance, has grown Summary of Benefits and Coverage (SBC) output by 10 percent year to date, generating 3,000 SBCs that cover more than 5 million lives.
“The confidence our customers have in our product and plan management solution is gratifying,” said Michael Byers, CEO and president at HighRoads. “With the SBC regulation in its fourth year, payers and employers recognize increased compliance oversight requires the ability to scale to change through dynamic data management.”
HighRoads, with its ability to unify and automate complex compliance document generation like SBCs from a source of truth, helps Fortune 500 companies with complex benefits structures seamlessly adapt to evolving regulatory changes through a unique blend of SaaS-based technology and benefits compliance expertise.
Updated final regulations governing SBCs are expected any day and will be effective for plan years beginning after Sept. 1, 2015. The proposed final regulations include substantial revisions to the template content and format, the addition of a new coverage example, an updated government calculator and an updated Uniform Glossary. The proposed regulations also provided additional guidance on distribution requirements and safe harbors.
HighRoads, which was cited in the final SBC rule in 2012, once again provided feedback to the Departments of Health and Human Services (HHS), Labor (DOL) and Treasury (IRS) on the proposed rule with respect to clarification of regulations, the template and instructions.
“HighRoads has always been about clear compliance materials,” said Kim Buckey, principal, Compliance Communications Practice at HighRoads. “We take our responsibility as advocates for our customers and for the end users of these documents – plan participants – very seriously and are pleased that the proposed final regulations again reflected much of the feedback we shared with the agencies over the past year.”