Automatically generated based on the employer’s HRA plan design, the SBC will provide participants with a simple explanation of how their HRA works.
(PRWEB) September 24, 2012
Zane Benefits, which is the leader in Health Reimbursement Arrangement (HRA) and Defined Contribution Healthcare software, today announced it had added a new feature to its products.
Health care reform requires group health plans and health insurance issuers to distribute a Summary of Benefits and Coverage (SBC) to eligible plan participants. As a result, Zane Benefits has created a feature that makes the SBCs available to all ZaneHRA and GroupHRA clients automatically.
The standard SBC template provided by HHS does not work well for HRAs. This is because the SBC template was designed for major medical health insurance plans.
In response to these concerns, HHS has indicated a good-faith effort should be made to modify the SBC for HRAs. In other words, HRA SBCs should be designed keeping the the intent of the regulation in mind. That is, giving participants a simple way to view and understand their HRA benefits.
The new feature from Zane Benefits does exactly that.
The Zane Product Team has created an SBC for HRAs that embraces this intent. Automatically generated based on the employer’s HRA plan design, the SBC will provide participants with a simple explanation of how their HRA works.
In the spirit of the intent of the regulation, slight modifications have been made to maximize the SBC impact for the HRA participant.
While HHS is displaying leniency on requiring HRAs to include the SBC, Zane Benefits customers now have full access to the SBC.