It is alarming how many brokers do not realize that Certificates of Coverage are not SPDs and that most Certificates do not satisfy the requirements of ERISA.
Willow Grove, PA (PRWEB) January 30, 2013
Strategic Recovery Partnership (SRP) Inc., creator of the web-based PLAN DOC Builder™ tool for health and welfare plan brokers, consultants, and third-party administrators (TPAs), is offering a new checklist to help those parties guard against audit vulnerabilities related to ERISA Summary Plan Description (SPD) compliance. The checklist makes it easy for them to evaluate insurance carrier-issued Certificates of Coverage against key ERISA SPD requirements.
“It is alarming how many brokers do not realize that Certificates of Coverage are not SPDs and that most Certificates do not satisfy the requirements of ERISA,” says Robert A. Marcino, Esq., Principal at Strategic Recovery Partnership Inc. “This checklist provides a quick and easy way to ascertain whether Certificates of Coverage address the seven most frequently missed provisions.”
To address the Certificate misconception innocently held by many brokers, the PLAN DOC Builder tool provides an all-in-one solution for an easy, affordable way to generate ERISA-compliant Wrap Plan Documents and SPDs on demand. And because it contains clear language for all benefit lines—Medical, Prescription, Dental, Vision, Other Cafeteria, Life, and Disability—it offers a viable alternative to home-grown templates, outdated software, and expensive outsourcing.
The importance behind ERISA compliance lies in the ramped-up Department of Labor (DOL) auditing efforts. The DOL’s enforcement plan, initiated in 2011, has added hundreds of new auditing positions and a focus on health and welfare plans of all sizes covered under the Employee Retirement Income Security Act (ERISA).
About PLAN DOC Builder™
PLAN DOC Builder™ is a web-based tool that simplifies the task of generating self-funded or fully insured Health Plan Documents and compliant SPDs for all benefit lines. Available as an all-inclusive subscription at fixed licensing rates, PLAN DOC Builder includes 24/7 access; ability to produce SBCs as separate documents or integrated with the SPD; unlimited users, regulatory updates, exporting to Word® or PDF; “see as you go” document preparation; amendment capabilities; and consultative support. Developed by a team of attorneys and plan document specialists at Strategic Recovery Partnership (SRP), PLAN DOC Builder is built on, and backed by, over 20 years of expertise supporting Brokers, Consultants, TPAs, and Insurance Carriers. 25% discount for members of National Association of Health Underwriters (NAHU).