At Financial Brokerage Services, we don’t just design VA employee benefits programs that provide the best possible care for your employees while carefully managing the long-term premium costs of your business, but we also keep you updated with the latest industry news and laws on insurance and employee benefit programs. In relation to this, we would like to inform you that the Affordable Care Act (ACA) has required all employers to hand out copies of the Summary of Benefits and Coverage (SBC) to all of their insured employees.
The SBC accurately describes the employees’ benefits and coverage under the applicable plan offered by their insurance company. According to the provisions in ACA, it must be provided to all employees who are either enrolled or will be enrolled or terminated on the first day of open enrolment which began on September 23, 2013. Employers who wilfully fail to comply with its delivery will be subjected to a $1,000 fine per plan participant or beneficiary.
We can also assist you in the production and delivery of SBC to your employees. As the leading and most trusted firm that designs and implements Virginia group benefits programs, we have the knowledge and resources needed in the generation and distribution of SBC. We can also make them available for your employees in paper format or in electronic form for convenient access and download.
Aside from SBC distribution, our experienced and knowledgeable staff can also serve as your “outsourced HR team” that provides timely, accurate, and resourceful support for other benefit administration issues. These include facilitation of employee benefit enrolment meetings, and handling of eligibility and billing issues, as well as claim escalations. Moreover, we can also assist you in the systematization of employee payroll contribution.
While we offer all these administrative support, our main expertise is the customized development of benefit programs for your employees, like health insurance, ancillary plans, retirement plans, and travel insurance. Before crafting your employee benefits packages, we will also conduct an in-depth analysis of your business situation to help you determine what essential benefits to provide, who among your employees to cover, and how will the plans be funded and administered.
With more than 30 years of combined experience in providing benefits design and execution, you are assured that we can create the right financial solutions for your specific situation. If you have questions regarding SBC and various other benefit-related issues, schedule an analysis of your benefits program, or need a strategic approach to employee benefit planning, visit us at www.FinancialBrokerage.com and we will be happy to assist you.