Client Connection

Keyes Insurance Services Inc. Newsletter

Vol 6January 2012
In This Issue
Casualty Corner
SBC Requirements
60 Day Advance Notice

Casualty Corner

Home & Auto News

Happy New Year!


As we start a new year it's always smart to take a minute and review your home and auto policies. At Keyes Insurance Services we would be happy to help you review all of your insurance policies. A review can make sure all policies are up to date and that your coverages are where they should be. We can also review your current premiums and see if there are any savings or discounts that are being missed.


If you would like to set up an appointment to review your auto and home insurance policies  please feel free to call our office. We would be happy to make sure you have the best coverage possible!

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Dear Client,

The new year is here and it is time to set our goals and resolutions for 2012.  Along with the new year comes new legislation and a few more PPACA requirements and changes.  In an effort to keep you informed of these requirements, this edition of Keyes Connection will talk about the changes and requirements PPACA has made to the Summary of Benefits and Coverages, and notice requirements.  
2012 SBC Requirements


The new health care reform laws continue to be implemented and the proposed requirement for SBC's (Summary of Benefits and Coverage) are set to go into effect March 23, 2012.  
So what are SBC's? How and why are they used?  What are the requirements for employer sponsored plans?

We have outlined the answers to these and other FAQ's below.
  • What is the purpose of an SBC? To provide clear, consistent, and comparable information to participants about their health plan benefits and coverage.  
  • What is included in the SBC? Specifically Standardized plan comparison tools, Summary of Benefits page, Glossary of Terms commonly used, and other pertinent plan information.  The idea of the SBC is to provide consumers with a snap shot look at benefit details to enable them to make a cost-benefit analysis before purchasing coverage.
  • What are the notification requirements for employers? SBC's must be provided to a consumer prior to enrolling in coverage and 30 days prior to reissuance or renewal.  Participants enrolled in the health plan must be notified of any plan changes or the terms and conditions of benefits reflected in the SBC at least 60 days prior to the effective date of the change.
The proposed template of the new SBC format has been released and we expect to see more detail to these requirements in the near future.  We will continue to keep you informed as we receive  more information on these requirements in the next few months.


60 Day Advance Notice
Supreme Court Building
The 60 day advance notice requirement is just as it sounds, the requirement to notify employees of any cost or coverage changes to their current benefits within 60 days of the change. 
This is a big change for not only employer groups but also the insurance carriers.  For many large employer groups they are used to completing the renewal process several months in advance but for small and mid-size companies this becomes very difficult to administer. 
Although this requirement is supposed to be effective March 23rd, the final regulations have not been published so we wait anxiously to see how this is going to be implemented.  Our hope is that once the final requirements are set they give insurance carriers and employer groups enough time to adequately meet this requirement.  

H.S.A.'s, F.S.A.'s, H.R.A.'s... What are the differences?

ConfusedThe use of Health Savings Accounts, Health Reimbursement Arrangements, and Flex Spending accounts are becoming more and more prevalent as part of employee benefit plans.  How do these plans differ from each other?  We have put together a small comparison grid that explains the use and commonly asked questions associated with these plans.


 H.S.A., H.R.A, F.S.A. comparison Grid