Jump to content

Fully insured retiree health veba spd


Recommended Posts

I'm dealing with a retiree health veba that's fully insured. There is a separate insurer for medical and prescription drug. Both the medical insurer and prescription insurer provide SPDs to the participants. What information is the veba obligated to include in its own spd? The TPA has prepared a SPD that essentially copies and pastes information from the insurers about coverage levels into the SPD. It seems odd to me for the veba to recycle the insurer's information in this manner. Should I be okay with this?

Link to comment
Share on other sites

NO., you should not be okay with this.

Medical and prescription insurers do not provide SPD's, they provide product descriptions and Outlines of Coverage etc.

I have never seen an insurer's information that met the SPD requirements of ERISA and now we have ACA.

The Medical and prescription insurers are how the Plan provides its coverage. They are service providers to the Plan. They are not the Plan. The SPD is a Summary Plan Description, in other words, a summation of the Plan Document.

George D. Burns

Cost Reduction Strategies

Burns and Associates, Inc

www.costreductionstrategies.com(under construction)

www.employeebenefitsstrategies.com(under construction)

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...