FORTUNE 1000 Companies Responding Need to Address Reform Changes through Increased Communications
BOSTON--(BUSINESS WIRE)-- HighRoads, an industry leader in employer health care compliance, consulting and benefits management, today announced data results of its annual survey of FORTUNE 1000 companies and their current and future Summary Plan Description (SPD) plans and processes. The survey findings reveal key trends in employee communication and employer compliance with Health Care Reform and other recent legislation, including data that 75% of employers plan to address the impact of Health Care Reform in their open enrollment materials.
“The changes demanded by the Health Care Reform Act and other recent legislation such as mental health parity and FMLA require employers of all sizes to make changes to their plans and to communicate these changes to plan participants in a timely manner,” said Kim Buckey, practice lead, ERISA Communications, HighRoads. “While open enrollment materials and other short-term communication vehicles can meet the immediate need, it’s critical that employees and their families have an up-to-date, comprehensive guide to using their benefits.”
SPDs are a vital component in assuring compliance with ERISA regulations that call for the delivery of clear and current summary details for participants of an employer-based benefits program. Including SPDs with a robust communication plan can help ensure that employees receive the information they need, in the most efficient, cost-effective way possible. The most effective communications plan is one that integrates audiences, key messages, media channels and a timeline addressing required Health Care Reform plan design and process changes, HHS- and DOL-required notices, and timely information about how benefit plans work.
Despite general agreement that SPDs are important compliance documents, the HighRoads survey shows that best and “most prevalent” practices related to SPD creation varied. Key highlights of the survey analysis include:
- 63% of respondents are creating new communication materials specifically for the communication of Health Care Reform
- 89% of respondents continue to view their SPDs as both compliance and communication documents
- 71% of respondents—up from 65% last year—have no idea how much money they spend to create, store and distribute SPDs to their participants
- The biggest change expected in the next few years is updating SPDs for plan design and Health Care Reform changes, with 71% of respondents expecting to do so within the next year
The annual HighRoads survey asked FORTUNE 1000 companies about their current and future Summary Plan Description (SPD) plans and processes. This year, HighRoads invited 300 organizations throughout the United States to share their thoughts on a range of topics, from distribution schedules and channels to Health Care Reform and the use of wrap documents. Respondents represented communication practices for 1.5 million total employees.
To request a complete copy of the survey, please contact [email protected].
HighRoads ERISA Communications Consulting
HighRoads ERISA Communications consulting helps FORTUNE 500 employers manage the full Summary Plan Descriptions (SPD) lifecycle, from discovery through distribution. Following the discovery process, HighRoads reviews existing materials for readability and compliance and can help develop new content, revise existing content or apply technology to automate the SPD update and revision process. By combining its strategic approach to SPDs, its expertise in communications and its experience in the HR and benefits industry with our technology-enabled consulting, HighRoads provides a cost-effective and timely solution for SPD development and management.
About HighRoads
The world’s largest employers choose HighRoads to gain complete control over their health care costs and compliance. With HighRoads’ service, employers have online access to benefits plan information and pricing, competitive benefits benchmarks, and complete benefits supply chain management. The privately-held company is headquartered in Woburn, MA. For more information, visit www.HighRoads.com.
CONTACT:
HighRoads Company Contact:
Petra Marino, 781-503-4031
[email protected]
or
HighRoads Media Contact:
Erin Jones, 704-664-2170
[email protected]
KEYWORDS: United States North America Massachusetts
INDUSTRY KEYWORDS: Women Other Consumer Health Public Policy/Government Healthcare Reform Other Health Professional Services Human Resources Insurance Consumer Family General Health Men
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