Sep 20, 2024
Compliance News Week Ending September 20, 2024
In this Article:
- Required Hospital Indemnity Plan Notices
- HIPAA Cybersecurity Guidance
Required Hospital Indemnity Plan Notices
Final regulations, issued in April 2024, on short term limited duration insurance included a new notice requirement for group hospital indemnity plans.
The new regulation is effective for plan years starting on or after January 1, 2025.
The new regulation applies to employers offering hospital indemnity or other fixed indemnity insurance benefits. The intent is to ensure employees are made aware of the limitations of fixed indemnity products prior to enrollment and do not mistakenly purchase them as an alternative to comprehensive health insurance coverage.
Specifics of the notice:
- Must be provided by employer or carrier before employee enrolls in such plan
- Information must be provided on the first page of any marketing material, application for enrollment, and enrollment materials
- Information must be in at least 14-point font
More Information!
CMS-Summary of New Regulation and Notice Requirements
Federal Register April 3, 2024
Amwins Connect - Webinar Replay - Hospital Plan Indemnity Notices
HIPAA Cybersecurity Guidance
Back in April 2021, the DOL's Employee Benefits Security Administration (EBSA) released Cybersecurity Best Practices.
Many falsely interpreted this guidance to apply only to retirement plans, and so on September 6 of this year, EBSA issued Compliance Assistance Release No. 2024-01.
This Release confirms that the 2021 guidance does indeed apply to employer-sponsored group health plans, and not strictly retirement plans. While additional resources have been added to the DOL's Cybersecurity Best Practices in the meantime, the overall guidance remains unchanged.
More Information!
EBSA's release - Compliance Assistance Release 2024-01
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