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See the New Wrap SPD Plan Document Video from Core Documents

Core Documents, the nation’s leading provider of Section 125 Cafeteria and HRA plan documents has produced and released a new video, ‘Core Documents’ Wrap SPD Plan Document – $99 one-time fee’. See it here:

New Wrap SPD Plan Document Video Explains It All

The key points an employer must know in order to evaluate plan options available in the Wrap SPD Plan Document are found in the new YouTube video.

Core Documents’ Group Insurance Wrap SPD document is available for a $99 one-time fee, you only update your Wrap SPD document as your benefit options change. Initially Core will only offer the low cost Wrap SPD document for fully insured group health insurance plans.

Here are the Wrap SPD document requirements by ERISA and the Affordable Care Act as succinctly as possible:

  • If you offer group health insurance you’re now required by ERISA law, enforced by the Department of Labor and now the Affordable Care Act, to distribute a Wrap SPD within 120 days of the Plan’s effective date.
  • Failure to provide the Wrap SPD within 30 days of request triggers a $110 a day fine per participant. Not having a Wrap SPD can also trigger an audit by the Department of Labor.
  • The insurance company’s Master Contract, Certificate of Coverage, or Summary of Benefits is not a Wrap SPD.
  • This requirement applies to all employer sponsored group health insurance offerings, including a one-person plan.

Online Order Form:  Core Group Insurance Wrap SPD Online Order Form

Fax Order Form:  Core SPD Group Insurance Wrap SPD Fax Order Form

You might find the following posts helpful after viewing the Wrap SPD Plan Document video:

ERISA Wrap SPD Plan Document – $99 one-time fee

Employers must prepare an ERISA Wrap SPD to supplement the Certificate of Insurance

Why Your Business Needs a Section 125 Cafeteria Plan Document

Core SPD Group Insurance Wrap SPD for $99 Fax Order Form