
Wrap SPD Plan use a Wrap SPD for Your Group Health Plan to Avoid the $110 Per Day Fine Under the Affordable Care Act
A Wrap SPD document must be sent within 120 days of the Plan’s effective date if you provide group health insurance, as mandated by the Affordable Care Act and the Department of Labor’s enforcement of the ERISA legislation.
$149 one-time charge sent by email in PDF format
$50 Optional Deluxe Binder mailed by USPS
$30 Optional Supplemental Insurance Rider
Wrap Summary Plan Description (SPD) and Why Do I Need One?
The following is a concise summary of the Wrap SPD document requirements set out by ERISA and the Affordable Care Act:
Failure of not providing Wrap SPD within 30 days of the request impose a $110 per day fine. The Department of Labor may also conduct an audit if there is no Wrap SPD.
A Wrap SPD does not include the insurance company’s Master Contract, Certificate of Coverage, or Summary of Benefits.
All employer-sponsored group health insurance plans, including one-person plans, requires complying with this rule.
Have Questions? and want to read more about the changes click Wrap SPD Plan Document for Group Health Insurance for more details.
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