Does an SPD work for all types of plans?
The template should be designed to include the disclosures required by the Department of Labor (DOL) for fully-insured benefit plans. It is important that employers ensure that the participants understand and read the SPD together with the benefit information and certificates provided by insurance companies for each type of coverage. Employers should ensure that participants have the current version of their health insurer’s booklet(s) describing the benefits provided under their contract. Employers should consult directly with an attorney regarding satisfying the SPD requirements for self-insured plans.
