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Brokers and consultants must disclose any direct or indirect compensation they may receive for referral of services to ERISA-covered group health plan sponsors, effective December 27, 2021.
The Department of Labor announced a temporary enforcement policy for these new requirements in Field Assistance Bulletin No. 2021.03. A person will not be treated as failing to make the required disclosures as long as they were made in good faith, reasonable interpretation of the law.
For purposes of the new disclosure requirements, covered plans include the following:
- Insured and self-insured group health plans, including grandfathered plans, regardless of size
- Dental and vision plans
- Health Reimbursement Arrangements (HRAs)
- Health Flexible Spending Accounts (FSAs)
The guidance also addresses how covered providers should disclose compensation amounts that cannot be known in advance.
Download the bulletin for more details.
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