Plan compliance should be simple. Sana is here to help with that.
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards to protect private retirement and health plans from mismanagement and abuse.
ERISA sets standards for transparency and accountability, ensuring that participants have access to important information about their plans. ERISA guidelines are the foundation for administering your Sana health plan.
Sana ensures your compliance with ERISA by providing the following documents directly to your members in their Sana accounts:
- Summary Plan Description (SPD): A document that details what the plan offers and how it operates using plain language
- Summary of Benefits and Coverage (SBC): A uniform template that summarizes key features of the plan in plain language, including covered benefits, cost-sharing provisions, and coverage limitations.
You are also responsible for maintaining a Plan Document to be compliant with ERISA. You do not have to distribute this document to the plan enrollees and can create it when you create your Section 125 documents in Mineral.