New ERISA Update! Patients' Bill of Rights!
The Employment Retirement Income Security Act (ERISA) of 1974 has been revised to include a final regulation that will change the minimum requirements for benefits claims. The new regulation is effective 1/20/01 (is it a coincidence that this occurs on Innauguration Day?).
The new regulation establishes new standards for processing claims under group health plans and plans providing disability payments. The new standards are intended to ensure more timely benefit determinations, to improve access to information on which a benefit determination is made, and to assure that participants and beneficiaries will be afforded a full and fair review of denied claims.
When announcing the new rule, President Clinton urged further legislative reform of managed healthcare, saying that what Americans needed was "a real, enforceable patients' bill of rights."
View the entire final rule.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.