Federal regulations require employers to distribute the CHIP notice annually to eligible employees who live in a state offering premium assistance. Although, it’s generally easier to distribute the CHIP notice annually to all eligible employees during open enrollment.
Note: This is often an “important healthcare notice” included in the Plan benefit guide. Contact your broker for more details.
The CHIP notice informs employees of potential opportunities for premium assistance currently available in the state in which they reside.
It’s been updated to include applicable states (specifically, KY’s URL) as of January 31, 2024. Employers should update to the most recent version found here.
To learn more about employee benefit participant notices and disclosures specific to federal requirements, review our helpful guide.
IMA will continue to monitor regulator guidance and offer meaningful, practical, timely information.
This material should not be considered as a substitute for legal, tax and/or actuarial advice. Contact the appropriate professional counsel for such matters. These materials are not exhaustive and are subject to possible changes in applicable laws, rules, and regulations and their interpretations.