Today we are focusing on an important change the Affordable Care Act introduces beginning today – the Summary of Benefits and Coverage (SBC). The Center for Consumer Information & Insurance Oversight (part of the U.S. Department of Health and Human Services) believes SBCs will help the public understand and compare health insurance coverage options better than ever before. SBCs will list covered benefits, cost-sharing provisions, limitations and exceptions. They will be provided when consumers shop for coverage, enroll in coverage, at each new plan year, and upon request.
The requirements to provide an SBC apply to participants and beneficiaries who enroll or re-enroll in group health coverage through an open enrollment period beginning on the first day of the first open enrollment period that begins on or after September 23, 2012. For disclosures to plans, and to individuals and dependents in the individual market, these requirements apply to health insurance issuers beginning on September 23, 2012.
To see what the SBC form looks like, click on the following link. http://cciio.cms.gov/resources/files/sbc-template.PDF
To see a sample of a completed SBC, click on the following link. http://cciio.cms.gov/resources/files/sbc-sample.PDF
To recap this new provision applies to your plan at the first renewal date after September 23rd. To help you comply with this new provision we will be posting the SBCs for your plans to your benefits website during the open enrollment time.
