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REFORM UPDATE 1/22/15

SBC: Agencies revisit Summary of Benefits and Coverage Document
Agencies propose new changes

Under health reform law, group health plans and insurance carriers that offer group (or individual) health insurance coverage are required to use disclosure standards that accurately describe the benefits and coverage under the applicable plan or coverage. These standards are embodied in a document known as the Summary of Benefits and Coverage (SBC, sometimes also called the “mini-SPD”). You may recognize it as the food-label style grid that offers an explanation about covered benefits.

The SBC is used to ensure that health coverage information is presented in a clear and uniform format that helps plans and individuals better understand their health coverage and compare coverage options across different types of plans and insurance products. The SBC is generally prepared by the insurance carrier or third party administrator.

Late last December, the federal agencies released new SBC regulations. Here are some highlights of the generally minor changes: MORE INFORMATION

PDF-icon2SMClick here to download the full pdf document