New rules announced today that outline the Summary of Benefits & Coverage requirements

The Department of Labor released it’s final regulations regarding the Summary of Benefits & Coverage (SBC) as required by the Affordable Care Act. It’s original deadline for compliance was delayed from March 23, 2012. It’s new effective date is September 23, 2012 or during open enrollments occurring on or after September 23, 2012.

Participants in these group health insurance plans will benefit from the explanations of coverage that are required to be written in plain speak in order to ensure that they know what it is they are buying. These rules will also make it easier for consumer to compare plans in order to make a better personal choice of health coverage.

One of the major additions to the SBC rules is the addition of a standardized plan comparison tool. This section will provide “samples of coverage” that will illustrate typical medical situations (i.e. the normal delivery of a baby or diabetes management) and what the plan will cover. These will aid consumers in comparing plans by allowing them to compare apples to apples.

This tool is in addition to the rules previously written that require a clear and brief Summary of Benefits & Coverage statement, as well as a uniform glossary of terms.

You can download the template files below:
Summary of Benefits & Coverage Template (DOC)
Summary of Benefits & Coverage Template (PDF)
Uniform Glossary of Terms (PDF)