1. SBCs will need to state whether the plan provides “minimum essential coverage” as required by the “individual mandate”.  This goes into effect January 1, 2014.
2. SBCs will need to state whether the plan meets the “minimum value” requirement meaning the plan pays at least 60 percent of allowed charges for covered services.  This requirement also goes into effect January 1, 2014.

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Are you ready for September 23, 2012?

As you are well aware by now, the implementation of the Summary of Benefits and Coverage (SBC) will go into effect on September 23^rd.   The Affordable Care Act issued regulation for health insurers and group health plans to issue the insured population clear, consistent and comparable information regarding their health plan benefits and coverage.  Essentially there are two forms to help the insured population understand and assess their health insurance options.  The two forms are:

The Departments of Health and Human Services, Labor, and the Treasury released final rules yesterday in regards to the Summary of Benefits and Coverage (SBC) requirement of the Patient Protection and Affordable Care Act.  This requirement states that group health plans must provide participants and beneficiaries a SBC containing specific information about the plan and coverage in plain language.  They must also provide a uniform glossary of terms commonly used in health insurance coverage, as well as notice of material modification of the terms of the plan or coverage. The final rules include changes to a number of requirements proposed in earlier regulations.