Implementation of SBCs Only Four Months Away
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 23rd. 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:
- An easy-to-understand summary of benefits and coverage
- A uniform glossary of terms commonly used in health insurance coverage
To view the sample forms click here.
Your health insurance company will prepare these two forms for you and provide instructions for distributing the forms to your employees.
For even more clarification, the Departments of Labor (DOL), HHS and Treasury released a set of Frequently Asked Questions (FAQs) for clarification on particular topics such as required dates for compliance and circumstances under which an SBC may be provided electronically.
FAQs About the Affordable Care Act Implementation:
For more information on the Affordable Care Act, please log in to the Client Resource Center
and see the section on Health Care Reform in the HR & Benefits Library.