Author: Tom Entrikin | Posted: 14. February 2012 05:23

The U.S. Departments of Health and Human Services, Labor, and the Treasury published a final rule in the Federal Register on February 14 requiring group health plans and health insurance issuers offering individual or group coverage to provide uniform summaries of benefits and coverage (SBCs).    The final rule implements section 2715 of the Public Health Service Act as amended by the Affordable Care Act (ACA).   It requires that plans give purchasers the opportunity to obtain summaries in succinct formats for each insurance product, with clear descriptions of the services covered, cost-sharing (deductibles, co-insurance, and co-payments), a uniform glossary of terms, and exceptions, reductions, or limitations applicable to services in the plan.  The rule is intended to foster a more transparent, efficient, and competitive marketplace in which consumers and employers can readily compare plans side-by-side and shop more easily for the best plan at the best price.  The rule is effective for enrollments on or after September 23, 2012 with respect to 150 million Americans who already have private health insurance coverage.  It will also apply to plans offered through health insurance Exchanges in 2014.