The Affordable Care Act (Act) creates a new disclosure requirement for group health plans and
issuers: the summary of benefits and coverage (SBC). On February 14, 2012, the Departments of
Labor, Treasury, and Health and Human Services (the Departments) published final regulations
setting forth the required content, timing, and appearance of the SBC.
Background
Section 2715 of the Public Health Service Act (PHSA), added by the Act, sets forth the SBC
requirement and directs the Departments to develop standards for SBCs, including standard
definitions. The goal of the SBC is to standardize health insurance information in a way that allows
consumers to make informed and efficient decisions.
Which Plans Must Provide the SBC?
The SBC must be distributed by group health plans and health insurance issuers offering group or individual health insurance coverage. With respect to group health plans, the plan administrator is held responsible for providing the SBC. There is no exemption for large or self-insured plans.
Please see full article below for more information.
Please see full publication below for more information.
