The health care reform law — the Affordable Care Act (ACA) — has many complex requirements for employers and health plans. Under the new rules, health plans (both insured and self-funded) must provide a Summary of Benefits and Coverage (SBC) to participants and beneficiaries. The SBC is a succinct document that provides simple and consistent information about health plan benefits and coverage in plain language.
Plans and issuers must provide the SBC to participants and beneficiaries who enroll or re-enroll during an open enrollment period beginning with the first open enrollment period beginning on or after September 23, 2012. The SBC must also be provided to participants and beneficiaries who enroll other than through an open enrollment (including those newly eligible for coverage and special enrollees) effective for plan years beginning on or after September 23, 2012.
NEED MORE HELP? Visit the Department of Labor’s website for more information: http://www.dol.gov/ebsa/faqs/faq-aca8.html