Federal regulators have issued regulations that propose changes to the Summary Benefits and (SBC) that would be effective for beginning or after September 1, 2015.
The proposed changes, issued by the Departments and Human Services, Labor and the Treasury, are intended to add features making the SBC more user-friendly and help people shopping for better understand their , according to a fact sheet and press release distributed by the agencies.
All and issuers are required to provide consumers with a standardized, brief summary what a policy or healthcare plan covers, to allow easier comparisons between .
Under the proposed revisions, a typical SBC would be about two and a half pages, compared to four pages now. A revised Uniform Glossary is also aimed at making it easier for consumers to understand terms such as requirement, , -sharing reductions, , and preventative .
While the SBC is typically prepared by the carrier or plan administrator, its content and distribution is the the -sponsor, who face a potential fine $1,000 for each instance willfully failing to provide an SBC.