News & Updates
HR 360, Inc.
April 7, 2016
Federal agencies have finalized new versions of the summary of benefits and coverage (SBC) template, instructions, uniform glossary, and related documents, which are authorized for use on or after April 1, 2017.
Under the Affordable Care Act, group health plans and health insurance issuers are generally required to provide a written SBC to plan participants and beneficiaries at specified times during the enrollment process and upon request. The implementation date for using the new SBC template and associated documents will be as follows:
The new SBC template includes an additional coverage example as well as language and terms to improve individuals' understanding of their health coverage. Specifically, the new template includes more information about cost-sharing, such as enhanced language to explain deductibles, and requires plans to address individual and overall out-of-pocket limits. Changes have also been made to the SBC to improve readability.
Visit the U.S. Department of Labor's webpage on the SBC and Uniform Glossary for the latest updates, and to access all available templates and related documents.
Be sure to visit our Summary of Benefits and Coverage (SBC) section for additional information.