REMINDER: CHANGE IS COMING TO SBCs
Reminder: Change is coming to SBCs
As a reminder, employers must begin using the revised Summary of Benefits and Coverage (SBC) template and related documents for plan years that begin on or after April 1, 2017, to comply with the Affordable Care Act (ACA) and help their employees better understand their group health plan benefits.
What does the ACA require? The law requires that employers provide an SBC and uniform glossary of health coverage and medical terms for each health plan they offer to all members and dependents by the first day of open enrollment or eligible enrollment.
When should the revised documents be used?
- Health plans that maintain an annual open enrollment period: required to use the April 2017 edition of the SBC template and related documents beginning on the first day of the first open enrollment period that begins on or after April 1, 2017, for plan years beginning on or after that date.
- Health plans that do not use an annual open enrollment period: required to use the revised SBC template and related documents beginning on the first day of the first plan year that begins on or after April 1, 2017.
Here are links to the April 2017 edition of the SBC and related documents:
With an SBC, a member can easily compare different coverage options and learn about their health plan benefits in easy-to-understand language.
Clients and brokers looking for an SBC preparation solution can contact their CoreSource Client Manager or Sales Executive to learn how CoreSource prepares SBCs for clients’ health plan members.
For more information about SBCs, follow this link.