September 27, 2013 Legislative Update New 2014 Summary of Benefits and Coverage Available Oct. 1, 2013 For 2-150 employer groups Under the Affordable Care Act, all health insurers and group health plans are required to provide consumers with a Summary of Benefits and Coverage (SBC). SBCs for plans beginning on or after Jan. 1, 2014, will be available in the SBC Tool system on Oct. 1, 2013, on the new SBC template format. The Departments of Health and Human Services, Labor and Treasury issued a series of Frequently Asked Questions on April 23, 2013, that included the SBC update. The updates to the SBC template will include the following: - Annual Limit Row has been removed
- Minimum Essential Coverage (MEC) language added
- Minimum Value (MV) Standard language added
If you need a 2013 template, you will still be able to access it via the plan year drop-down menu in the SBC Tool. The updated training demo of the new SBC Tool is now available for viewing. We have provided a PDF copy of the training for your convenience. For a quick reference, you can also view this buckslip. Please send any questions you may have regarding SBCs to your account representative. |