The Summary of Benefits and Coverage (SBC)
As part of The Affordable Care Act (ACT), The Summary of Benefits & Coverage (SBC) is a mandated document that establishes standards that group health plan sponsors and insurers must use when offering group or individual health insurance. The SBC’s purpose is to accurately describe the benefits and coverage, cost sharing requirements, exclusions and limitations of the plan. This mandate is effective September 23, 2012 and includes strict timeframes for generation and distribution of the SBC. Penalties apply for non-compliance.
We will be sending information to our clients that pertan specifically to the insurance carrier that provides their coverage, on how the carrier will be handling the SBC notices and the employer responsibilities.
Please contact us with any questions you may have.