Offering Individuals an image of Health and fitness Insurance coverage Costs & Benefits

 

 

 

Thanks to the overall health care law, starting today, millions of shoppers will have access to a new consumer-friendly summary to help them understand their health and fitness insurance coverage and compare well being coverage options. This new tool, called the Summary of Benefits and Coverage-or SBC-has a uniform format that shows you basic information about your overall health insurance plan and how much it expenditures. The SBC also includes a new comparison tool, called Coverage Examples, that shows you what your insurance policy would cover in two common medical situations-having a baby and managing type 2 diabetes.

 

 

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Overall health insurance issuers and group overall health plans must also provide access to a glossary of common terms (PDF 139KB) used in overall health insurance policies, such as “copayment” and “deductible,” with easy-to-understand definitions. And-for the first time-consumers who want to take a deeper dive into a particular plan or policy will be able to review the full contract outlining the benefits and limitations-before they sign up for coverage.

 

 

 

The SBC will help shoppers make informed choices based on critical information. For example, the Coverage Examples concept is modeled on the Nutrition Facts label-that rectangle on packaged foods with calories and grams of fat-that we now rely on when trying to make healthy choices for ourselves and our families at the grocery store.

 

 

 

 

 

 

Coverage Examples showing what your insurance would cover.

 

 

 

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Starting today, individuals can review SBCs for many individual market plans which are posted on the Plan Finder , here on HealthCare.gov (Click on “Find Insurance coverage Options”). In addition, health and fitness plans and wellbeing insurance policy issuers must give you the SBC at certain times during the plan or policy year, including when you purchase coverage and when coverage renews. Also, consumers can always get an SBC from a plan or issuer by requesting it.

 

 

 

The health and fitness insurance policies marketplace can be confusing for shoppers. The SBC will help explain benefits and costs in plain language and in a uniform and recognizable format so buyers can see how a particular plan works in terms they understand. In addition, the SBC will not contain any “fine print” or insurance policies jargon. Instead, you’ll get the basic facts. And when we make the insurance protection marketplace more transparent and competitive, we empower individuals and help drive expenditures down.

 

 

 

Remember-Before you enroll, take control. The SBC can help you find a overall health insurance plan option that is best for you.

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