Fall marks the start of the ‘open enrollment’ period, during which millions of Americans select a health insurance plan in the private insurance market. But this year, consumers will have a new resource available to make that decision easier, thanks to the Affordable Care Act.
This new resource, called the Summary of Benefits and Coverage (SBC), will provide consumers with a short, easy-to-understand description of their health plan choices, including information about the covered benefits, out-of-pocket costs, and the network of providers. And because all insurance companies and employers will have to use the same format and terminology when providing the SBC to consumers, it will be easier for you to make apples-to-apples comparisons of your options.
Consumers will receive the SBC free of charge and in writing from their insurance company or employer, so keep an eye out for it soon. Learn more about this valuable resource and view a sample SCB today!