The U.S. Departments of Health and Human Services, Labor and Treasury issued a final rule on February 9, 2012 requiring health insurers and group health plans to provide consumers with an easy-to-understand summary of benefits and coverage and a uniform glossary of commonly used health insurance terms. These disclosure requirements are intended to help those shopping for insurance, as well as those already enrolled in a plan, to make comparisons to better evaluate their health insurance coverage options. The Final Rule is slated for publication in the February 14, 2012 Federal Register.
The Final Rule will state that insurance companies and group health plans must provide consumers with clear, consistent and comparable summary information about their health plan benefits and coverage. The summary of benefits and coverage must include key features of the plan including what is covered, cost-sharing requirements and coverage limitations and exceptions. The summary must be made available to those shopping for coverage or renewing coverage, sixty (60) days before significant plan changes take effect and within seven (7) days of a request for such information.
You can get a peek at the contemplated final rule here —> Final Rule
For a copy of the Final Rule when it gets published in the Federal Register, please visit —> www.Federal Register.gov