New Summary of Benefits and Coverage Template Will Be Required for 2021
Recently, the Departments of Labor (DOL) and Health and Human Services (HHS) issued an updated template and related materials for the summary of benefits and coverage (SBC). These materials are required to be used for plan years beginning on or after January 1, 2021. This means that the updated template must be used for the 2021 plan year’s open enrollment period.
The SBC is a concise document providing simple and consistent information about health plan benefits and coverage.
Employers should prepare to use the new SBC template and related materials for the 2021 plan year. Prior to the beginning of the 2021 plan year:
Self-funded plan sponsors should ensure that they use the new template.
Employers with insured plans should make sure the carrier is providing the correct version of the template.
For more information, contact AJM Associates, Inc. today.