The Department of Labor (DOL) has submitted for review by the Office of Management and Budget (OMB) a new template for the Summary of Benefits and Coverage (SBC) that accompanies health insurance policies, which will take effect for policies issued starting in April 2017.
The public has until March 27 to submit comments to the OMB.
SBCs, under the Affordable Care Act (ACA), outline benefits and coverage details to policyholders, who must receive them every enrollment or re-enrollment period.
Due to the federal Paperwork Reduction Act, all forms must be reviewed and renewed every three years, and the original SBC dates from 2014; thus a new form must be approved for 2017.
For the full story on how the Affordable Care Act (ACA, or Obamacare) affects your business, no matter how large or small, please obtain a copy of our comprehensive yet easy-to-follow Affordable Care Act Compliance Kit.