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January 2020: New Summary of Benefits and Coverage Template Will Be Required for 2021

Business Insurance

 

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 Jan. 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.
 

Additional articles from the January 2020 edition of the Univest Employee Benefits Newsletter:

  1. Upcoming Group Health Plan Compliance Dates
  2. Key ACA Taxes Repealed, but the PCOR Fee Is Back
  3. 10 Employee Retention Resolutions for 2020

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