The DOL and HHS released an updated Summary of Benefits and Coverage (SBC) template, Uniform Glossary and related material. Employers and insurers must use the new material starting with plan years beginning on or after January 1, 2021. In the meantime, employers and insurers will continue to use the current versions (made available for use in 2017).
Overall, the changes were minor, including the following revisions:
- Minimum Essential Coverage (MEC) – removed reference to the individual mandate payment and addressed eligibility for a premium tax credit, as well as types of MEC
- Minimum Value (MV) – added option for “not applicable”
- Coverage Examples – modified the examples, instructions and calculator
Our bulletin below contains background information on the SBC requirement, an overview of the new material and action items for employers who sponsor applicable health plans.
If you have questions or need help, please contact one of our benefits consultants.