The Obama administration unveiled the finalized format for which health insurers to display their policies on Feb. 9, HHS states in a news
release. With a Nutrition Label-esque simplicity the new template is supposed to make it easier for patients to understand the terms of their health plans and pick ones that are best suited.
"All consumers, for the first time, will really be able to clearly comprehend the sometimes confusing language insurance plans often use in marketing," said HHS Secretary Kathleen Sebelius in the news release. "This will give them a new edge in deciding which plan will best suit their needs and those of their families or employees."
Payers are required to reorganize their benefits plans, minus the cost, into an easy-to-read chart by Sept. 23. All forms must include:
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A short, easy-to-understand Summary of Benefits and Coverage ( or “SBC”); and
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A uniform glossary of terms commonly used in health insurance coverage, such as “deductible” and “co-payment.”
Take a peek at the new “easy-to-read” insurance form at http://cciio.cms.gov/resources/files/Files2/02102012/sample-completed-sbcfinal.pdf.