To make the benefits and costs of insurance coverage more transparent, the Departments of Health and Human Services (HHS), Labor and the Treasury have jointly proposed new regulations compelling insurers to provide that information in an easy-to-understand format, according to an HHS statement. Under the new rules-made possible by the Patient Protection and Affordable Care Act, a.k.a. health care reform-insurance companies and group health plans must provide, upon request, consumers and employers with a clear summary of each plan’s benefits and coverage along with a glossary for the industry jargon found in insurance documentation (such as “co-pay” and “deductible”). Purchasers must also be informed of any major changes to their plans at least 60 days in advance.
To read the HHS statement, click here.