FYI: "Summary of Benefits" Mandate is Effective 9.23.2012

[AllenChicago]

In just a couple of days, yet another of the Health Reform/ACA/Obamacare mandates goes into effect. This time it's the Summary of Benefits brochure. The S.O.B. must be given to insureds at the appropriate time, or the Insurance Company pays $1,000 for each instance of reported non-compliance.

Here's a link to the Broker's Responsibilities document (.pdf) that Aetna published this week. It's likely the same across all insurers since this is a Federal mandate.

http://links.mkt3166.com/ctt?kn=4&ms=NDgxNzkzMAS2&r=MjAzMDk0ODE4NAS2&b=0&j=NTM1Mjk0NjkS1&mt=1&rt=0

In the e-mail that contained the link Aetna says that they will be closely monitoring Brokers, to ensure compliance. I suppose the company will be randomly calling customers to find out if they were given a Summary of Benefits.
-ac

 

[somarco]

That's all well and good, but Aetna provides almost no information to their brokers. I still have a few IFM with them and moved my last group a couple of months ago.

They are slightly better in communicating for group plans but on IFM the broker is as important to them as a door stop.

 

[AllenChicago]

I only have a couple of clients left with AETNA as well. That wouldn't be the case if they paid more than 4% base commission.

Between AETNA, Humana, Blue Cross and United Health Care, AETNA seems to do the best job of communicating...both in frequency and in quality of content.

I am suprised however that AETNA is the only one of the aforementioned to send out anything regarding this Summary of Benefits mandate. It goes into effect just 3 days from now. Why the Government doesn't pick the 1st or the 15th of a month for these things to go into effect is goofy. Perhaps they chose the 23rd because the ACA went into effect on the 23rd day of the month? Government logic.
-ac

 

[Bob L]

Looking at the Aetna bulletin, we read:

"At Aetna, we believe the Affordable Care Act (ACA) is an important milestone in addressing the challenges facing our health care system."

Well, there you have it.

Nancy P was right. We needed to enact this bill to "see what's in it."

I can't believe this happened in America. The framers did all they could to limit the size of the central government and look what's happened in the last few decades, and then escalated in the last several years.

Words fail me!

 

[Yagents]

I asked my Aetna rep what my responsibilities are for this. She stated that since I do only IFP electronic apps, there is nothing I need to do. If paper app, I'll need to provide an SBC
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Cigna just sent out an email, with the following statement included. Looks like more cost for consumers with no added value. The Obama way:

These documents do not replace materials that Cigna currently provides, including Summary of Benefits, Outlines of Coverage, and Plan Comparisons. While the new SBCs contain much of the same information, our current documents support the sales process with more detailed information.

 

[AllenChicago]

E-mail received from BCBS-Illinois earlier this week. They want us to e-mail SOBACs to our clients?

"News Alert: September 24, 2012

Affordable Care Act: Summary of Benefits and Coverage Tool Available Soon!

As you may know, the Summary of Benefits and Coverage (SBC) provision of the Affordable Care Act goes into effect today.

We have developed an SBC Tool that will allow you to search, download and email SBCs. The SBC Tool will be fully operational on Oct. 1, 2012. Instructions for using the tool and login information will be provided soon.

The SBCs for Standard Plans with Oct. 1, 2012, renewal dates are currently available. To obtain SBCs prior to Oct. 1, please call Customer Service at 855-756-4448, and we will provide it for you.

We will provide you with a schedule for SBCs for Standard Plans with later renewals in a future update. "

-AC