Summary of Benefits Mandate - Effective September 2012.

[AllenChicago]

Next month, there will be yet ANOTHER financial burden placed on the backs of health insurers by the Obama administration. This mandate forces them to supply a standardized "Summary of Benefits" to every new and existing policyholder. This S.O.B. has to be customized to each insured's policy, deductible, co-pay, etc..

Example: http://cciio.cms.gov/resources/files/sbc-sample.pdf

Prior to today, I had no idea that this document had to be customized to each insured and available in other languages. Thought it was just a standardized little brochure/glossary that was just for NEW applicants.

Here's a complete description of this mandate from U.S. Government:
Summary of Benefits and Coverage (SBC) and Uniform Glossary | HealthCare.gov

Companies that are losing money on health insurance will be driven further into the red. Health insurers will likely further trim administrative expenses to comply with yet another burdensome requirement of the Affordable Care Act. I'm amazed that more of the smaller companies aren't calling it quits. Perhaps they're in DeNile... or waiting for the November election?
-Allen

 

[taterpeeler]

I'm amazed that more of the smaller companies aren't calling it quits. Perhaps they're in DeNile... or waiting for the November election?
-Allen

im amazed some of the smaller agents have not called it quits

 

[somarco]

Care to guess how many will actually READ the SOB? Most folks don't even bother to read the 1 - 3 pg summary in their policy or handbook.

They don't even read after they have had a claim denied.

 

[Yagents]

What's hilarious is the two required examples of maternity and type 2 diabetes. Two examples that cover a small segment of the population. Should have at least used a 3 day hospital stay example, and blood pressure/cholesterol. Depression would have at least covered half of America. I just watched MSNBC, gotta go pop that prozac!! I hope obama will reimburse me for emotional distress. Anyone have a claim form?

 

[somarco]

Did you request a complaint form?

 

[GreenSky]

Care to guess how many will actually READ the SOB? Most folks don't even bother to read the 1 - 3 pg summary in their policy or handbook.

They don't even read after they have had a claim denied.

I didn't even read your post!

Rick

 

[taterpeeler]

What's hilarious is the two required examples of maternity and type 2 diabetes.

two examples that as of now i A) cant even offer maternity in texas and B) if you have type 2 you aing gettin aproved

slick move HHS,

 

[ABC]

The big issue with group is the SBC's have to go out to the employees 60 days before any changes can be made.

Most renewals numbers come out 60 days prior to renewal date.

So in real life, plan changes will not be possible until 60 days after the renewal.

What a mess.

This is the kind of administration burden that will lead small groups to drop coverage.

 

[Yagents]

This is the kind of administration burden that will lead small groups to drop coverage.

IFP wins, especially if your state allows agents to participate. Glad I never did group, I'd be scared if so.

 

[AllenChicago]

im amazed some of the smaller agents have not called it quits

TaterPeeler,
Our brokerage had 57 agents at the start of 2010. There are now 19 of us left. It wasn't just the "smaller" agents that called it quits, but some of the higher producing ones too. The "larger" agents went to brokerages that give more support and are successfully diversifying into life, LTC, MedSupp, etc..

I've seen some pretty irrational (and one illegal) actions on the part of health agents since Affordable Care Act started reducing sales and commissions locally. The stress can be immense for some. -AC