Healthcare reform is changing the way benefits plan coverage options are communicated and, in some cases, retirees may see significant changes to their health insurance coverage. This is a great time to learn everything you can about your healthcare plan to be sure you don’t face any unexpected challenges next year.
The first thing that is important for retirees to know is that under the Affordable Care Act (ACA) they will see changes in their annual open enrollment benefits materials. This includes the addition of a Summary of Benefits Coverage (SBC). SBCs are benefit plan summaries that are intended to provide “clear, understandable and straightforward information on what health plans will cover, what limitations or conditions will apply, and what they will pay for,” according to the U.S. Department of Health and Human Services.
However, retirees should not rely on the information in their SBC alone to make health insurance plan choices. To minimize surprises and make the most of health insurance plan options, consider these seven tips:
45 Calvert Street, Annapolis, MD 21401
300-301 West Preston Street, Baltimore, MD 21201
Toll Free (800) 705-3493