New Tools to Help Decipher Health Benefits
- By BSTQ Staff
With the new healthcare law in place, insurance companies and employers are now required to provide consumers in the private health insurance market with a few tools to help improve and clarify the insurance policy selection process. Physicians can make their patients aware of these tools. The first is called the Summary of Benefits and Coverage, which gives a brief summary of what a health insurance policy or employer plan will cover. Consumers will also have access to a Uniform Glossary, which will define insurance and medical terms in clear, simple, consumer-friendly language. Additionally, a new comparison tool, called Coverage Examples, will be accessible. This tool, which is similar in format to the nutrition facts label, will help consumers compare coverage choices by showing a standardized illustration of what each health plan will cover for two common medical situations such as having a baby and managing type 2 diabetes.
