A Summary of Benefits and Coverage (SBC) is an easy-to-read summary of health coverage that allows an individual to compare costs and coverages among health plans in order to make an informed decision about benefits. The SBC describes a health plan’s costs, benefits, coverage, services and other features such as cost-sharing and exclusions from coverage. All health plans are required to use the same format for the SBC to ensure consumers can compare like information.
The Centers for Medicare & Medicaid Services sets the standards for what the SBC must include. If your plan is in an open enrollment period, consider including SBCs as part of the information provided to employees.