Did you know that the SBC law became effective 9/23/2012. All group health plans and individual health insurers will have to provide a summary of benefits and coverage explanation that meets specified criteria to all enrollees when they apply for coverage, when they enroll or re enroll in coverage, and when their policy is delivered. With the way that the MLR requirements have been written, one would assume that carriers will opt for the least expensive way of providing the SBC documents, which will be in electronic format for the employer to distribute.
The employer penalty for non-compliance is $1,000 per employee (what do you think your clients will say when you tell them you have a proactive solution? What about prospects you are calling on?)
BASIC Guru was built with this in mind. The employer via his/her agent will be able to provide 24/7 access of these SBC documents to their employees via our secure benefit portal tool. Employers can even request an electronic signature from each employee acknowledging receipt of this important information.
We feel that this new law will change the perception of employers and offers a game changing event for the agency that offers technology like BASIC Guru.