All private health insurance plans should provide current and prospective customers a brief, standardized summary of policy costs and benefits.This was the regulation that is imposed by Obama administration on 8/17/2011.This sholuld also tell insurance companies and group health plans would need to provide all potential customers with an easy to understand fact sheet that breaks down information about benefits, co-pays, deductibles, and coverage limitations.
Till now they are getting these fact sheets if they are ready to purchase the insurance from the specific company . This also mentions that the document should be simplistic breakdown of pricing and benefits in a standardized, four-page document that can be compared easily compared by anyone.The template introduced online includes a chart that shows details of a sample plan’s costs and coverage.The lay out exactly mentiones how much a consumer will pay for everything from emergency care to mental health services and child eye care.
This Apples-to-Apples way customers can eailsy find the cheapst insurance which suits you .Lynn Quincy, senior health policy analyst for Consumers Union, publisher of Consumer Reports, said in a conference call Wednesday that " her organization found that most Americans like the new requirements and say that full disclosure helped them better understand their options ".About 180 million Americans have private health insurance coverage and are the target users of the proposed plan summaries.
"Since most large employers customize the benefit packages they provide to their employees, some health plans could be required to create tens of thousands of different versions of this new document -- which would add administrative costs without meaningfully helping employees," he said. And that, in turn, could drive up premiums.Insurance companies have a March 23, 2012, deadline to submit real-life policy details.Officials said the forms were developed from a public process led by the National Association of Insurance Commissioners. Other participants included consumer advocacy organizations, health care professionals and health insurers.