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New health insurance rules would let consumers compare plans in 'plain English'
Regulations proposed by the Obama administration on Wednesday would require all private health insurance plans to provide customers a brief, standardized summary of policy costs and benefits. To make it easier for consumers to make apples-to-apples comparisons between plans, the summary will also include a breakdown estimating the expenses covered under three common scenarios: having a baby, treating breast cancer and managing diabetes. The regulation, which is subject to a 60-day public-comment period. The regulations would require insurers to provide the summary on request, rather than waiting until someone applies for a policy or pays an application fee, a position. In addition to supplying the summary on demand, insurers would have to automatically provide it before a consumer's enrollment, as well as 30 days before renewal of their health coverage. Plans must also notify members of any significant changes to their terms of coverage at least 60 days before the alterations take effect. The summary form, which can be sent by e-mail, must be no longer than four double-sided pages printed in 12-point type.
Source:The Washington Post