How often must health insurance providers provide a summary of benefits and coverage to policyholders?

Health insurance providers are required to provide a summary of benefits and coverage (SBC) annually to policyholders. This requirement is part of the Affordable Care Act and aims to ensure that consumers are well-informed about their health insurance plans. The annual provision of the SBC allows policyholders to review their benefits and coverage options, facilitating more informed decision-making regarding their healthcare.

The emphasis on providing this information annually helps to keep individuals updated on their coverage, any changes to benefits, and potential costs associated with their plan. This transparency is crucial for ensuring that consumers can adequately assess their healthcare options and make choices that best suit their needs.

This annual requirement is distinct from other timeframes, such as only providing it upon renewal or every few years, as continuous communication regarding benefits is essential for maintaining awareness and understanding of health insurance among policyholders.