Easy to Compare Health Insurance Quotes

It’s about to get much easier to compare health insurance quotes and determine exactly how much money you’ll have to pay out of pocket.  The Washington Post article, “New health insurance rules would let consumers compare plans in ‘plain English’,” says that consumers should get this benefit by next March.  Author N.C. Aizenman says that the government plans to require all health insurers to to give a short and easy to understand summary of their policy’s benefits and costs.  This will be available to current customers as well as those looking to compare different health insurance plans.  In addition, each plan will have to include a breakdown of your out of pocket expenses for having a baby, receiving treatment for breast cancer, and treating diabetes.

The Department of Health and Human Services compared the health insurance summaries to ‘Nutrition Facts’ food labels.  Summaries have to be less than four two-sided pages and cannot be in font smaller than 12-point.  Consumers can request a summary at any point in the application process.  Insurers like Aultcare have to provide summaries before enrollment in a plan, 30 days before a health plan is up for renewal, and 60 before any important changes are to occur in someone’s health plan.  Right now the regulation is in a 60-day comment period.  It is expected that many health insurers will express concern over the added administrative costs they will have with these summaries.  Employer-sponsored plans have so many different options that insurers might have to make thousands of different summaries.  Consumers, however, will much more easily be able to compare health insurance quotes and plans to see what option is best for them.

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