Rule Will Standardize Insurance Summaries, Terms

The Centers for Medicare and Medicaid Services plans to soon publish a final rule requiring insurers to provide to consumers a uniform summary of benefits and coverage explanation.

The rule, which also would standardize definitions of terms of coverage, is authorized under the Affordable Care Act and follows a proposed rule published in August 2011. CMS has sent the rule to the Office of Management and Budget for review, which is one of the last steps before publication.

The proposed rule is available here.