When must policyholders receive a summary of benefits and coverage?

Policyholders must receive a summary of benefits and coverage during enrollment and upon renewal of the insurance policy. This requirement is designed to ensure that consumers have clear and accessible information about their health insurance coverage options, which assists them in making informed decisions regarding their healthcare needs.

By providing this summary during the enrollment period, the insurance provider helps prospective policyholders understand the key features of the plan before they commit. Moreover, delivering the summary again at renewal allows existing policyholders to review and assess their coverage. It is essential for consumers to have updated information, particularly if their circumstances or coverage options have changed, ensuring that they make the best choice regarding their health insurance.

This approach reflects a broader objective of transparency in the health insurance market, empowering individuals to evaluate the value and adequacy of different insurance plans in relation to their specific health care needs.