The Department of Labor is submitting a request to the Office of Management and Budget for approval to collect information related to the Affordable Care Act's requirements for health insurance plans to provide a summary of benefits and a uniform glossary. This allows plans to explain their coverage and standardized definitions to participants. Public comments on this information collection request are welcome until May 30, 2025. The collection aims to provide practical utility, ensure accuracy, and minimize the burden on respondents, with an estimated annual time burden of 303,970 hours and annual costs of over $7 million.
Simple Explanation
The government wants to check how well health insurance plans explain what they cover using easy words, like a dictionary for insurance terms, and they're asking people to share their thoughts about it. This work takes a lot of time and money, but it's to make sure everyone understands their benefits.