How often are health insurance policies required to provide a summary of benefits and coverage (SBC)?

Health insurance policies are required to provide a Summary of Benefits and Coverage (SBC) at key points in the policy lifecycle: when the policy is issued, when it is renewed, and upon request from the policyholder. This requirement aims to ensure that consumers have clear and accessible information about their health insurance coverage, enabling them to make informed decisions regarding their healthcare options.

When the policy is first issued, the SBC helps potential policyholders understand what benefits are covered and where they might have out-of-pocket costs. Upon renewal, it serves the same purpose, ensuring that existing policyholders are aware of any changes in coverage or benefits. Additionally, allowing for requests for the SBC ensures that even policyholders not currently considering a policy change can still access important information about their coverage.

The other choices do not encompass the comprehensive nature of the SBC requirements. For instance, being limited only to requests or renewal would not meet consumer protection standards that aim to provide transparency throughout the insurance lifecycle.