Dec. 08, 2021
On Wednesday, Nov. 17, the Biden administration released an interim final rule with request for comments (IFC) that complements several rules issued earlier this year to implement other provisions of the Consolidated Appropriations Act of 2021 (CAA).
The IFC comes from the Departments of Health and Human Services, Labor, Treasury and the Office of Personnel Management.
What this means: The IFC requires plans and issuers in the group and individual markets to submit certain information on prescription drug and other health care spending to the federal government annually.
We are evaluating this new interim final rule to determine how it may affect our implementation work. The agencies may choose to modify the rule after its 60-day public comment period ends.
While we are providing these highlights of developments regarding key aspects of the CAA, we do not provide groups with legal or compliance advice. Group customers must contact their legal advisors if they have questions about the proposed rules and the new regulations, what they will require and how they will affect their benefit plans if finalized.