Raised Bill No. 5410 Summary

• Individual and group health insurance policies that are high deductible health plans cannot impose annual deductibles greater than the federal minimum required to qualify as an HDHP under Internal Revenue Code Sections 220 or 223, effective January 1, 2023.

• Employers offering high deductible health plans must annually provide employees with a health savings account disclosure by the first day of the enrollment period explaining the availability and enrollment process for medical savings accounts, Archer MSAs, or health savings accounts.

• Health carriers must apply annual deductibles for qualified high deductible health plans on a calendar year basis, to the maximum extent permitted by federal law without disqualifying associated tax-advantaged savings accounts.

• The Insurance Commissioner may adopt regulations to implement these provisions, and all requirements apply to the maximum extent permitted by federal law while preserving eligibility for federal tax deductions under IRC Sections 220 and 223.