SB 385 Summary

• Authorizes insurers, mutual benefit societies, and health maintenance organizations to offer high deductible health plans (HDHPs) in conjunction with health savings accounts (HSAs) to employers subject to Hawaii's Prepaid Health Care Act, effective January 1, 2018.

• Requires employers offering HDHPs with HSAs to also offer a traditional prepaid health care plan that is not a high deductible plan to each eligible employee.

• Prohibits offering standalone high deductible health plans or standalone health savings accounts to employers subject to the Prepaid Health Care Act; compliance with federal law takes precedence if conflicts arise.

• Specifies that insurers are not required to serve as custodians or trustees of health savings accounts and that the law does not affect collectively bargained agreements.

• Effective date of July 1, 2050 (note: unusually distant implementation date).