NJ S3996

Health insurance carriers and their contracted vendors must offer electronic funds transfer (EFT) as a payment option for reimbursing covered persons

Carriers must notify covered persons whether any fees are associated with receiving reimbursements via electronic funds transfer

Carriers must provide instructions on their website for how covered persons can select electronic funds transfer as their reimbursement method

The Department of Banking and Insurance may enforce violations, imposing civil penalties and requiring carriers to reimburse covered persons for any fees incurred due to violations

Takes effect 90 days after enactment and applies to claims submitted under health benefits plans initiated or renewed after the effective date