Issue Date: October 2017
President Trump has signed an executive order instructing regulatory agencies to draft new rules permitting the creation of “association” health plans, expanding Health Reimbursement Accounts (HRAs), and extending the time for which coverage can be offered under short-term health insurance policies. It is important to note that the executive order only instructs the regulatory agencies to develop new rules — it does not immediately change any existing rules or laws. New regulatory rules must also be written in a manner that complies with existing benefits laws such as ERISA, HIPAA, the Affordable Care Act (ACA), and provisions of the Internal Revenue Code.
The order instructs the regulatory agencies to respond within 60 days, but the full rulemaking process normally takes several months. It will also take some time for the insurance industry to develop plans and services that comply with the new rules, so the impact resulting from any changes will probably not begin to take effect until later in 2018.
To read the complete compliance alert, click here.