The Department of Labor's (DOL) final fiduciary rule, entitled “Definition of the Term ‘Fiduciary’; Conflict of Interest Rule – Retirement Investment Advice,” was published in the Federal Register on April 8, 2016, became effective on June 7, 2016, and had an applicability date of April 10, 2017. Likely however, the applicability date has been pushed back to June 9, 2017 and may be further delayed or overturned.
The house will vote on the American Health Care Act (AHCA) March 24th, but the bill's future is unclear. Could a final Senate ACA replace vote be delayed until after August recess? According to a House GOP member close to leadership, that is a definite possibility. "The way I see this going right now, we're probably going to head to the August recess with Obamacare," said the unnamed source in a recent Politico interview.
The evening of March 6th, the two House Committees with jurisdiction over the ACA repeal/replacement bill, the Ways and Means Committee and the Energy and Commerce Committee, released separate Budget Reconciliation bills, titled the American Health Care Act, which would serve as a replacement for the ACA.
February 16th, House Republicans held a closed-door meeting to discuss their ACA replacement plan and identify the components that could be included in the budget reconciliation bill. At that meeting, an Obamacare Repeal and Replace Policy Brief and Resources document, authored by the Congressional Committees with jurisdiction over the healthcare reform process, was provided to House members.
February 9th, the confirmation process for Seema Verma to become the head of the Center for Medicare and Medicaid (CMS) began with a Senate Finance Committee hearing. Verma is a healthcare consultant from Indiana and worked closely with Vice-President Pence on Indiana’s H.I.P. 2.0 Medicaid program that was enacted while he was Governor.
February 9th, Sen. Orrin Hatch (R-UT), Chairman of the Senate Finance Committee, along with Sen. Marco Rubio (R-FL), introduced the Health Savings Act of 2017 (S.403), and Rep. Eric Paulsen (R-3rd MN) introduced companion legislation. Like HSA legislation introduced by Sen. Hatch and Rep. Paulsen in previous Congresses, the bill includes top legislative priorities of the HSA industry.
Consumers refuse to accept the truth when it comes to their healthcare finances. Whether it is fear of the unknown, distrust of the industry, lack of interest or knowledge, the reality is that consumers aren't planning for their healthcare present and future.
Wouldn’t it be great if you could track the key performance indicators of your own employer groups as well as those of your peers? Your Alegeus platform contains a wealth of demographic, account and transactional information that can lend clues to performance – what’s working and what’s not – as well as insights about what characteristics top and bottom performing accounts have in common.
2017 will ring in a new Congress, a new administration and a new healthcare reform process. There are many unknowns into how the Republicans will ultimately “replace” the Affordable Care Act (ACA), but the ground work for the initial “repeal” began late 2015 when Speaker Paul Ryan and Sponsor Tom Price passed an “ACA repeal bill.” President Obama vetoed the bill in January 2016.
Expanding consumer directed healthcare (CDH), especially the use of health savings accounts (HSAs), will be a large part of the eventual ACA replacement legislation. HSAs have been a key component in every healthcare reform proposal that Republicans have sponsored. Leadership in both Houses of Congress and within the incoming President Trump administration have all introduced or sponsored HSA expansion bills.