Self-funded health plans are becoming increasingly popular among employers, but they also pose unique challenges when it comes to reporting requirements. The US Department of Labor is currently working on a proposed rule with the IRS and PBGC to update these requirements through Form 5500, set to be released in September.
Ranking members Bobby Scott and Mark DeSaulnier from the House Education and Workforce Committee are pushing for stronger reporting requirements in this upcoming rulemaking project. They believe that these enhancements will provide more transparency and accountability in self-funded health plans.
By strengthening reporting requirements, the Department of Labor can ensure that self-funded health plans are effectively monitored and regulated. This will help protect the interests of employees and ensure that they have access to quality healthcare coverage.
Overall, the proposed rule aims to improve the reporting process for employee benefit plans and ensure that self-funded health plans are operating in compliance with regulations. It is hoped that these changes will lead to better oversight and enforcement in the healthcare industry.
