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🦃🦃Happy Thanksgiving!🦃🦃
We are taking a short Thanksgiving break. You can expect the next Insurance Regulatory Insights newsletter on December 10th. We hope you enjoy family, friends, and food this Thanksgiving!
Telos Actuarial brings you this week’s legislative and regulatory insurance insights from around the nation.
Bill “Status” is defined in the tables below by:
New: proposed law recently introduced for consideration by Legislature
Movement: bill has progressed in legislative process
Fail: bill has died in committee or failed to pass
Approved: passed by the Legislature and approved by the Governor
Upcoming [👀New👀]: approved bill that has an upcoming effective date
Medicare Supplement
State | Bill/Notice Number | Status | Summary |
|---|---|---|---|
MN | Upcoming | The MN Governor approved an amendment to the coverage for scalp hair prosthesis benefit, which is required for Medicare Supplement and other A&H products, that is effective January 1, 2025. This amendment includes limiting scalp hair prosthesis coverage to $1,000 per benefit year and requires that the scalp hair prosthesis be prescribed by a doctor. |
Medicare Part D
State | Bill/Notice Number | Status | Summary |
|---|---|---|---|
All | (Nov 15, 2024) | New | CMS recently updated FAQs to help Part D sponsors and other interested parties prepare for the implementation of the Medicare Prescription Payment Plan on January 1, 2025. |
Short-Term and Excepted Benefits
State | Bill/Notice Number | Status | Summary |
|---|---|---|---|
NM | New | Due to the number of health insurance carriers seeking to comply with 13.10.34.23 NMAC (Superintendent’s adoption of the Short-Term Health Plan and Excepted Benefit Act), as well as the time needed for carriers to implement the requirements after review and approval of excepted benefit insurance plans, New Mexico is extending the deadline for compliance to July 1, 2025. |
Telos Actuarial’s team of experienced regulatory compliance professionals are ready to help YOU stay informed of legislative and regulatory changes. Reach out to us for more information!