2017 Cost-Sharing Limits Released
HHS Issues Final Notice of Benefit and Payment Parameters for 2017
A final Notice of Benefit and Payment Parameters from the U.S. Department of Health and Human Services (HHS) addresses, among other things, the requirement under the Affordable Care Act that non-grandfathered group health plans limit annual out-of-pocket cost-sharing for coverage of essential health benefits under the plan. The law requires that these limits be updated annually.
Note: If allowed by a particular state and insurer, a small business may be able to renew its current group coverage that does not comply with the requirements related to essential health benefits and limits on cost-sharing, through policy years beginning on or before October 1, 2017, so long as the policy ends by December 31, 2017.
HHS updated the annual limits based on the premium adjustment percentage for 2017. As a result, annual out-of-pocket expenses may not exceed $7,150 for self-only coverage or $14,300 for family coverage in 2017.
An HHS Fact Sheet on the final rule is also available.
Be sure to check out our Health Care Reform section for other employer requirements.