Terms of Plans Outlined

OPM said that carriers that want to create such accounts could do so in one of two ways. Those that meet certain IRS fiduciary requirements may manage the accounts themselves, or they may enter into partnership arrangements with fiduciary institutions or approved non-bank trustees or custodians. All proposals must state how the carrier intends to meet fiduciary responsibilities, and the trustee/fiduciary must meet certain standards by one of the major financial rating services. The carriers must also describe their proposed deductibles, the benefit levels after deductibles are met, and must include preventive services and “sufficient access to in-network providers”-whose services cost the enrollee less. Carriers also would have to carry out “sophisticated health education and consumer education” programs.