Request for information, reporting of pharmacy benefits and prescription drug costs

Prescription drug expenditure reporting requirements that apply for group health plans and health insurance issuers

Prescription drug expenditure reporting requirements

The U.S. Treasury Department and IRS—along with the Office of Personnel Management, the Department of Labor, and the Department of Health and Human Services—today released for publication in the Federal Register a “request for information” on issues related to certain prescription drug expenditure reporting requirements that apply for group health plans and health insurance issuers offering group or individual health insurance coverage.

The request for information [PDF 250 KB] (as published in the Federal Register on June 23, 2021) relates to certain reporting requirements under provisions of the “Consolidated Appropriations Act, 2021.” Those reporting requirements primarily relate to prescription drug expenditures and require group health plans and health insurance issuers offering group or individual health insurance coverage to submit relevant information.

The provisions also require the governmental departments to issue biannual public reports on prescription drug reimbursements under group health plans and individual health insurance coverage, prescription drug pricing trends, and the impact of prescription drug costs on premium rates (but aggregated in such a way so that no drug or plan specific information will be made public).

Comments made in response to the request for information are due by a date that is 30 days after it appears in the Federal Register (scheduled for June 23, 2021).

 

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