The Washington Report
June 04, 2025
Note to Subscribers
While we do our best to provide timely updates, it is possible that the information shared in the newsletter may change after our publication deadline.
Health
Departments Release RFI on Prescription Drug Price Transparency; Issue FAQs About ACA Implementation Part 70
On May 22, 2025, the Departments of Labor, Health and Human Services, and the Treasury (Departments) issued a Request for Information (RFI) seeking public input on how to improve prescription drug price transparency. The RFI seeks input regarding the prescription drug price disclosure requirements, including information on existing prescription drug file data elements and information on implementation generally, such as the ability of health plans to access necessary data for reporting, as well as state approaches and innovation. Comments on the RFI are due by July 2, 2025.
On the same day, the Departments also released updated guidance (Frequently Asked Questions (FAQs) About Affordable Care Act (ACA) Implementation Part 70) for health plans and issuers that sets a clear applicability date for publishing an enhanced technical format for disclosures.
A more detailed Aon bulletin, Departments Take First Step Toward Enhancing Price Transparency, is available in the Publications section of the newsletter.
The news release is available here.
The RFI is available here.
The FAQs About ACA Implementation Part 70 are available here.
Retirement
DOL Rescinds Guidance on Cryptocurrency in 401(k) Plans
On May 28, 2025, the Department of Labor (DOL) rescinded a 2022 compliance release that previously discouraged fiduciaries from including cryptocurrency options in 401(k) retirement plans (Compliance Assistance Release No. 2025-01). The “2022 guidance directed plan fiduciaries to exercise ‘extreme care’ before adding cryptocurrency to investment menus. This language deviated from the requirements of ERISA and marked a departure from the department’s historically neutral, principled-based approach to fiduciary investment decisions. By rescinding the 2022 guidance, the department reaffirms its neutral stance, neither endorsing, nor disapproving of, plan fiduciaries who conclude that the inclusion of cryptocurrency in a plan’s investment menu is appropriate.”
The news release is available here.
Compliance Assistance Release No. 2025-01 is available here.
Aon Publications
Departments Take First Step Toward Enhancing Price Transparency
The Departments of Labor, Health and Human Services, and Treasury (the Departments) have begun implementing the Trump Administration’s initiatives on improving price transparency at health plans and hospitals.
While employers are not required to take any immediate action, employer health plans will eventually have to ensure that their medical insurers, Third-Party Administrators, and Pharmacy Benefit Managers post upgraded medical Machine-Readable Files (MRFs) and start posting prescription drug MRFs.
This Aon bulletin discusses:
- Background: Transparency in Coverage
- Revised Standards for Medical MRFs: ACA FAQs Part 70
- Prescription Drug MRFS: Request for Information
- Hospital Price Transparency: RFI
The Aon bulletin is available here.