Bill > A5188

This bill requires health insurance carriers to offer electronic funds transfer (EFT) as a reimbursement option for covered persons, with specific transparency and consumer protection requirements. Under the bill, carriers must allow EFT payments and provide clear notifications within their health benefits plans about any associated fees and website instructions for selecting EFT as a reimbursement method. The bill defines key terms such as "carrier" (including various types of health insurance providers), "covered person" (the individual receiving benefits), and "health benefits plan" (excluding specific types of insurance like accident-only or Medicare supplement plans). If a carrier violates these requirements, the Department of Banking and Insurance can enforce penalties, which may include imposing a civil penalty and ordering the carrier to reimburse any fees incurred by the covered person. The bill will take effect 90 days after enactment and will apply to health benefits plans initiated or renewed after that date, aiming to provide consumers with more convenient and transparent reimbursement options.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A5188