Which federal act regulates self-insured health plans?

The Employee Retirement Income Security Act (ERISA) is the federal act that regulates self-insured health plans. ERISA was enacted in 1974 to protect the benefits of participants in employee benefit plans, including health plans. One of its key provisions is that it provides a framework for the administration of such plans, establishing standards for the management of health and welfare plans, including the obligations of plan administrators and the rights of beneficiaries.

Self-insured health plans are those where the employer assumes the financial risk for providing health care benefits to its employees, rather than purchasing a traditional health insurance policy. ERISA's regulations oversee these arrangements, ensuring that plan sponsors meet certain reporting and disclosure requirements, thereby providing participants with vital information regarding their rights and benefits under the plan.

Other acts, while important in their own right, do not specifically address the regulation of self-insured health plans in the manner that ERISA does. The Medicare Act primarily deals with the federal health insurance program for individuals aged 65 and older, while the Health Insurance Portability and Accountability Act (HIPAA) focuses on healthcare privacy and security. The Affordable Care Act (ACA) aimed more at expanding health insurance coverage and consumer protections rather than regulating self-insured plans directly.