Employee benefits presented by guest speaker & LCHRA sponsor, Carol Wood of NFP

Looking Back at 2023 and Projecting Forward in 2024:

2023 was a challenging and hectic year for most group health plan sponsors as they wound down COVID-19 group health plan changes, and addressed CAA transparency requirements, including the second round of pharmacy benefit reporting and the new gag clause attestation. 2023 also brought several significant judicial developments, including a challenge to the ACA preventive care mandate that may eventually reach the U.S. Supreme Court.

2024 will be dynamic, with a heightened focus on plan sponsor fiduciary obligations, mental health parity enforcement, cybersecurity and new transparency initiatives. Numerous federal regulations proposed in 2023 will likely be finalized in 2024. Additionally, states are expected to remain active in proposing legislation to regulate pharmacy benefit managers, address paid leave and much more.

Biography:

Carol Wood has served as Benefits Compliance Counsel at NFP since 2019. In this role, she provides guidance to brokers, consultants, and employers on all aspects of health and welfare benefit plan compliance, including the ACA, ERISA, COBRA, HIPAA and applicable nondiscrimination rules. Most recently, Carol has focused on educating employers on the CAA 2021 and other federal transparency requirements through various webinars and publications.

Prior to joining NFP, Carol worked as associate counsel at HSA Bank, where she addressed regulatory and contractual issues regarding account-based benefits, and as an attorney at Pentegra Retirement Services, where she concentrated on retirement plan compliance and fiduciary responsibilities. Carol earned a Juris Doctor from St. John’s University Law School in New York and is a member of the New York and Connecticut State Bars.