INS CD-HEALTH SAVINGS ACCOUNTS

Amends the Illinois Insurance Code, the Health Maintenance Organization Act, and the Voluntary Health Services Plans Act. Exempts HSA-eligible high deductible health plans from various cost-sharing provisions for insurance coverage under the Illinois Insurance Code, the Health Maintenance Organization Act, the Managed Care Reform and Patients Rights Act, and any other provision of Illinois law that the Department of Insurance may specify by rule or at an insurance company's request pursuant to the policy form filing process, but only until the plan's deductible has been met and only to the minimum extent necessary to allow the policy to satisfy specified federal criteria for health savings accounts. Provides that for insurance policies issued, delivered, amended, or renewed on or after January 1, 2021, companies must identify plans as "HSA-eligible" or "non-HSA". Provides form disclosure language. Provides that for any high deductible non-HSA insurance policy issued, delivered, amended, or renewed on or after January 1, 2020 and before December 31, 2020, insurance companies must offer applicants and policyholders the option to amend the policy to be an HSA-eligible plan by adopting all necessary exemptions. Provides Notice and Election form language which allows applicants or policyholders to adjust a policy's coverage to be eligible to contribute to a health savings account. Provides requirements for insurance companies concerning filing and receipt of Notice and Election forms, adjustments to terms of coverage, and issuance of riders or endorsements. Defines "HSA-eligible HDHP" and "high deductible non-HSA policy". Removes exemptions from prohibitions against imposing a deductible, coinsurance, copayment, or any other cost-sharing requirement on required insurance coverage. Effective immediately, except certain provisions take effect on January 1, 2021.