1. (1) For purposes of Sections 17B-2a-818.5, 19-1-206, 63A-5b-607, 63O-2-403, 72-6-107.5, and 79-2-404, "qualified health coverage" means, at the time the contract is entered into or renewed:

   1. (a) a health benefit plan and employer contribution level with a combined actuarial value at least actuarially equivalent to the combined actuarial value of:

      1. (i) the benchmark plan determined by the program under Subsection 26B-3-904(1)(a); and
      2. (ii) a contribution level at which the employer pays at least 50% of the premium or contribution amounts for the employee and the dependents of the employee who reside or work in the state; or

   2. (b) a federally qualified high deductible health plan that, at a minimum:

      1. (i) has a deductible that is:

         1. (A) the lowest deductible permitted for a federally qualified high deductible health plan; or
         2. (B) a deductible that is higher than the lowest deductible permitted for a federally qualified high deductible health plan, but includes an employer contribution to a health savings account in a dollar amount at least equal to the dollar amount difference between the lowest deductible permitted for a federally qualified high deductible plan and the deductible for the employer offered federally qualified high deductible plan;
      2. (ii) has an out-of-pocket maximum that does not exceed three times the amount of the annual deductible; and
      3. (iii) provides that the employer pays 60% of the premium or contribution amounts for the employee and the dependents of the employee who work or reside in the state.

2. (2) The department shall:

   1. (a) on or before July 1, 2016:

      1. (i) determine the commercial equivalent of the benchmark plan described in Subsection (1)(a); and
      2. (ii) post the commercially equivalent benchmark plan described in Subsection (2)(a)(i) on the department's website, noting the date posted; and
   2. (b) update the posted commercially equivalent benchmark plan annually and at the time of any change in the benchmark.

Amended by Chapter 425, 2024 General Session