2026 Employee Benefits Market Outlook 7 standard in all plan materials. With this heightened scrutiny, employers preparing for the 2026 plan year should make sure any surcharge or reward tied to a health-related standard is offered through a wellness program that fully meets HIPAAs nondiscrimination requirements, including clear communication to partic- ipants about the availability of a reasonable alternative standard. Health Care Transparency The Trump administration is expected to continue focusing on health care transparency in 2026. Early into his second term, President Trump released an executive order highlighting transparency as a key part of efforts to improve Americans health and provide consumers with more meaningful price information. The order directed federal agencies to take specific steps to advance transparency, such as making price information more easily comparable and strengthening enforcement policies. For 2026, employers should review their compliance with applicable health plan transparency requirements. Most employers depend on their issuers, TPAs or other service providers to handle these obligations because they do not have the information needed for transpar- ency disclosures. To stay compliant, employers should confirm that written agreements with issuers, TPAs or other service providers clearly spell out responsibility for compliance. They should also monitor those ser- vice providers to confirm their plans compliance with applicable legal requirements. For added protec-tion, cautious employers may want to request regular reporting from service providers to verify transparency compliance. Employers should also stay alert to regulatory and legislative developments that could impact health plan transparency. Federal agencies may, for instance, release guidance on machine-readable files for cov- ered prescription drugs and set a deadline for making those files publicly accessible. It is also possible that federal lawmakers will advance proposals that include PBM reforms. For years, PBMs have faced criticism for limited transparency, yet they remain subject to min- imal federal oversight. Lawmakers from both parties have expressed support for PBM reforms, including requiring PBMs to share details on compensation, drug spending and rebate practices with plan fiduciaries. In the absence of strong federal oversight, states have passed their own laws to regulate PBMs and increase transparency, though ongoing litigation has created some uncertainty regarding the enforceability of these state laws.