On April 2, 2024 the U.S. Department of Health & Human Services (HHS) released the final “Notice of Benefit and Payment Parameters” (Payment Notice) for plan year 2025. The annual rule sets standards and requirements for the Affordable Care Act Marketplaces and health insurers. Concurrent with the Payment Notice, HHS released the final 2025 Actuarial Value Calculator and methodology.

This article summarizes provisions in the payment notice related to Marketplace and insurance reforms and the Advance Premium Tax Credit. The final rule includes provisions designed to expand Marketplace enrollment, establish minimum standards for Marketplaces nationwide, and improve the consumer experience. The agency received 220 comments on the proposed rule, which was published in November 2023.