Health Marketplace for All Act of 2025

The Health Marketplace for All Act of 2025 would reform how health marketplace pools operate under the Employee Retirement Income Security Act (ERISA). It creates a new framework that makes health marketplace pools legally count as “employers” for the purpose of offering group health plans or group health insurance coverage. The bill establishes criteria these pools must meet (organization, broad access, nondiscrimination, risk pooling, drug coverage options, and admin support) and allows pools to offer drug coverage as the sole benefit or as part of a broader plan. It also clarifies that participating in or facilitating coverage through a pool does not create broader employer or joint-employer relationships, and it includes conforming ERISA amendments to redefine certain terms and fiduciary status related to pool membership. In short, the bill aims to expand the use and legitimacy of health marketplace pools as vehicles to provide group health coverage, including drug-only options, while clarifying fiduciary and employment references.