Vanguard officials said that two key levers would lead to greater improvement: continued expansion of DC plan access and two additional years of work.

"A government shutdown disrupts $14.5 billion per week in federal contracts, including $3.6 billion for small businesses," Sen. Catherine Cortez Masto, D-Nev., said in introducing the legislation Oct. 1.

The average amount paid through deductibles for outpatient care more than doubled from $198 in 2012 to $404 in 2023.

The new "revenue procedure" provides parameters for benefits arrangements such as cafeteria plans and qualified small employer health reimbursements.