HHS is requesting comments on a May 1, 2012 “Bulletin on the Risk Adjustment Program.” The draft document sets forth HHS’s intended approach to implementing health insurance risk adjustment when HHS is operating the risk adjustment function on behalf of a state (both inside and outside of the ACA Affordable Insurance Exchanges). HHS expects to provide more detailed information on HHS’s risk adjustment methodology in the first draft HHS Notice of Benefit and Payment Parameters in the fall of 2012, and the final notice is slated to be published in January 2013. The bulletin details other key dates related to the establishment and operation of the risk adjustment program.