The U.S. Department of Health and Human Services, the U.S. Department of Labor and the U.S. Department of Treasury issued a final rule on price transparency for health care. The rule requires health insurance companies and self-funded health plans to disclose pricing and cost-sharing information. The goal is for individuals to know how much care will cost and be able to compare costs among providers before agreeing to treatment.
Health plans and insurers will be required to provide personalized information on enrollee cost-sharing for services and must disclose the rates they pay healthcare providers for specific services. Consumers will be able to see plan negotiated rates. Health plans that encourage the use of services from lower-cost providers may be able to take a credit for savings payments on the medical loss ratio rebates they need to return to customers.
Cost-sharing information for 500 specified items must be available for plan years beginning on or after 1/1/2023 and for all items and services beginning 1/1/2024.
