New Rule Puts More Transparency on Health Insurers

Goal is to bring greater competition to the industry.

Under a rule finalized by the president’s administration Thursday, health insurers will be required to post publicly, in advance, the price for the most common services and procedures. The rule is an effort to establish transparency by the opaque healthcare sector.

Patients eventually will have access to new information about cost, including an estimate of their cost-sharing liability for services and prescription drugs through an internet-based, self-service tool. Currently, this is information a patient typically receives only after services are provided, through an explanation of benefits form.

The goal, according to the Department of Health and Human Services, is to bring greater competition to the private healthcare industry.

“We want every American to be able to work with their doctor to decide on the healthcare that makes sense for them, and those conversations can’t take place in a  shadowy system where prices are hidden,” Secretary Alex Azar said.

As the Lord Leads, Pray with Us…

  • With gratitude for agencies or businesses being required to be more transparent in their dealings with the public.
  • For actions to end “surprise billings” for other services, especially those unexpected and possibly unjustified.
  • For administrative officials working to contain healthcare costs during the coronavirus pandemic.

Sources: The Hill, NBC News


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