Trump administration finalizes rule requiring health insurers to disclose price and cost-sharing information.
Just days before the U.S. election, the Trump administration has released 'The Transparency in Coverage' final rule. The requirements in the final rule aim to reduce the secrecy behind health care pricing in America with the goal of bringing greater competition to the private health care sector.
Through this final rule, group health plans and insurance issuers will be required to disclose on a public website their in-network negotiated rates, billed charges and allowed amounts paid for out-of-network providers, and the negotiated rate and historical net price for prescription drugs.
The rule, supported by the Department of Labor as well as Treasury, would impact more than 200 million Americans who have private individual or employee-based insurance – creating a significant avenue to curb costs.
The current administration believes making this information available to the American public will drive innovation, support informed, price-conscious decision-making, and promote competition in the health care industry.
Read the CMS fact sheet on the final rule.