Hospitals across the U.S. are compelled to post their standard fees conspicuously on a publicly available website, and the latest health care transparency rule that will soon take effect will similarly require insurers to post their rates as well.
The rules were created to help the public determine the cost of the service or item even before they receive it. This empowers the health care consumers with more information before they make any decision.
“This is probably the most significant change to health policies since the Affordable Care Act,” David Vivero, CEO of Amino, told Employee Benefit News. “The rules aim to create more transparency and accountability in health care.”
Health care costs are expected to rise by 6.5% next year, according to PwC data, Employee Benefit News reported.
At the moment, consumers have no clear view about their health care costs and coverage. But with the price transparency rule, insurance providers will be required to publish a detailed list of plan-specific deductibles and out-of-pocket maximums on insurance cards. The price information should be “machine-readable files.” This should also be available to consumers on an online tool for “shoppable” services, which will be identified by the Department of Health and Human Services.
The new rules are set to be effective Jan. 1, according to Employee Benefit News.
