In an effort to provide increased transparency in American health care, the Departments of Labor, Health and Human Services, and the Treasury (the Departments) have released a Transparency in Coverage Proposed Rule in response to President Trump’s executive order. The proposed rule will require extensive disclosure requirements of health care price information to empower consumers to make informed decisions and ultimately promote competition in the health care market.
Below are some of the highlights the rule will require group health plans and health insurance issuers in the individual and group markets to follow:
The proposed rule also seeks comments on whether price and cost-sharing information should be required in a public application programming interface (API) and how information on health care quality could be incorporated in cost-sharing information in the private health care market. These comments are due 60 days from the proposed rule’s release.
It’s important to note that this is a proposed rule; entities are not subject to comply with these requirements just yet. The Departments state the transparency requirements would go into effect one year after the finalization of the rule, and the MLR provision would start with the 2020 MLR reporting year. Check out the fact sheet and proposed rule for more information on these transparency requirements.
The information and content contained in this blog post are for general informational purposes only, and does not, and is not intended to, constitute legal advice.
