October 29, 2020
Administration finalizes rule to bolster consumer-friendly price transparency requirements for insurers, delays information blocking rule compliance dates
On October 29, the Trump administration released their Transparency in Coverage final rule, which requires most private health plans, including group health plans and individual health insurance market plans to disclose pricing and cost-sharing information. The final rule is the second of a pair of rules aimed at improving price transparency in the health care system, with the goal of empowering patients and encouraging competition among hospitals, group health plans, and health issuers in the individual and group markets. The first rule on Price Transparency Requirements for Hospitals, which requires hospitals make public their negotiated rates and other standard pricing information, was finalized in November 2019 with policies effective January 1, 2021.
The attached Alert has details.
Final insurer transparency rule