On October 29, 2020, HHS, the Department of Labor, and the Department of Treasury (the Departments) jointly issued a final rule requiring health plans to disclose price and cost-sharing information to participants, beneficiaries, enrollees and the general public. This rule builds upon prior price transparency rules requiring hospitals to disclose their standard charges, including negotiated rates with third-party payers.
This final price transparency rule applicable to health plans includes two approaches to make more healthcare price information accessible to consumers:
This final rule is the latest effort by the Trump administration to increase what is known as price transparency in health care. A copy of the executive order on “Improving Price and Quality Transparency in American Healthcare to Put Patients First” can be found here. Additional information regarding the final rule on hospital price transparency can be found in the Health Headlines November 18, 2019 article entitled “CMS Finalizes Rule on Hospital Price Transparency and HHS Proposes New Rule on Health Plan Price Transparency.”
A copy of the October 29, 2020 final rule can be found here, and the CMS fact sheet can be found here.