Healthcare Price Transparency: Hospitals and Insurers to Disclose Costs
This act aims to increase transparency in healthcare pricing, enabling citizens to better understand treatment costs before receiving services. Hospitals will be required to publish detailed price lists, and insurers to provide tools for estimating costs, making it easier to compare options and plan healthcare expenses.
Key points
Hospitals must publicly disclose comprehensive price lists for services, including negotiated rates with insurers, cash prices, and minimum/maximum negotiated prices.
Hospital price information will be available free of charge, in an easy-to-read format, including via online price estimator tools.
Health insurers will be mandated to provide online tools allowing individuals to check estimated treatment costs, including their out-of-pocket share, for services from various providers.
Insurer tools will show in-network and out-of-network rates, as well as historical prescription drug prices, aiding in expense planning.
Hospitals failing to comply with price transparency requirements may face civil monetary penalties of up to $300 per day.
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