Mandatory Price Transparency for Hospitals and Health Insurers.
This law mandates hospitals and health insurers to disclose detailed pricing information for medical services and drugs, allowing consumers to compare costs before receiving care. Patients will gain access to negotiated rates, cash discounts, and real-time estimates of their out-of-pocket expenses. The act establishes significant financial penalties for hospitals that fail to comply with these new transparency requirements.
Key points
Hospitals must publish comprehensive price lists (including negotiated rates and cash prices) in a consumer-friendly, machine-readable format starting January 1, 2024.
Insurers must provide real-time online tools (starting January 1, 2024) showing patients their exact cost-sharing obligations (deductibles, copayments) for specific services.
Substantial civil monetary penalties are introduced for hospitals that fail to achieve full price transparency, and a public list of non-compliant facilities will be maintained.
Expired
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