Health Plan Fee Transparency: Ending Hidden Costs
This act aims to increase cost transparency in employer-sponsored health plans. It requires companies managing health benefits and prescription drugs to disclose all their fees and rebates, allowing employers and employees to better understand how their money is spent and avoid unexpected costs.
Key points
Increased fee transparency: Companies managing health benefits (e.g., insurers, administrators) will have to disclose all their fees, rebates, and other financial benefits they receive.
Detailed drug information: Pharmacy Benefit Managers (PBMs) will have to show how much they earn from drugs, including manufacturer rebates and differences between purchase and sale prices.
Data privacy protection: The act ensures that disclosed financial information will be protected in accordance with medical data privacy regulations, such as HIPAA.
Annual reports: Companies will be required to provide detailed annual financial reports on health plan costs, making it easier to assess their cost-effectiveness.
Status:
Introduced
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