Trump Administration Releases Final Rule Requiring Insurers to Disclose Prices

On October 29, 2020, the Department of Health and Human Services, the Department of Labor and the Department of Treasury issued a final rule that requires group health plans and health insurers to disclose cost-sharing information to participants and beneficiaries, including estimated cost-sharing amounts for services provided by particular providers, in-network negotiated rates, historical out-of-network allowed amounts, and drug pricing information. The requirements are to be phased in over the next 4 years and are intended to allow patients to shop between providers to find the best value.

The full Final Rule can be found here: https://www.cms.gov/CCIIO/Resources/Regulations-and-Guidance/Downloads/CMS-Transparency-in-Coverage-9915F.pdf