Americans seeking medical care will be informed up front how much their healthcare insurance company is paying to doctors, hospitals and other providers as well as how much they will have to pay out of pocket, under a set of new regulations announced by the White House on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 29th October, 2020) Americans seeking medical care will be informed up front how much their healthcare insurance company is paying to doctors, hospitals and other providers as well as how much they will have to pay out of pocket, under a set of new regulations announced by the White House on Thursday.
"As a result of today's action, health insurance companies will finally be required to disclose to the public the price they pay for covered services and prescription drugs. Further, insurance companies will be required to disclose the estimated cost a patient will have to pay, prior to that patient receiving care," a statement issued by the White House said.
Earlier on Thursday, new regulations for private health insurance companies were finalized by three Cabinet agencies, including the Department of Health and Human Services (HHS). The rules are intended to introduce competition into a system in which prices have been largely hidden from consumers, a separate HHS press release explained.
The HHS said the regulations are also intended to incentivize technology companies to create cost comparison tools that will allow consumers to shop for services based on cost and quality.
"We want every American to be able to work with their doctor to decide on the healthcare that makes sense for them, and those conversations can't take place in a shadowy system where prices are hidden," Health Secretary Alex Azar said in the release.
The release noted that more than 70 percent of the most costly healthcare services - often involving overnight stays in hospitals - will become shoppable, with price transparency giving US consumers more control over their medical expenses.
US healthcare costs have risen above the rate of inflation for decades, making the United States' medical expenses among the highest in the world, according to media reports.
