HHS finalizes rule on insurer price transparency

A final HHS rule issued Thursday requires most private health insurers to begin sharing public and real-time information on prices and cost-sharing. Starting in 2022, companies will have to publish their negotiated rates for in-network and out-of-network providers and services as well as for in-network prescription drug prices. Patients, employers, and others will be able to search the data files containing the information. The real-time access clause kicks in the following year, starting with a list of the 500 most “shoppable” services before expanding to include all health care services in 2024. While patients normally would receive pricing information through an Explanation of Benefits form only after receiving the services in question, the new policy will give them an estimate of financial obligation beforehand. “Consumers will also have access to accurate price and plan information that allows them to shop and compare costs between individual doctors before receiving care, so they can choose a health care provider that offers the most value and best suits their medical needs,” HHS said in a press release.