Agencies finalize updates to insurer transparency requirements

Multiple changes to transparency in coverage requirements for insurers were finalized Oct. 5 by the Departments of the Treasury, Labor, and Health and Human Services. The final rule includes changes to insurer machine-readable files to improve accessibility, usability and accuracy of the data, including through improved compliance enforcement. The final rule also changes insurers’ consumer pricing tool requirements that provide personalized cost estimates. These changes stem from an executive order issued last year on price transparency and guidance documents. 

“This rule is an important step toward greater accountability across the healthcare system by shining more light on health plan pricing information,” said Ashley Thompson, AHA senior vice president of public policy analysis and development. “Hospitals have spent years making detailed pricing information public, and we welcome efforts to bring greater transparency to health plan data. This includes making personalized cost information easier to access, which is critical to helping patients make informed health care decisions.”