New Law Requires Health Insurers Publish Payment Amounts For Medical Care
Starting this month, health insurers and self-insured employers must post online the prices of care that they have negotiated with medical providers. The listing should be done on an itemized basis and excludes the prices paid for prescription drugs.
While this new law’s requirements are intended to be helpful to consumers, it will still be very difficult to ascertain exactly the information that one might be seeking because the law is so broad and there will be an enormous amount of information that is provided by each insurer. It is expected that businesses working with data will be able to translate the information provided into a more user-friendly format. By January 1, 2023, the new law requires that the insurers will have online tools that will help people do the navigation of the data themselves.
Once that occurs, one should be able to look at the differing rates charged by providers and use pricing as a factor in selecting care. Additionally, employers are going to have more insight into how well their health insurer is negotiating rates as compared to other health insurers.