(White House Press Release, October 29, 2020)
Today, the Trump Administration finalized the most far-reaching price transparency reform in the history of American healthcare – fulfilling a commitment President Donald J. Trump made to the American people. 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.
In June of last year, President Trump signed the healthcare transparency Executive Order and promised the American people he would take on the special interests who have kept patients in the dark for generations. Coupled with this Administration’s previous action on hospital price transparency, today’s rule on insurer price transparency follows through on that commitment to give patients unprecedented visibility into their care and how much it costs.