WASHINGTON, D.C. – Yesterday, President Trump’s administration finalized a new price transparency reform that requires health insurance companies to tell the public how much they pay and how much patients will have to pay, even before the procedure is performed. The Foundation for Government Accountability (FGA) offered the following statement in support.
Americans deserve to know what both they and their insurance company pay for covered services, as well as for prescription drugs. In surveys, voters have consistently said that this is one of the most crucial health care issues facing our country and have demanded action. Nearly nine in 10 voters support the reform.
Yesterday’s finalized rule, when paired with the earlier hospital rule, is the most important price transparency reform we have ever seen at a national level. The transparency rule makes it easier for patients to budget for health care and will increase competition in the health care market. This will ultimately lead to lower prices for American families. Lower prices help families’ bottom lines, as well as grow the economy.
“Under this new rule, American patients win. It builds on years of success at the state level. The sky is the limit in terms of what this means for hardworking Americans who want the ability to make informed choices about their own health care,” said Josh Archambault, a senior fellow at FGA.
You can read more about health care price transparency here.
The Foundation for Government Accountability is a non-profit, multi-state think tank that specializes in health care, welfare, and work reform. To learn more, visit TheFGA.org