UPDATED 7:30 PM PT — Friday, November 15, 2019
President Trump is delivering on his promise to make health care prices more transparent for Americans. On Friday, the Trump administration unveiled new rules to require increased disclosure of health care prices, in a move to promote competition and push down costs.
“We’re putting forward a proposed rule to require health insurance providers to disclose their pricing information to consumers,” stated President Trump. “We’re giving American families control of their health care decisions and the freedom to choose that care.”
One regulation would require hospitals to provide an online page where prices are listed for common procedures like lab tests. The second would require insurers to provide an online tool where people could compare their out-of-pocket costs with different medical providers beforehand.
Officials said the rules would shine a light on the confusing process and allow patients to find quality services at the lowest costs.
“We’re stopping American patients from just getting, pure and simple, ripped off,” said the president. “They’ve been ripped off for years.”
Disclosure requirements for hospitals would not take effect until 2021 — for insurers, the timing is unclear. Officials said health care companies are expected to sue to block the policy.