The federal government requires health plans to report drug and insurance costs under new regulations
Health insurance companies, employers, and other group health plan sponsors must report consumer prescription drug and health insurance costs in accordance with federal regulations Regulation Released on Wednesday.
The provisional final rule is the fourth provision of the “No Accident Law” that has been implemented so far. The Ministry of Health and Human Services, the Ministry of Labor, the Ministry of Finance and the Office of Personnel Management promulgated the regulations.
HHS will use data collected from payers to report on prescription drug pricing trends and rebates and how they affect patients.
“Prescription drugs that save lives shouldn’t cost anyone’s life savings,” HHS Minister Xavier Becerra said in a press conference. “By collecting key data on prescription drug costs, we are promoting competition and transparency in the healthcare industry, as we will continue to curb rising drug costs and unexpected medical expenses.”