“An investment in knowledge always pays the best interest…” -Benjamin Franklin
Research shows that only 9% of Americans are aware of price transparency rules that mandate hospitals nationwide to disclose cost of treatment and services. These transparency rules serve to provide information that protect adults from receiving medical treatment or hospital services in the US prior to having knowledge of total costs. As of January 1, 2021, this federal rule required every hospital that operates in the US to provide all costs for procedures and treatments, in a clearly and accessible manner, and made available online in two optional ways.
Pricing information about these services can be provided either as a “machine-readable” file document that includes a detailed list of all priced items and services, or in a customer-friendly format where details are displayed as shoppable services. This is to help consumers become more aware of the options available. It is also easier to compare and shop prices at different hospitals for adults nationwide to estimate their total cost of care.
Based on a review, this knowledge has a low level of awareness. Most American adults questioned are unaware of these rules and thought that hospitals had no requirements to disclose such information. Due to this, a majority of adults tend to seek out the best priced health care options, treatment and services available.
Three months after the new rule was put into effect, Centers for Medicare & Medicaid Services (CMS) began sending warning letters to hospitals that broke this federal rule. Hospital Websites are being audited by CMS, and they continue to find that some are still not disclosing such information. Noncompliance can result in penalties of up to $300 per day.
Transparency of health care costs can help Americans to make more informed medical decisions and save more money in health services annually. Need help estimating or comparing medical costs? UrHealth Benefits is here for all Ur (your) healthcare needs. Not sure if you qualify for special enrollment and don’t know where to start? Whether you are looking for Life, Individual & Family Health, Supplemental, Travel and Medicare Insurances, UrHealth is here as a resource for you and your loved ones. Contact UrHealth Benefits to find the best personalized plan that fits your lifestyle and to simplify the insurance process.