New Healthcare Calculator Tools Help Clarify Out-of-Pocket Costs … – Healthnews.com
As of January 1, 2023, health insurance companies must offer cost calculator tools to insured members. These tools will help people know upfront what the out-of-pocket costs are for tests, procedures, or prescription drugs.
- Now, insurance companies must provide a cost calculator tool so insured members will know how much they’ll owe before undergoing medical treatment.
- The medical cost calculator tool is phase two of a federal Transparency in Coverage rule finalized in 2020.
Navigating health insurance can be a complicated process. It often leaves people guessing how much a medical procedure, test, or treatment will cost after co-pays and deductibles.
However, that is changing as new federal requirements outlined in the Transparency in Coverage final rule come into effect. The rule was released in 2020 by the Department of Health and Human Services (HHS), the Department of Labor, and the Department of the Treasury. It stems from the Improving Price and Quality Transparency in…
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