The Health Insurance Price Transparency Act of 2023 requires health insurance plans and insurers to provide consumers with clear information about what they will pay for medical services before receiving treatment. Starting two years after the bill becomes law, plans must offer online tools where patients can look up their out-of-pocket costs for specific procedures, drugs, and services from particular doctors or facilities, including their deductibles, copayments, and coinsurance amounts. The bill also requires plans to publicly release detailed pricing data every three months showing what they pay in-network providers and what out-of-network providers charge, broken down by specific medical service and drug, through machine-readable files accessible on websites at no cost to consumers. The requirements apply to employer-sponsored group health plans and individual health insurance coverage offered by insurers, though the bill does not specify new federal funding and instead places compliance responsibilities on existing insurance regulators at the Treasury Department, Department of Health and Human Services, and Department of Labor. Insurance plans must provide this information in plain language with translations and accessibility services for people with limited English proficiency and disabilities.
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