Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill requires Medicare Advantage insurance plans to disclose detailed financial information to consumers starting in 2029. Plans must publicly report how much revenue they receive, how much they spend on actual medical claims, overhead costs, and their medical loss ratio (the percentage of premium dollars spent on care versus administrative expenses). The Secretary of Health and Human Services will establish a consumer-friendly format for this disclosure, which plans must publish on their own websites and submit to the government. The bill also requires that benefit information provided electronically by Medicare Advantage plans use the same uniform format as other health insurance plans when practicable, making it easier for consumers to compare coverage options across different insurers. These transparency requirements aim to give Medicare beneficiaries better information to evaluate and compare insurance plans.
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