Forbes July 3, 2022
While most Americans were setting up their out-of-office email messages and preparing to fire up the grill for the Fourth of July holiday weekend, the rules governing their health insurance were unlikely top of mind.
But on Friday, July 1, 2022, after months of implementation delays, a new rule went into effect that could upend how Americans shop for healthcare services—and how much they pay.
The Transparency in Coverage Final Rule, issued by the Centers for Medicare and Medicaid Services (CMS), requires health insurers to disclose pricing for covered services and items. Insurers must include the rates they have negotiated with participating providers for all covered services and items, as well as the allowed and billed amounts for out-of-network providers....
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