Beginning in 2023, group health plans and health insurance issuers must make an internet-based price comparison tool available to participants, beneficiaries, and enrollees. The purpose of this tool is to provide consumers with real-time estimates of their cost-sharing liability from different providers so they can shop and compare prices before receiving care. Most employers will rely on their issuers or third-party administrators to develop and maintain this tool. This Legal Update summarizes this new transparency requirement and outlines action steps for employers.
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