Feds require health plans to report drug, coverage costs under new rule

Health insurers, employers and other group health plan sponsors must report prescription drug and health coverage costs for consumers under a federal regulation published Wednesday.

The interim finale rule is the fourth regulation to date implementing the No Surprises Act. The Health and Human Services Department, Labor Department, Treasury Department and Office of Personnel Management promulgated the regulation.

HHS will use the data collected from payers to report on prescription drug pricing trends and rebates and how they affect patients.

“Life-saving prescription drugs should not cost anyone their life savings,” HHS Secretary Xavier Becerra said in a news release. “By collecting key data on the costs of prescription drugs, we are promoting competition and transparency in the health care industry as we continue to curb the rising costs of drugs and surprise medical bills.”

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Source: modernhealthcare.com