After being imposed by President Trump, a price transparency rule allows American consumers to see the cost of health care services more clearly.
Trump signed the rule in October 2020 that required self-insured and health insurance plans to make their prices and cost-sharing information available for consumers. This rule will give 200 million Americans who are insured by private healthcare providers real-time pricing and cost information.
Matt Stoller, who works at the American Economic Liberties Project and writes the anti-monopoly newsletter, said that Donald Trump deserves credit for his anti-monopoly price transparency rule for doctors, hospitals, insurers, doctors, etc.
Axios was told by insiders in the health care industry that price transparency is a “massive decision” and a “historic moment.”
The real cost of health care is being revealed on all the insurance company websites and in all of these files. One executive stated that this was not just true for hospitals but also for all services.
For years, Americans have increasingly spent more and more on health care services. In 2021, Americans spent, on average, about $12,300, totaling more than $4 trillion in costs. This was a nearly 10 percent increase in health care spending compared to 2020.
It is well-known that Americans are often caught in unexpected billing situations. One case involved a Colorado woman who was injured in a car accident and was told that she would only have to pay $1,300 for her medical bills. Later, she was billed approximately $230,000.
Another case involved a couple who lost their baby at 25 days old and later received medical bills of $257,000. A separate case involved a man who lost his father to the Chinese coronavirus and was hit with medical bills over $1 million.