Insurers Forced to Disclose What They Pay For Prescription Drugs
Prescription Drug Costs
Have you ever asked your insurance company what it pays for prescription drugs?
I’ll give you a hint, they won’t tell you.
Everyone knows that insurance companies do not pay the same price for prescription drugs as consumers without insurance, but no one knows how much less they pay for any individual drug.
It is nearly impossible for consumers to learn what their insurer actually pays for prescription drugs. This lack of transparency reinforces the perception that consumers are being ripped off by drug manufacturers and insurance companies.
New Health Insurance Rules
Finally, Washington regulators have done something to shed light on the real cost of healthcare.
There are now new rules that require health insurance companies to disclose the negotiated price that they pay for drugs.
The new rule goes into effect in 2022 and this important cost information will be accessible via the internet.
If you would like to learn more about this development, click here for a Kaiser Health News summary of the initiative, or here for a summary provided by the Centers for Medicare & Medicaid Services.
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