What you need to know
In the press release from The Department of Health and Human Services (HHS) regarding cost reduction efforts in healthcare, the notice makes special mention of projected first year savings for the Inflation Reduction Act (IRA) $2000 cap taking effect in 2025. Missourian’s are projected to save $160 million per year on drugs. Also of special note are the aforementioned plans to cut down short term plans. This provision now has a more direct applicability on our industry, as the administration is also taking aim at indemnity plans and potentially requiring changes to how they are marketed.
The Department of Health and Human Services also released a frequently asked questions (FAQs) document further clarifying surprise billing and out-of-pocket cost protections for consumers under the No Surprises Act and the ACA, helping to ensure that consumers receive the appropriate protections under these laws. The FAQs also reiterate requirements for plans and issuers to make price information available to consumers, including information on facility fees.
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