The Transparency in Coverage Act of 2023, also known as Bill 118 hr 4507, is a piece of legislation introduced in the US Congress aimed at increasing transparency in healthcare coverage for consumers. The bill requires health insurance companies to provide clear and easily understandable information to policyholders about their coverage, including details on costs, benefits, and limitations.
Under the Transparency in Coverage Act, insurance companies must provide consumers with a standardized, easy-to-read summary of benefits and coverage that outlines what is covered under their plan, as well as any out-of-pocket costs they may be responsible for. This information must be made available both before enrollment and during the plan year, allowing consumers to make informed decisions about their healthcare coverage.
Additionally, the bill requires insurance companies to disclose any changes to coverage or costs in a timely manner, giving consumers the opportunity to adjust their healthcare plans accordingly. This increased transparency is intended to help consumers better understand their healthcare options and make more informed decisions about their coverage.
Overall, the Transparency in Coverage Act of 2023 aims to empower consumers by providing them with clear and comprehensive information about their healthcare coverage, ultimately leading to greater transparency and accountability in the healthcare industry.