Transparency in Coverage Act

Hozzl · 2025-01-04T11:12:26Z

Explore the details of House Bill 4507 Transparency in Coverage Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Health. Stay informed on legislative developments.

1/4/2025, 11:12 AM

Summary of Bill HR 4507

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.

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Current Status of Bill HR 4507

Bill HR 4507 is currently in the status of Bill Introduced since July 10, 2023. Bill HR 4507 was introduced during Congress 118 and was introduced to the House on July 10, 2023. Bill HR 4507's most recent activity was Placed on the Union Calendar, Calendar No. 767. as of December 19, 2024

Bipartisan Support of Bill HR 4507

Total Number of Sponsors

Democrat Sponsors

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 4507

Primary Policy Focus

Health

Potential Impact Areas

Advisory bodiesCivil actions and liabilityComputers and information technologyCongressional oversightDepartment of LaborEmployee benefits and pensionsExecutive agency funding and structureGovernment information and archivesHealth care costs and insuranceHealth care coverage and accessInternet, web applications, social mediaPrescription drugsRight of privacy

Alternate Title(s) of Bill HR 4507

Transparency in Coverage Act of 2023Transparency in Coverage Act of 2023To amend the Employee Retirement Income Security Act of 1974 to promote transparency in health coverage and reform pharmacy benefit management services with respect to group health plans, and for other purposes.

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