Summary of Bill S 3573
Bill 118 s 3573, also known as the Medicare Advantage Supplemental Benefits Transparency Act, aims to increase transparency in the Medicare Advantage program by requiring insurance companies to disclose detailed information about the supplemental benefits they offer to beneficiaries.
The bill requires insurance companies to provide clear and easily understandable descriptions of the supplemental benefits they offer, including information on coverage, cost-sharing requirements, and any limitations or restrictions that may apply. This information must be made available to beneficiaries both online and in written form.
Additionally, the bill requires insurance companies to report annually to the Centers for Medicare and Medicaid Services (CMS) on the supplemental benefits they offer, including data on utilization rates, costs, and any changes to benefits or coverage.
The goal of the Medicare Advantage Supplemental Benefits Transparency Act is to ensure that beneficiaries have access to clear and accurate information about the supplemental benefits available to them through the Medicare Advantage program, allowing them to make informed decisions about their healthcare coverage. By increasing transparency, the bill aims to improve the overall quality and effectiveness of the Medicare Advantage program.