WHY TRANSPARENCY IN COVERAGE ISN'T ENOUGH TO REVOLUTIONIZE HEALTHCARE ECONOMICS
On October 29, 2020 the Department of Treasury, the Department of Labor, and the Department of Health and Human Services issued the final Transparency in Coverage Rule. The rule, based on provisions of the Affordable Care Act, means that 212 million consumers will be given access to the prices of virtually every test and procedure.
This is a massive change in health care that requires employers to arm consumers with access to comprehensive, transparent, easily accessible competitive pricing options. We at TALON, believe the change should be eagerly anticipated by companies because it promises to dramatically reduce health care expenditures.
That's because insured health care consumers have been taught not to think that their money is actually being spent when they visit the doctor for a procedure or visit a laboratory for a blood test. One of these is to incentivize insured individuals to select lower- priced options by sharing the savings achieved directly with them-literally giving them some of the money they save.
Another way to motivate consumers is for them to opt for high deductible health insurance plans. The savings realized are then available to fund triple-tax- advantaged companion Health Saving Accounts, thus reducing over-insurance while assuring funds are available to cover unexpected medical events.
With the tools headed their way by law on June 1, consumers will be able to manage these out-of-pocket health care expenses much more effectively. TALON has demonstrated that its MyMedicalShopper app, featuring state-of-the art functionality for price transparency, along with automated rewards for employees who choose high quality, but lower-cost health care, can save companies very significant percentages of their costs for healthcare.
Contact Us At: talonhealthtech.com
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