Healthcare costs are increasing every year. And price transparency has always been an issue for consumers. With an aging population, lack of regulation from policy makers, and increased healthcare demand by consumers — especially after the COVID-19 pandemic — healthcare spending in the U.S. is expected to reach an astronomical 19.4% of the entire GDP by 2027.
Luckily, a new bill called the No Surprises Act was passed to help protect those insured by individual and employer health plans against surprise out-of-network healthcare bills. Here’s what you need to know about the No Surprises Act and how it impacts price transparency in the healthcare market.
The No Surprises Act
Prior to the No Surprises Act, it was common for out-of-network providers and facilities to offer a cost estimate for medical services, only to raise the price substantially when the final bill was delivered. These surprise costs are not only irritating, but they make it unaffordable for many to get the healthcare they need.
The No Surprises Act was passed to ensure more price transparency between patients and out-of-network healthcare providers. Those with individual or group health insurance plans are now protected from surprise medial bills that are substantially higher than the original good faith estimate.
The bill also put into place new payment dispute resolution processes. These independent dispute processes make it easier for anyone, including the uninsured and those using self-pay, to rebuttal unnecessary or unexpected costs.
These protections were already available for those on Medicare and Medicaid. The act extends many of the price transparency benefits to those on individual and employer insurance plans as well.
How price transparency affects Nevada residents
No one likes getting charged more than they expect for anything, especially for expensive medical services. With the No Surprises Act, Nevada residents can expect more price transparency when they need out-of-network medical care, including:
- Consumer-level transparency
- Insurer-level transparency
- Employer-level transparency
Everyone involved in the process can easily see what the costs will be at each level to ensure better and smoother collaboration between parties. And because you can be more confident in the initial estimates, it’s easier to make more informed and accurate decisions about your healthcare needs.
To make sure you get the best price transparency, always get a good faith estimate of any out-of-network medical cost up front. If the final bill comes out substantially higher than the estimate, you’re covered under the No Surprises Act.
Want to find the best health insurance plan for your needs?
It’s not always easy finding health insurance coverage that fits your needs and budget. If you’d like more information on how the No Surprises Act affects your current insurance plan, or if you’d like to discuss your options, reach out to the experts at Health Benefits Associates.
Our team has decades of combined experience in the health insurance marketplace, and we’re ready to answer all your questions. Contact us to find the perfect insurance plan to fit your needs.