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Senate pushes for greater health insurance cost disclosure

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The Senate has released a discussion draft of legislation that would provide for greater disclosure of health insurance costs to workers, reports Healthcare Finance News.

Members of the Senate Finance Committee said once workers are informed, they might seek changes including improved efficiency, reduced waste and fewer unnecessary procedures, balanced with the natural need to have good coverage.

The discussion draft legislation, unveiled Wednesday, would require that an employer disclose the amount of money it pays for an employee’s health insurance coverage on the employee’s annual Form W-2. The proposal also calls for employers to disclose the aggregate value of health insurance coverage under multiple plans, if employees are covered by more than one plan, such as major medical, dental plan and vision coverage.

The proposal follows repeated testimony by experts and the Congressional Budget Office that informing workers about what they pay for healthcare is a good way to begin containing healthcare costs.

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