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Department of Health and Human Services announces new health insurance rulesPosted On Thu, August 18, 2011
As part of the new federal healthcare law, insurers and employers will have to give extensive and understandable details of each individual's health insurance costs and benefits, according to Reuters.
The Department of Health and Human Services has said that these new mandates are designed to help people become more informed about their health insurance choices with the addition of a standard label. The label will include a customer's premium, deductible and out-of-pocket costs, the media outlet reports.
"Today, many consumers don't have easy access to information in plain English to help them understand the differences in the coverage and benefits provided by different health plans," HHS secretary Kathleen Sebelius told the news source.
Some healthcare experts believe that these changes will help Americans choose the a plan that will best suit their needs. While the new recommendations may be a bit of a compromise on both sides of the aisle, some individuals believe streamlining plan details will help making comparisons much easier.
However, insurance companies have expressed concerns over what their added cost will be.
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