President Donald Trump signed the health care transparency executive order, fulfilling another of his promises to voters and breaking the nondisclosure of medical services and prescription drug prices that have been protected from disclosure for generations.
Now “health insurance companies will finally be required to disclose to the public the price they pay for covered services and prescription drugs.” The so-called pharmacist gag order kept that information hidden, the White House announced in an Oct. 29 statement.
Also, patients will know the estimated cost to pay for the care they receive before it is performed.
“Today’s rule on insurer pricing transparency follows through on that commitment, to give patients unprecedented visibility into their care and how much it costs,” the White House said.
Cynthia Fisher, an advocate for this initiative, expressed her satisfaction, and said it was a “great victory for all Americans.”
“The insurance order will lead to transparency in health care pricing throughout the system, triggering a functional and competitive health care marketplace, greatly reducing wastefulness, middlemen, and price gouging,” Fisher said, according to The Daily Caller.
New health care regulation in 2021
The regulation that will benefit some 200 million Americans will go into effect in 2021.
Brian Blase, a former administration official who focused on economic policy, also celebrated the event.
“This measure will reduce waste and eliminate middlemen, stimulate innovation, encourage competition among health care providers and plans, and put downward pressure on the cost of health care and coverage, resulting in enormous savings and innovation,” Blase said.
Since the beginning of his administration, President Trump has worked hard to achieve fair prices for American patients. He has passed several legislative actions to reduce them, fulfilling his election promise.
“Our plan bans the Pharmacist Gag Rule, which punishes pharmacists for telling patients how to save money.This is a total scam, and we are ending it,” President Trump explained at the White House on May 11, 2018.
The president also worked to achieve parity with the lowest prices paid in other countries for the same drugs, which are often more expensive in the United States.
“In some cases, medicine that costs a few dollars in a foreign country costs hundreds of dollars in the United States for the same pill, with the same ingredients, in the same package, made in the same plant,” President Trump described in a portion of his speech.