U.S. Hospitals must list the price they charge for at least 300 different services as of January 1, 2021 according to the new Hospital Price Transparency law. The price lists must be in a consumer-friendly display format as well as downloadable data file formats on each hospital’s website. More resources regarding this new rule can be found at www.cms.gov/hospital-price-transparency/resources.
The No Surprises Act of 2020 is a separate ruling that expands restrictions on charging health care plan holders out-of-network rates for certain services. This is set to go into effect in 2022.
Update: Three nationwide credit reporting agencies – Equifax, Experian, and TransUnion – announced changes to medical collection debt reporting in March 2022. Effective July 1, 2022, paid medical collection debt will no longer be included on consumer credit reports. In addition, the time period before unpaid medical collection debt would appear on a consumer’s report will be increased from 6 months to one year. These credit reporting agencies will also no longer include medical collection debt under $500 on their credit reports starting in the first half of 2023.