The Trump administration is trying to institute a dose of free market reform that promises to disrupt American health care. In a flurry of pro-consumer moves, improving price transparency has been at the center of the administration’s plan to reduce the cost of health care through competition.
Barring gag clauses that prohibit pharmacists from revealing that a prescription drug may cost less than the insurance co-payment if bought with cash; requiring hospitals and doctors to post prices for procedures under Medicare; facilitating tools that show patients their out-of-pocket costs for drugs and compare prices for other medical care; and attempting to force price visibility in advertisements for drugs have all been part of this effort. These moves — intended to remove the cloak of mystery around health care prices — are long overdue.
Health care is the only good or service in the United States that Americans buy and use without first knowing its cost — and that needs to change.
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