TiC Final Rules requirement: Plans and insurers must provide price comparison tool
Effective for plan years beginning on or after Jan. 1, 2023, group health plans and health insurance issuers must make an internet-based price comparison tool available to participants, beneficiaries, and enrollees. This requirement comes from final rules regarding Transparency in Coverage (TiC Final Rules) that were issued by the Departments of Labor, Health and Human Services, and the Treasury (Departments) in November 2020. Plans and issuers should be prepared to provide this comparison information over the telephone to comply with a transparency requirement added by the Consolidated Appropriations Act, 2021 (CAA).
In this bulletin, we explain the TiC Final Rules and CAA requirements, highlight important dates, and provide action steps for employers with fully insured health plans and for employers with self-insured plans. Read the full bulletin to ensure your plans will be in compliance by the deadline.