New Rule Requires Reporting of Medical and Prescription Drug Costs

On Nov. 17, 2021, federal agencies released an interim final rule requiring health plans and issuers to report information regarding the cost of prescription drugs and certain medical expenses. This rule is a continuation of the Biden administration’s efforts to promote greater transparency in health care spending.

Overview of the Interim Final Rule

However, benefits are only powerful retention tools if employees see value in the offerings. Many
employees expect some perks and arrangements made necessary during the pandemic, such as
te

• General information regarding the plan or coverage;
• Enrollment and premium information;
• Total health care spending by enrollees versus employers and issuers;
• The 50 most frequently dispensed brand prescription drugs, the 50 costliest prescription drugs by total annual spending and the 50 prescription drugs with the greatest increase in expenditures from the previous year;
• Prescription drug rebates, fees, and other compensation paid to the plan or issuer; and
• The impact of prescription drug rebates, fees, and other compensation on premiums and out-of-pocket costs.

Employee Benefit Plan Limits for 2022

For plan years beginning on or after Jan. 1, 2022, some benefits limits have increased.

For more information, download this newsletter, and contact Evolution of Benefits today.

View and download the latest Benefits Buzz Newsletter