Bill > HR4905

This bill amends the Internal Revenue Code of 1986, the Public Health Service Act, and the Employee Retirement Income Security Act of 1974 to promote group health plan price transparency. The key provisions include: 1. Requiring group health plans to provide participants and beneficiaries with real-time information on their cost-sharing responsibilities for specific items and services, including in-network rates, maximum allowed amounts, estimated out-of-pocket costs, and any applicable limitations or requirements. 2. Requiring group health plans to publicly disclose, on a quarterly basis, in-network rates for items and services, average amounts paid for drugs, and information on out-of-network charges. This information must be made available in a machine-readable format to allow for comparison across plans. 3. Directing the relevant federal agencies to take steps to ensure the accessibility of the information provided, including through the use of plain language and assistive services. The bill aims to improve price transparency and empower healthcare consumers to make more informed decisions about their coverage and medical services.