{"id":4090,"date":"2022-07-14T16:32:33","date_gmt":"2022-07-14T21:32:33","guid":{"rendered":"https:\/\/www.employco.com\/blog\/?p=4090"},"modified":"2022-07-14T16:55:22","modified_gmt":"2022-07-14T21:55:22","slug":"hr-newsletter-price-comparison-tool-required-for-2023-plan-years","status":"publish","type":"post","link":"https:\/\/www.employco.com\/blog\/2022\/07\/14\/hr-newsletter-price-comparison-tool-required-for-2023-plan-years\/","title":{"rendered":"HR Newsletter: Price Comparison Tool Required for 2023 Plan Years"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/www.employco.com\/images\/newsletter\/HR\/Blog\/July2022_Price-Comparison-Tool-2023.jpg\" alt=\"Price Comparison Tool Required for 2023 Plan Years\" width=\"1200\" height=\"545\" \/><\/p>\n<p>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 <a href=\"https:\/\/www.federalregister.gov\/documents\/2020\/11\/12\/2020-24591\/transparency-in-coverage\" target=\"_blank\" rel=\"noopener\">final rules<\/a> 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.<\/p>\n<p>According to the Departments, this tool will provide consumers with real-time estimates of their cost-sharing liability from different providers for covered items and services, including prescription drugs, so they can shop and compare prices before receiving care.<\/p>\n<p><!--more--><\/p>\n<p>The TiC Final Rules require health plans and issuers to provide this information in paper form upon request. In addition, plans and issuers should be prepared to provide this comparison information over the telephone to comply with a transparency requirement added by the <a href=\"https:\/\/rules.house.gov\/sites\/democrats.rules.house.gov\/files\/BILLS-116HR133SA-RCP-116-68.pdf\" target=\"_blank\" rel=\"noopener\">Consolidated Appropriations Act, 2021 (CAA)<\/a>.<\/p>\n<p><strong>Action Steps<\/strong> &#8211; Most employers will rely on their health insurance issuers or third-party administrators (TPAs) to develop and maintain the price comparison tool and provide related disclosures in paper or over the phone upon request. Employers with fully insured health plans should confirm that their health insurance issuer will comply with the price comparison tool requirements, beginning with 2023 plan years, and ensure this compliance responsibility is reflected in a written agreement. Similarly, employers with self-insured plans should reach out to their TPAs (or other service providers) to confirm they will be in compliance by the deadline and update agreements, as necessary, to reflect this responsibility.<\/p>\n<p>Click on the following link to read the entire Health Care Bulletin: <a href=\"https:\/\/www.employco.com\/PDFs\/July2022_Price-Comparision-Tool.pdf\" target=\"_blank\" rel=\"noopener\">Price Comparison Tool Required for 2023 Plan Years<\/a><\/p>\n<p><a href=\"https:\/\/www.employco.com\/PDFs\/July2022_Price-Comparision-Tool.pdf\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/www.employco.com\/images\/newsletter\/hr\/Blog\/July2022_Price-Comparision-Tool-2023-PDF.jpg\" alt=\"Price Comparison Tool Required for 2023 Plan Years\" width=\"500\" height=\"3321\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&hellip;  <\/p>\n<p class=\"more-link\"><a href=\"https:\/\/www.employco.com\/blog\/2022\/07\/14\/hr-newsletter-price-comparison-tool-required-for-2023-plan-years\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-4090","post","type-post","status-publish","format-standard","hentry","category-hr-newsletter"],"featured_image_src":null,"author_info":{"display_name":"Employco USA","author_link":"https:\/\/www.employco.com\/blog\/author\/employcousa\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>HR Newsletter: Price Comparison Tool Required for 2023 Plan Years - Employco Blog<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.employco.com\/blog\/2022\/07\/14\/hr-newsletter-price-comparison-tool-required-for-2023-plan-years\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"HR Newsletter: Price Comparison Tool Required for 2023 Plan Years - Employco Blog\" \/>\r\n<meta property=\"og:description\" content=\"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&hellip; Continue reading &rarr;\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.employco.com\/blog\/2022\/07\/14\/hr-newsletter-price-comparison-tool-required-for-2023-plan-years\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Employco Blog\" \/>\r\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Employco\" \/>\r\n<meta property=\"article:published_time\" content=\"2022-07-14T21:32:33+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2022-07-14T21:55:22+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.employco.com\/images\/newsletter\/HR\/Blog\/July2022_Price-Comparison-Tool-2023.jpg\" \/>\r\n<meta name=\"author\" content=\"Employco USA\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:creator\" content=\"@employco\" \/>\r\n<meta name=\"twitter:site\" content=\"@employco\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Employco USA\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.employco.com\/blog\/2022\/07\/14\/hr-newsletter-price-comparison-tool-required-for-2023-plan-years\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.employco.com\/blog\/2022\/07\/14\/hr-newsletter-price-comparison-tool-required-for-2023-plan-years\/\"},\"author\":{\"name\":\"Employco USA\",\"@id\":\"https:\/\/www.employco.com\/blog\/#\/schema\/person\/9c5a99be12eccf56ad10d0301c213414\"},\"headline\":\"HR Newsletter: Price Comparison Tool Required for 2023 Plan Years\",\"datePublished\":\"2022-07-14T21:32:33+00:00\",\"dateModified\":\"2022-07-14T21:55:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.employco.com\/blog\/2022\/07\/14\/hr-newsletter-price-comparison-tool-required-for-2023-plan-years\/\"},\"wordCount\":278,\"image\":{\"@id\":\"https:\/\/www.employco.com\/blog\/2022\/07\/14\/hr-newsletter-price-comparison-tool-required-for-2023-plan-years\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.employco.com\/images\/newsletter\/HR\/Blog\/July2022_Price-Comparison-Tool-2023.jpg\",\"articleSection\":[\"HR Newsletter\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.employco.com\/blog\/2022\/07\/14\/hr-newsletter-price-comparison-tool-required-for-2023-plan-years\/\",\"url\":\"https:\/\/www.employco.com\/blog\/2022\/07\/14\/hr-newsletter-price-comparison-tool-required-for-2023-plan-years\/\",\"name\":\"HR Newsletter: Price Comparison Tool Required for 2023 Plan Years - 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As a result, employers must constantly innovate and stay on top of trends to\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"HR Trends 2022","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2022_HR-Trends.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2022_HR-Trends.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2022_HR-Trends.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2022_HR-Trends.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/January2022_HR-Trends.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":3410,"url":"https:\/\/www.employco.com\/blog\/2021\/05\/12\/hr-newsletter-hr-edge-quarterly-newsletter-q2-2021\/","url_meta":{"origin":4090,"position":1},"title":"HR Newsletter: HR Edge Quarterly Newsletter (Q2 2021)","author":"Employco USA","date":"May 12, 2021","format":false,"excerpt":"In our 2nd quarter issue of the HR Edge Newsletter, we review helpful tips on the following topics: The Hybrid Work Model - Hybrid workforce strategies will factor into workforce planning this year and beyond. The pandemic has resulted in thousands of employees working from their kitchen tables or living\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"HR Edge Newsletter","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/May2021_HR-Edge-Newsletter.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/May2021_HR-Edge-Newsletter.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/May2021_HR-Edge-Newsletter.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/May2021_HR-Edge-Newsletter.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/May2021_HR-Edge-Newsletter.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":5279,"url":"https:\/\/www.employco.com\/blog\/2024\/02\/15\/hr-newsletter-state-legislative-updates-13\/","url_meta":{"origin":4090,"position":2},"title":"HR Newsletter: State Legislative Updates","author":"Employco USA","date":"February 15, 2024","format":false,"excerpt":"California FAQs on Workforce Pay Data Reporting Requirements - On Feb. 1, 2024, the California Civil Rights Department (CRD) issued updated answers to frequently asked questions (FAQs) about the state\u2019s requirement for large employers to report information about their workforce from 2023. Read more: California HR Compliance Overview California Law\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4011,"url":"https:\/\/www.employco.com\/blog\/2022\/06\/14\/hr-newsletter-legislative-updates\/","url_meta":{"origin":4090,"position":3},"title":"HR Newsletter: Legislative Updates","author":"Employco USA","date":"June 14, 2022","format":false,"excerpt":"Check out the following links and PDFs to help you navigate current state and local legislative updates. DOL Issues Guidance on FMLA and Mental Health Conditions - The Wage and Hour Division of the U.S. Department of Labor (DOL) has released new resources on workers\u2019 rights to leave for mental\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"State and Local Legislative Updates","src":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/December20_State-and-Local-Updates.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/December20_State-and-Local-Updates.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/December20_State-and-Local-Updates.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/December20_State-and-Local-Updates.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.employco.com\/images\/newsletter\/HR\/Blog\/December20_State-and-Local-Updates.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":4932,"url":"https:\/\/www.employco.com\/blog\/2023\/09\/19\/hr-newsletter-acas-affordability-percentage-decreases-for-2024\/","url_meta":{"origin":4090,"position":4},"title":"HR Newsletter: ACA\u2019s Affordability Percentage Decreases for 2024","author":"Employco USA","date":"September 19, 2023","format":false,"excerpt":"On Aug. 23, 2023, the IRS released the affordability percentage threshold for 2024 plan years under the Affordable Care Act\u2019s (ACA) pay-or-play rules. For plan years beginning in 2024, employer-sponsored coverage will be considered affordable under the ACA\u2019s pay-or-play rules if the employee\u2019s required contribution for self-only (employee-only) coverage does\u2026","rel":"","context":"In &quot;HR Newsletter&quot;","block_context":{"text":"HR Newsletter","link":"https:\/\/www.employco.com\/blog\/category\/employco-in-the-news\/hr-newsletter\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4399,"url":"https:\/\/www.employco.com\/blog\/2022\/12\/15\/hr-chat-w-employco-usa-transparency-in-coverage-rule-for-2023\/","url_meta":{"origin":4090,"position":5},"title":"HR Chat w\/Employco USA: Transparency in Coverage Rule for 2023","author":"Employco USA","date":"December 15, 2022","format":false,"excerpt":"[embedyt] https:\/\/www.youtube.com\/watch?v=MVPeJchjXvU[\/embedyt] In this video, Rob and Jason discuss the Transparency in Coverage rule that is taking effect on January 1st, 2023. They cover the price comparison tool that will be required for health plans, what kind of information it will provide, whom it applies to, compliance timelines, and more.\u2026","rel":"","context":"In &quot;HR Chat&quot;","block_context":{"text":"HR Chat","link":"https:\/\/www.employco.com\/blog\/category\/human-resources\/hr-chat\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/posts\/4090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/comments?post=4090"}],"version-history":[{"count":5,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/posts\/4090\/revisions"}],"predecessor-version":[{"id":4098,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/posts\/4090\/revisions\/4098"}],"wp:attachment":[{"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/media?parent=4090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/categories?post=4090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.employco.com\/blog\/wp-json\/wp\/v2\/tags?post=4090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}