H.R. 4507.pdf

H.R. 4507 is a bill introduced to the US House of Representatives on July 10, 2023, aiming to amend the Employee Retirement Income Security Act of 1974. The bill, titled the "Transparency in Coverage Act of 2023," seeks to promote transparency in health coverage and reform pharmacy benefit management services for group health plans. Key provisions include requiring group health plans and health insurance issuers to make public disclosures of claims payment policies, financial information, enrollment and disenrollment data, and cost-sharing information. The bill also mandates the use of plain language in these disclosures and the development of standardized reporting templates and definitions. Additionally, it requires plans to provide participants and beneficiaries with statements of cost-sharing amounts for specific items or services upon request.