The federal Transparency in Coverage Rule, introduced in 2020, requires health plans to disclose negotiated rates, historical costs, and personalized cost-sharing details to participants. By 2023, employees must have access to pricing for 500 “shoppable” services, expanding to all covered services by 2024. This self-service tool will show real-time costs, deductibles, and in-network vs. out-of-network rates, empowering smarter health decisions. Coupled with the No Surprises Act, the rule reduces hidden bills, encourages in-network care, and lowers employer costs. While non-compliance carries fines, the regulation offers HR leaders a chance to improve engagement, transparency, and financial security.

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