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Health care price transparency can help seniors and stimulate the economy

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Health care price transparency can help seniors and stimulate the economy

Opinion contributor

Democratic presidential candidate Joe Biden and his running mate, Sen. Kamala Harris (D-CA), pose a significant threat to Medicare, which provides health care coverage for roughly 60 million American seniors. Biden wants to extend Medicare coverage to people aged 60 to 64, diluting its effectiveness for seniors. Harris has supported doing away with Medicare entirely, under the rubric of a single-payer, socialized health care system.

Medicare already faces obstacles that aren’t political. According to the Centers for Medicare & Medicaid Services (CMS), the Medicare Trust Fund will deplete in 2026 , putting American seniors in a precarious position in the years ahead.

The best way to shore up Medicare solvency and reduce runaway health care costs for seniors is by implementing health care price transparency. By requiring health care providers and insurers to reveal their real prices, seniors and all Americans can easily identify less expensive health care options, bringing costs down systemwide.

This summer, Sen Mike Braun (R-IN) introduced the Healthcare Price Transparency Act , which requires all providers and insurers, including those who serve the Medicare population, to publish their discounted cash prices and secret negotiated rates. This legislation will allow health care consumers to shop for less expensive […]

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