As the weather outside grows “frightful” and children excitedly anticipate “the most wonderful time of year,” many American parents are feeling the financial strain that this time of year brings.
The end of the year leaves many parents poring over budgets to ensure that important things such as heating homes, buying groceries, keeping families healthy, and celebrating the holidays are accounted for. However, in some cases, families are forced into unthinkable situations: choosing to delay or forgo necessary things, such as doctor visits or preventive care, to keep unexpected costs down in order to afford all that comes with the holiday season.
The Biden economy left Americans struggling to climb out of a cavernous financial hole. According to a recent U.S. News & World Report survey, about 8 in 10 Americans are worried they won’t be able to afford Christmas gifts this year, while 7 in 10 Americans are living paycheck to paycheck.
Adding to this financial stress is a medical system that often leaves families in the dark about the cost of care, which can lead to unpaid bills and debt.
For too long, hospitals and insurers have not been required to be transparent about pricing. While federal rules have taken shape, far too few, if any, offer customers actual cost breakdowns or budget options ahead of treatment. Instead, Americans often receive confusing and costly bills that lack itemized cost breakdowns, often only after treatment has already been administered. This confusing and opaque system has contributed to nearly 100 million Americans being burdened by medical debt and many more delaying essential care.
Thankfully, President Donald Trump can ensure this Grinch-esque scenario does not extend until next Christmas. It’s essential that the president and the rest of our leaders continue to urgently address the healthcare price transparency crisis that is crippling American families.
Without receiving prices first, parents have no ability to budget in the best interests of their family, especially not during a time when most Americans are already feeling the pain of economic uncertainty. Compounding the costs of routine, planned care is the looming threat of not being able to plan for the costs associated with unplanned care, such as emergencies, accidents, or even life-threatening illnesses. Without healthcare price transparency, American parents have little control over their family’s financial and physical health.
For good reason, voters have been clear that they want solutions, and fast. A recent Reuters/Ipsos poll revealed that American voters listed healthcare costs as the top expense they want Congress to address. Solving this crisis is not only the right thing to do, but it is also top of mind for many parents.
Trump has led the way with several executive orders aimed at promoting healthcare price transparency. The Trump administration Centers for Medicare & Medicaid Services also just finalized changes to a rule aimed at implementing his February executive order to hold hospitals and medical providers accountable for price transparency.
These initiatives are critical steps toward empowering American parents and rebuilding trust in the medical institutions we rely on. Receiving itemized bills prior to treatment allows parents to budget and determine the best course of action in the interests of their families. If costs are high and treatment is not urgent, parents could postpone care to save money, compare prices against other care providers, or decide to budget in other areas to prioritize healthcare costs. Either way, greater price transparency would ensure that parents, not hospitals or insurance companies, are in the driver’s seat of their family’s health and financial future.
Price transparency would also strengthen the quality of medical care administered by fostering healthy competition. Once parents have an itemized bill, they can shop around to see what facility offers them the best price with the highest quality. It would empower parents to compare their insurance plans and hospital systems to find a better deal or care. This would force hospitals and insurance companies to focus on customer care and satisfaction, something that far too many medical institutions have disregarded in recent years.
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The work toward greater healthcare price transparency is far from finished.
As Christmas approaches, Trump and leaders in Washington have an opportunity to extend a lifeline to the many American parents struggling to budget and plan for their families’ expenses. Many families are eager for policies that put greater healthcare price transparency in our hands.
Alleigh Marré is the executive director of the American Parents Coalition and a mother of four children.
