What's more valuable? Knowing how much a procedure costs or taking proactive steps to eliminate health risks and possibly help an employee avoid a costly procedure altogether?

In late October, the Trump administration finalized new cost transparency rules for providers. These rules will require health care payers and self-insured plans to provide clear information on cost-sharing and to "publicly disclose the rates they pay to providers through online tools," giving about 200 million Americans "access to real-time price information."

This information could help Americans know how much their health care will cost them before going in for treatment. Insurers must provide negotiated rates and personalized estimates for 500 services and items by Jan. 1, 2023, and must make rates for all items and services public by Jan. 1, 2024.

Starting with price transparency

Price transparency for health care consumers is important, but it's only part of the solution. The recently finalized rules from the Departments of Health and Human Services (HHS), Treasury, and Labor aim to make cost-sharing estimates available to individuals before they receive care — to encourage comparison shopping and protect consumers.