President Joe Biden speaks at the White House in Washington, Thursday, June 8, 2023. (AP Photo/Susan Walsh)
WASHINGTON (AP) — President Joe Biden's administration on Tuesday announced new rules meant to push insurance companies to increase their coverage of mental health treatments.
The new regulations, which still need to go through a public comment period, would require insurers to study whether their customers have equal access to medical and mental health benefits and to take remedial action, if necessary. The Mental Health Parity and Addiction Equity Act requires that insurers provide the same level of coverage for both mental and physical health care — though the administration and advocates argue insurers' policies restrict patient access.
The rules, if finalized, would force insurers to study patient outcomes to ensure the benefits are administered equally, taking into account their provider network and reimbursement rates and whether prior authorization is required for care.
“Too many Americans still struggle to find and afford the care they need,” the White House said in an emailed statement.
The Democratic president's administration said it's aiming to address issues such as insurers enabling nutritional counseling for diabetes patients but making it more difficult for those with eating disorders.
By measuring outcomes, the White House said, it will force insurers to make modifications to come into compliance with the law.
A new report from CNBC says Instagram recently reached a new milestone -- 2 billion monthly active users. It comes amid a year of controversy for the photo-sharing app and its parent company, Meta. SocialFlow CEO Jim Anderson joins Cheddar News' Closing Bell to discuss.
There is a new way for investors to bet on cannabis - the AdvisorShares Poseidon Dynamic Cannabis ETF targets about 20 of the biggest names in U.S. cannabis. It comes at a time when it's still difficult for investors to access the space. Cheddar News cannabis reporter Chloe Aiello spoke with co-founder and managing director for Poseidon Investment Management, Emily Paxhia.
Victor Li, an economics professor at the Villanova School of Business, joins Cheddar News' Closing Bell, where he discusses the latest Fed decision and the implications it has on the stock market.
After nearly two years of the pandemic, U.S. consumers are ready to spend big this holiday season. However, shoppers may be faced with limited inventory as the U.S. continues to face shortages of key products and extended order backlogs. Per Hong, partner at consulting firm Kearney, joined Cheddar's Opening Bell to discuss the country's path forward.
The U.S. Government is making its first major move toward encouraging nuclear energy in the U.S., as it pushes toward a sustainable future. Scott Waldman, White House reporter for Politico's E&E News joined Cheddar News to break down the developments. "There's definitely an audience for this now since we're looking at the value of nuclear in terms of climate policy," he said, regarding the prospects for bipartisan support.
CEOs of the top U.S. airlines are set to testify in front of a Senate committee Wednesday. Lawmakers will ask airline executives about how they used pandemic-related federal aid, specifically in light of staffing issues and widespread cancellations. Among those expected to participate are the CEOs of American, United, and Southwest Airlines. David Slotnick, Senior Aviation Business Reporter at The Points Guy, joined Cheddar News to discuss.
Carlo and Baker cover the latest data showing the Omicron wave has likely started, Pfizer's Covid pill, Jan. 6 and a box office rescue attempt courtesy of Spider-Man.
