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.
President Joe Biden announced Friday that along with the European Union and the Group of Seven countries, the U.S. will revoke “most favored nation” trade status for Russia over its invasion of Ukraine.
The consumer price index jumped 7.9 percent in February, marking a 40-year high for inflation in the U.S. This report comes less than a week ahead of the Fed's all important meeting. Kayla Bruun, Economic Analyst, Morning Consult, joined Cheddar's Opening Bell to discuss.
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As the Russia-Ukraine war disrupts the global economy, sending markets on a roller coaster ride, gold remains hovering around $2,000 an ounce. Often seen as a safe haven in times of economic crisis, Jason Cozens, founder and CEO of gold-as-currency platform Glint Pay, joined Cheddar’s Opening Bell to discuss the latest gold rush, how the war is impacting prices, and how people can use Glint to trade in the precious metal. “You know the stock markets and cryptocurrencies are risky investments," he stated. "Whereas gold is just reliable money. It's no one else's liability if you own."
As Western sanctions weigh on Russia's economy, the country is at the risk of defaulting on its debt. Fitch ratings agency has downgraded Russia's debt for the second time in a week, warning a "sovereign default is imminent." Jesse Wheeler, Economic Analyst at Morning Consult, explains what that means, and how it could have ripple effects across the global economy.
Uber Lyft and Doordash are all set to spend $1 million dollars on a campaign and efforts to stop lawmakers from classifying their gig workers as employees. The campaign features TV and online ads highlighting Washington area workers who say they prefer the flexibility of being an independent contractor rather than following the model of a company employee. Professor at NYU. Stern School of Business and author of the sharing economy, Arun Sundararajan, joined Cheddar to discuss more.
President Biden is looking at unlikely partners to buy oil, after banning all Russian energy imports. Among them is Venezuela, a regime that has been sanctioned by the U.S. since 2019. Ariel Cohen of the Atlantic Council explains to Cheddar News why that might not be a bad choice.
