President Joe Biden on Friday will announce new steps to crack down on short-term health insurance plans and surprise medical bills, stepping up his war against so-called junk fees to lower healthcare costs.
This will include a proposed rule that closes loopholes companies use to offer misleading short-term insurance products, discriminate based on pre-existing conditions, offer little to no coverage and saddle consumers with thousands of dollars worth of medical expenses, White House Domestic Policy Adviser Neera Tanden told reporters.
With inflation still a potent political issue, the Biden administration has made it a priority to fight hidden fees by asking several federal regulators to increase their oversight of companies across a range of industries including hotels, banks and airlines. Job creation and low unemployment are the positives while elevated inflation and the knock-on effects of spiking interest rates over the past year in areas such as the housing market have stoked fears of recession.
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