The Biden administration has recently introduced a new initiative called the “Time Is Money” initiative, aimed at addressing various consumer “headaches” by reducing unnecessary time and processes. This initiative targets industries where processes are deliberately designed to be time-consuming and burdensome for consumers, such as obtaining refunds, canceling subscriptions, and filing insurance claims. The administration believes that these practices not only waste consumers‘ time but also cost them money, as they may give up pursuing services or refunds they are due, ultimately benefiting companies.
One of the key components of the “Time Is Money” initiative is to streamline the insurance claims process for federal employees, particularly those on the Federal Employees Health Benefits and Postal Service Health Benefits plans. The Office of Personnel Management (OPM) plans to make it easier for employees to submit out-of-network claims online, provide better information about in-network providers, and offer guidance on appealing claim denials. These efforts aim to simplify the claims process and improve access to information and customer service for beneficiaries of these plans.
The proposed requirements by OPM are part of a larger effort to enhance the overall insurance claims process. The Labor and Health and Human Services secretaries have called on insurance carriers to simplify their claims process, move it online, and improve call center times. This initiative seeks to make the claims process more efficient and user-friendly for consumers, ultimately benefiting the 8 million beneficiaries covered by the FEHBP and PSHB plans.
The PSHB, which will take effect on January 1, is a newly established health benefits plan for postal service employees that was previously part of the FEHBP. OPM officials have yet to provide details on how and when the proposed requirements will be implemented, but the administration is committed to improving the claims process for federal employees and beneficiaries of these plans.
In addition to addressing insurance claims, the “Time Is Money” initiative will also direct federal agencies like the FTC, FCC, CFPB, and the Departments of Transportation and Education to simplify practices such as canceling subscriptions, obtaining cash refunds for canceled flights, improving customer service access, enhancing parent communication with schools, and addressing issues with customer service chatbots. The White House has also opened a portal for public input on other areas where the initiative can bring about positive change.
Overall, the “Time Is Money” initiative aims to alleviate consumer frustrations and save them time and money by streamlining processes and improving access to information and services. By targeting industries where practices are deliberately burdensome for consumers, the administration hopes to create a more efficient and consumer-friendly environment for all.