Mandating Price Transparency for Hospitals and Health Insurers
This bill requires hospitals and insurers to disclose detailed healthcare service prices, including negotiated rates and cash discounts, in an easily accessible online format. This empowers citizens to compare treatment costs and plan health expenditures in advance, aiming to reduce surprise medical bills. Insurers must also provide online tools for estimating out-of-pocket costs for specific services and prescription drugs.
Key points
Hospitals must publish comprehensive price lists online, free of charge, including minimum and maximum negotiated rates with all insurers for at least 300 shoppable services.
Health insurers must provide real-time, internet-based tools showing individuals their exact cost-sharing liability for specific in-network and estimated out-of-network services and medications.
The law introduces penalties for hospitals that fail to comply with the new price disclosure requirements.
Expired
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