This bill requires hospitals and health insurance companies to be much more transparent about what they charge for medical services. Right now, it's often nearly impossible for patients to know in advance what a procedure will actually cost them.

Under this law, hospitals would have to publicly post their standard prices for common procedures, show what different insurance companies have negotiated to pay, and display any discounts available if you pay cash. Insurance companies would have to do something similar—publishing what they'll pay for both in-network and out-of-network care, as well as the prices of prescription drugs. They'd also need to provide an online tool where you can search and compare costs before getting treatment.

The practical effect is that patients could shop around and understand their costs upfront instead of getting surprised by bills after the fact. If you need a knee surgery or an MRI, you could potentially compare prices between hospitals or see exactly what your insurance will cover. This gives everyday people more power to make informed decisions about their healthcare and potentially save money by choosing more affordable options.

Health Care PRICE Transparency Act

Davidson, Warren

Health Care Prices Revealed and Information to Consumers Explained Transparency Act or the Health Care PRICE Transparency Act This bill provides statutory authority for requirements for hospitals and health insurance plans to disclose certain information about the costs for items and services. Specifically, hospitals must publish in their list of standard charges certain rates negotiated with insurers, discounts for cash payments, and billing codes. Further, hospitals generally must publish the standard charges for the services provided by the hospital that may be scheduled in advance. Additionally, insurance plans must publish the in-network and out-of-network charges for covered items and services and the negotiated prices for covered prescription drugs. Plans must provide a tool for consumers to search for this cost information. Consumers also may request additional information about the costs of specific items or services under their plans.