This bill requires hospitals and health insurance companies to be upfront about what they charge for medical services and drugs. Right now, it's often impossible to know how much something will cost before you get care, which makes it hard to compare prices or budget for medical expenses.

Under this law, hospitals would have to publicly list their standard prices for common procedures, show what different insurance companies actually pay them (the negotiated rates), and display any discounts available if you pay cash. Insurance companies would have to do something similar—publishing what they charge in-network and out-of-network, plus the prices of prescription drugs. They'd also need to give you a tool where you can look up costs for specific services before you get care.

The goal is to give patients real power as consumers. Instead of being surprised by a massive bill months later, you could shop around, compare prices between hospitals, and make informed decisions about where to get care. This is especially helpful for procedures you can schedule in advance, like surgeries or imaging tests. You'd also be able to ask your insurance company directly about costs for specific treatments, giving you more control over your healthcare decisions and spending.

Health Care PRICE Transparency Act

Braun, Mike

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.